MediaAlpha (NYSE:MAX) Price Target Raised to $30.00

MediaAlpha (NYSE:MAX) had its target price hoisted by Canaccord Genuity Group from $25.00 to $30.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also issued reports about the stock. Royal Bank of Canada lifted their target price on shares of MediaAlpha from $12.00 to $18.00 and gave the company an outperform rating in a report on Wednesday, February 21st. TD Cowen assumed coverage on shares of MediaAlpha in a report on Wednesday, January 10th. They issued an outperform rating and a $15.00 price target for the company. BMO Capital Markets raised shares of MediaAlpha from a market perform rating to an outperform rating and boosted their price target for the stock from $9.00 to $28.00 in a report on Monday, February 26th. Finally, JPMorgan Chase & Co. boosted their price target on shares of MediaAlpha from $18.00 to $30.00 and gave the stock an overweight rating in a report on Thursday. One equities research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $21.50.

MediaAlpha Stock Up 0.5 %

NYSE:MAX opened at $22.20 on Thursday. The company has a 50 day moving average price of $19.89 and a 200-day moving average price of $14.34. MediaAlpha has a 1-year low of $5.08 and a 1-year high of $25.78.

MediaAlpha (NYSE:MAX) last posted its earnings results on Wednesday, May 1st. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.09. The firm had revenue of $126.60 million for the quarter, compared to analysts’ expectations of $111.17 million. MediaAlpha’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.23) earnings per share. Analysts forecast that MediaAlpha will post -0.28 EPS for the current fiscal year.

Insiders Place Their Bets

In other MediaAlpha news, major shareholder Insignia Capital Partners Gp, sold 2,950,000 shares of MediaAlpha stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $19.85, for a total transaction of $58,557,500.00. Following the sale, the insider now owns 50,000 shares of the company’s stock, valued at approximately $992,500. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 11.53% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MAX. Tower Research Capital LLC TRC boosted its position in shares of MediaAlpha by 111.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,442 shares of the company’s stock valued at $50,000 after acquiring an additional 2,343 shares during the last quarter. Alliance Wealth Advisors LLC UT acquired a new position in shares of MediaAlpha during the 3rd quarter valued at about $84,000. Allspring Global Investments Holdings LLC boosted its position in shares of MediaAlpha by 305.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 16,404 shares of the company’s stock valued at $135,000 after acquiring an additional 12,355 shares during the last quarter. Baker Tilly Wealth Management LLC boosted its position in shares of MediaAlpha by 13.7% during the 4th quarter. Baker Tilly Wealth Management LLC now owns 13,775 shares of the company’s stock valued at $154,000 after acquiring an additional 1,660 shares during the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in shares of MediaAlpha during the 3rd quarter valued at about $162,000. Institutional investors and hedge funds own 64.39% of the company’s stock.

About MediaAlpha

MediaAlpha, Inc, through its subsidiaries, operates an insurance customer acquisition platform in the United States. It optimizes customer acquisition in various verticals of property and casualty insurance, health insurance, and life insurance. The company was founded in 2014 and is headquartered in Los Angeles, California.