MediaAlpha (NYSE:MAX) Issues Earnings Results

MediaAlpha (NYSE:MAX) released its quarterly earnings data on Wednesday. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.05, Briefing.com reports. The company had revenue of $178.27 million for the quarter, compared to the consensus estimate of $151.40 million. During the same quarter in the previous year, the business earned ($0.32) EPS. The company’s quarterly revenue was up 110.3% on a year-over-year basis. MediaAlpha updated its Q3 2024 guidance to EPS.

MediaAlpha Stock Up 12.6 %

MediaAlpha stock traded up $1.85 during midday trading on Thursday, reaching $16.52. The stock had a trading volume of 2,779,214 shares, compared to its average volume of 561,988. MediaAlpha has a 52-week low of $7.62 and a 52-week high of $25.78. The company has a fifty day moving average of $15.38 and a 200 day moving average of $16.99. The firm has a market cap of $1.09 billion, a price-to-earnings ratio of -24.29 and a beta of 1.20.

Insider Transactions at MediaAlpha

In other MediaAlpha news, major shareholder Insignia Capital Partners Gp, sold 2,589,800 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $19.00, for a total value of $49,206,200.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, major shareholder Mountains Insurance Grou White sold 5,000,200 shares of the firm’s 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 $339,275,666. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Insignia Capital Partners Gp, sold 2,589,800 shares of the company’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $19.00, for a total transaction of $49,206,200.00. The disclosure for this sale can be found here. Company insiders own 11.53% of the company’s stock.

Wall Street Analyst Weigh In

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

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.