MediaAlpha (NYSE:MAX) Sets New 12-Month High After Strong Earnings

MediaAlpha, Inc. (NYSE:MAX) shares hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $25.78 and last traded at $23.22, with a volume of 233842 shares traded. The stock had previously closed at $21.06.

The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.09. The business had revenue of $126.60 million for the quarter, compared to analyst estimates of $111.17 million. The company’s revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.23) earnings per share.

Analyst Ratings Changes

Several research analysts have recently issued reports on MAX shares. JPMorgan Chase & Co. upped their price objective on MediaAlpha from $18.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday. Canaccord Genuity Group boosted their target price on MediaAlpha from $25.00 to $30.00 and gave the company a “buy” rating in a report on Thursday. TD Cowen assumed coverage on MediaAlpha in a report on Wednesday, January 10th. They issued an “outperform” rating and a $15.00 target price for the company. BMO Capital Markets raised 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 report on Monday, February 26th. Finally, Royal Bank of Canada boosted their target price on MediaAlpha from $12.00 to $18.00 and gave the company an “outperform” rating in a report on Wednesday, February 21st. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, MediaAlpha currently has an average rating of “Moderate Buy” and a consensus price target of $21.50.

Insider Buying and Selling at MediaAlpha

In other MediaAlpha news, major shareholder Insignia Capital Partners Gp, sold 2,950,000 shares of the company’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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 11.53% of the stock is owned by company insiders.

Institutional Investors Weigh In On MediaAlpha

A number of institutional investors and hedge funds have recently modified their holdings of the company. Norden Group LLC grew its holdings in shares of MediaAlpha by 1,767.2% in the 1st quarter. Norden Group LLC now owns 263,592 shares of the company’s stock worth $5,369,000 after acquiring an additional 249,475 shares during the period. Nomura Holdings Inc. acquired a new stake in shares of MediaAlpha in the 4th quarter worth approximately $1,364,000. Mariner LLC grew its holdings in shares of MediaAlpha by 449.2% in the 3rd quarter. Mariner LLC now owns 76,060 shares of the company’s stock worth $628,000 after acquiring an additional 62,210 shares during the period. Swiss National Bank grew its holdings in shares of MediaAlpha by 4.6% in the 3rd quarter. Swiss National Bank now owns 45,400 shares of the company’s stock worth $375,000 after acquiring an additional 2,000 shares during the period. Finally, Los Angeles Capital Management LLC grew its holdings in shares of MediaAlpha by 125.8% in the 1st quarter. Los Angeles Capital Management LLC now owns 24,535 shares of the company’s stock worth $500,000 after acquiring an additional 13,670 shares during the period. Institutional investors and hedge funds own 64.39% of the company’s stock.

MediaAlpha Stock Performance

The firm has a market cap of $1.45 billion, a price-to-earnings ratio of -25.12 and a beta of 1.32. The business has a fifty day moving average of $19.80 and a two-hundred day moving average of $14.21.

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.