MediaAlpha (NYSE:MAX) Issues Earnings Results, Beats Estimates By $0.09 EPS

MediaAlpha (NYSE:MAX) posted its earnings results on Wednesday. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.09, Briefing.com reports. The business had revenue of $126.60 million for the quarter, compared to analyst estimates of $111.17 million. During the same quarter in the prior year, the business earned ($0.23) earnings per share. The firm’s quarterly revenue was up 13.4% on a year-over-year basis. MediaAlpha updated its Q2 2024 guidance to EPS.

MediaAlpha Stock Up 0.5 %

MAX stock traded up $0.12 during midday trading on Friday, reaching $22.20. 1,211,831 shares of the company’s stock traded hands, compared to its average volume of 319,129. MediaAlpha has a 52 week low of $5.08 and a 52 week high of $25.78. The company has a market cap of $1.46 billion, a price-to-earnings ratio of -32.38 and a beta of 1.32. The firm’s fifty day moving average price is $19.85 and its 200-day moving average price is $14.26.

Wall Street Analysts Forecast Growth

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

Insider Activity at MediaAlpha

In other MediaAlpha news, major shareholder Insignia Capital Partners Gp, sold 2,950,000 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the insider now directly owns 50,000 shares of the company’s stock, valued at approximately $992,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 11.53% of the stock is owned by 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.