MediaAlpha (NYSE:MAX) Shares Down 3.4%

MediaAlpha, Inc. (NYSE:MAX)’s stock price traded down 3.4% during trading on Monday . The stock traded as low as $16.28 and last traded at $16.40. 123,374 shares changed hands during trading, a decline of 79% from the average session volume of 586,417 shares. The stock had previously closed at $16.98.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. boosted their target price on MediaAlpha from $18.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Canaccord Genuity Group raised their target price on shares of MediaAlpha from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. TD Cowen cut shares of MediaAlpha from a “buy” rating to a “hold” rating and reduced their target price for the stock from $19.00 to $13.00 in a report on Wednesday, June 26th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $26.00 target price (up from $25.00) on shares of MediaAlpha in a report on Thursday, August 1st. Finally, Royal Bank of Canada boosted their price target on shares of MediaAlpha from $18.00 to $23.00 and gave the company an “outperform” rating in a report on Tuesday, May 28th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $25.00.

MediaAlpha Price Performance

The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of -24.97 and a beta of 1.20. The firm’s fifty day moving average is $14.94 and its 200 day moving average is $17.40.

MediaAlpha (NYSE:MAX) last issued its quarterly earnings data on Wednesday, July 31st. The company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.05. The business had revenue of $178.27 million for the quarter, compared to the consensus estimate of $151.40 million. During the same period in the previous year, the business posted ($0.32) EPS. MediaAlpha’s revenue was up 110.3% compared to the same quarter last year. Equities research analysts forecast that MediaAlpha, Inc. will post 0.13 EPS for the current fiscal year.

Hedge Funds Weigh In On MediaAlpha

Several hedge funds have recently bought and sold shares of MAX. Tower Research Capital LLC TRC grew its holdings in MediaAlpha by 111.6% during 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. Point72 DIFC Ltd acquired a new position in MediaAlpha during the second quarter valued at approximately $65,000. Sandia Investment Management LP acquired a new position in MediaAlpha during the second quarter valued at approximately $79,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in MediaAlpha by 354.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,624 shares of the company’s stock valued at $114,000 after purchasing an additional 6,728 shares during the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new position in MediaAlpha during the second quarter valued at approximately $134,000. 64.39% of the stock is owned by institutional investors and hedge funds.

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.