MediaAlpha (NYSE:MAX) Issues Quarterly Earnings Results, Beats Expectations By $0.05 EPS

MediaAlpha (NYSE:MAX) posted its quarterly earnings data on Wednesday. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.05, Briefing.com reports. The firm had revenue of $178.27 million during the quarter, compared to the consensus estimate of $151.40 million. During the same quarter last year, the company posted ($0.32) EPS. MediaAlpha’s revenue for the quarter was up 110.3% compared to the same quarter last year. MediaAlpha updated its Q3 2024 guidance to EPS.

MediaAlpha Price Performance

Shares of MediaAlpha stock traded up $1.92 during trading on Thursday, hitting $16.59. 2,779,100 shares of the company’s stock traded hands, compared to its average volume of 561,988. MediaAlpha has a 1 year low of $7.62 and a 1 year high of $25.78. The business has a 50-day simple moving average of $15.38 and a 200-day simple moving average of $16.99. The stock has a market capitalization of $1.09 billion, a P/E ratio of -22.90 and a beta of 1.20.

Wall Street Analyst Weigh In

MAX has been the subject of several research reports. JPMorgan Chase & Co. increased their price target on shares of MediaAlpha from $18.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. TD Cowen lowered shares of MediaAlpha from a “buy” rating to a “hold” rating and lowered their target price for the company from $19.00 to $13.00 in a report on Wednesday, June 26th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $26.00 price target (up from $25.00) on shares of MediaAlpha in a research report on Thursday. Royal Bank of Canada raised their price objective on MediaAlpha from $18.00 to $23.00 and gave the company an “outperform” rating in a research report on Tuesday, May 28th. Finally, Canaccord Genuity Group boosted their target price on MediaAlpha from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, MediaAlpha presently has an average rating of “Moderate Buy” and an average price target of $22.57.

Insider Buying and Selling

In other news, major shareholder Mountains Insurance Grou White sold 5,000,200 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $19.00, for a total transaction of $95,003,800.00. Following the sale, the insider now owns 17,856,614 shares of the company’s stock, valued at approximately $339,275,666. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other MediaAlpha news, major shareholder Insignia Capital Partners Gp, sold 2,589,800 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $19.00, for a total transaction of $49,206,200.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Mountains Insurance Grou White sold 5,000,200 shares of MediaAlpha stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $19.00, for a total transaction of $95,003,800.00. Following the transaction, the insider now owns 17,856,614 shares in the company, valued at approximately $339,275,666. The disclosure for this sale can be found here. 11.53% of the stock is owned by corporate insiders.

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.