Royal Bank of Canada Issues Pessimistic Forecast for MediaAlpha (NYSE:MAX) Stock Price

MediaAlpha (NYSE:MAX) had its target price decreased by Royal Bank of Canada from $23.00 to $20.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 72.27% from the stock’s current price.

Separately, The Goldman Sachs Group upped their price objective on shares of MediaAlpha from $20.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $24.71.

MediaAlpha Trading Up 1.4 %

Shares of MAX traded up $0.16 during mid-day trading on Wednesday, hitting $11.61. 398,628 shares of the company traded hands, compared to its average volume of 573,342. The business has a 50-day moving average of $16.00 and a 200 day moving average of $16.12. The stock has a market capitalization of $773.92 million, a price-to-earnings ratio of 68.65 and a beta of 1.10. MediaAlpha has a one year low of $9.96 and a one year high of $25.78.

MediaAlpha (NYSE:MAX) last issued its earnings results on Wednesday, October 30th. The company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.13 by $0.04. The firm had revenue of $259.13 million during the quarter, compared to the consensus estimate of $246.96 million. MediaAlpha had a net margin of 1.41% and a negative return on equity of 11.98%. As a group, analysts anticipate that MediaAlpha will post 0.42 earnings per share for the current year.

Insider Activity

In other MediaAlpha news, insider Eugene Nonko sold 72,000 shares of the company’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $20.67, for a total value of $1,488,240.00. Following the completion of the sale, the insider now directly owns 1,550,990 shares in the company, valued at approximately $32,058,963.30. This represents a 4.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 11.53% of the company’s stock.

Hedge Funds Weigh In On MediaAlpha

Several hedge funds have recently modified their holdings of the stock. Quarry LP grew its stake in shares of MediaAlpha by 157.8% in the 3rd quarter. Quarry LP now owns 2,820 shares of the company’s stock valued at $51,000 after buying an additional 1,726 shares during the period. Point72 DIFC Ltd acquired a new position in MediaAlpha in the second quarter valued at $65,000. Sandia Investment Management LP acquired a new stake in MediaAlpha during the 2nd quarter worth $79,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of MediaAlpha by 354.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,624 shares of the company’s stock worth $114,000 after purchasing an additional 6,728 shares during the period. Finally, nVerses Capital LLC acquired a new stake in shares of MediaAlpha in the 3rd quarter valued at approximately $116,000. Institutional investors and hedge funds own 64.39% of the company’s stock.

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.