MediaAlpha (NYSE:MAX) Stock Price Down 7.2%

MediaAlpha, Inc. (NYSE:MAX)’s share price dropped 7.2% on Tuesday . The stock traded as low as $16.64 and last traded at $16.76. Approximately 104,488 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 577,919 shares. The stock had previously closed at $18.06.

Analysts Set New Price Targets

Several brokerages have recently weighed in on MAX. The Goldman Sachs Group assumed coverage on shares of MediaAlpha in a research note on Tuesday, August 20th. They set a “buy” rating and a $20.00 target price for the company. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $26.00 price target (up previously from $25.00) on shares of MediaAlpha in a report on Thursday, August 1st. Royal Bank of Canada lifted their price objective on MediaAlpha from $18.00 to $23.00 and gave the stock an “outperform” rating in a report on Tuesday, May 28th. Finally, TD Cowen cut shares of MediaAlpha from a “buy” rating to a “hold” rating and lowered their price objective for the company from $19.00 to $13.00 in a research note on Wednesday, June 26th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, MediaAlpha has an average rating of “Moderate Buy” and a consensus target price of $24.29.

MediaAlpha Stock Performance

The company has a market capitalization of $1.11 billion, a PE ratio of -25.07 and a beta of 1.22. The stock’s fifty day simple moving average is $15.47 and its 200-day simple moving average is $17.67.

MediaAlpha (NYSE:MAX) last announced its earnings results on Wednesday, July 31st. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.05. The firm had revenue of $178.27 million for the quarter, compared to analyst estimates of $151.40 million. The firm’s revenue was up 110.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.32) EPS. On average, equities analysts anticipate that MediaAlpha, Inc. will post 0.35 EPS for the current year.

Institutional Investors Weigh In On MediaAlpha

A number of institutional investors have recently bought and sold shares of the stock. Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its position in MediaAlpha by 5.1% during the 2nd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 23,890 shares of the company’s stock worth $315,000 after acquiring an additional 1,150 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in MediaAlpha by 9.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 14,321 shares of the company’s stock worth $292,000 after buying an additional 1,235 shares during the period. Hsbc Holdings PLC lifted its position in MediaAlpha by 7.1% in the 2nd quarter. Hsbc Holdings PLC now owns 23,791 shares of the company’s stock valued at $312,000 after purchasing an additional 1,582 shares during the last quarter. Silvercrest Asset Management Group LLC boosted its position in shares of MediaAlpha by 0.4% during the first quarter. Silvercrest Asset Management Group LLC now owns 375,509 shares of the company’s stock worth $7,649,000 after buying an additional 1,667 shares during the period. Finally, Rhumbline Advisers grew its stake in shares of MediaAlpha by 7.3% in the second quarter. Rhumbline Advisers now owns 36,751 shares of the company’s stock worth $484,000 after purchasing an additional 2,511 shares in the last quarter. 64.39% of the stock is currently owned by hedge funds and other institutional investors.

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.