MediaAlpha (NYSE:MAX) Shares Gap Down to $22.18

MediaAlpha, Inc. (NYSE:MAX) gapped down before the market opened on Wednesday . The stock had previously closed at $22.18, but opened at $19.58. MediaAlpha shares last traded at $19.95, with a volume of 1,909,275 shares.

Wall Street Analysts Forecast Growth

MAX has been the topic of a number of analyst reports. TD Cowen began coverage on shares of MediaAlpha in a report on Wednesday, January 10th. They issued an “outperform” rating and a $15.00 price objective on the stock. Royal Bank of Canada lifted their price target on MediaAlpha from $12.00 to $18.00 and gave the stock an “outperform” rating in a report on Wednesday, February 21st. Canaccord Genuity Group increased their price objective on MediaAlpha from $25.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, May 2nd. JPMorgan Chase & Co. boosted their target price on MediaAlpha from $18.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. Finally, BMO Capital Markets upgraded shares of MediaAlpha from a “market perform” rating to an “outperform” rating and increased their price target for the company from $9.00 to $28.00 in a research note on Monday, February 26th. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.50.

MediaAlpha Stock Performance

The business has a 50-day moving average of $19.92 and a 200-day moving average of $14.58. The stock has a market capitalization of $1.33 billion, a price-to-earnings ratio of -29.37 and a beta of 1.32.

MediaAlpha (NYSE:MAX) last issued its quarterly earnings data on Wednesday, May 1st. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.09. The firm had revenue of $126.60 million during the quarter, compared to analysts’ expectations of $111.17 million. MediaAlpha’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.23) EPS. On average, research analysts predict that MediaAlpha, Inc. will post -0.28 earnings per share for the current fiscal year.

Insider Buying and Selling at MediaAlpha

In related news, major shareholder Insignia Capital Partners Gp, sold 2,950,000 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $19.85, for a total transaction of $58,557,500.00. Following the transaction, the insider now owns 50,000 shares of the company’s stock, valued at $992,500. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 11.53% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Tower Research Capital LLC TRC grew its holdings in MediaAlpha by 111.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,442 shares of the company’s stock valued at $50,000 after purchasing an additional 2,343 shares during the last quarter. Alliance Wealth Advisors LLC UT acquired a new stake in MediaAlpha in the 3rd quarter valued at about $84,000. Allspring Global Investments Holdings LLC increased its holdings in 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 in the last quarter. Baker Tilly Wealth Management LLC raised its position in MediaAlpha by 13.7% during the fourth quarter. Baker Tilly Wealth Management LLC now owns 13,775 shares of the company’s stock worth $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 purchased a new stake in shares of MediaAlpha in the third quarter valued at about $162,000. Institutional investors and hedge funds own 64.39% of the company’s stock.

MediaAlpha Company Profile

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.