MediaAlpha (NYSE:MAX) Sets New 12-Month Low on Analyst Downgrade

MediaAlpha, Inc. (NYSE:MAX) hit a new 52-week low during mid-day trading on Friday after BMO Capital Markets lowered their price target on the stock from $27.00 to $23.00. BMO Capital Markets currently has an outperform rating on the stock. MediaAlpha traded as low as $8.17 and last traded at $8.09, with a volume of 241 shares traded. The stock had previously closed at $8.40.

Several other equities research analysts have also weighed in on MAX. Keefe, Bruyette & Woods dropped their target price on MediaAlpha from $22.00 to $19.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 25th. The Goldman Sachs Group cut their price objective on shares of MediaAlpha from $23.00 to $14.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th. Royal Bank of Canada reissued an “outperform” rating and set a $20.00 target price on shares of MediaAlpha in a research note on Tuesday, February 25th. JPMorgan Chase & Co. dropped their price target on shares of MediaAlpha from $15.00 to $13.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 25th. Finally, Canaccord Genuity Group reduced their price objective on MediaAlpha from $30.00 to $26.00 and set a “buy” rating for the company in a research report on Monday, February 24th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $18.29.

Hedge Funds Weigh In On MediaAlpha

Several hedge funds have recently modified their holdings of the company. Hillsdale Investment Management Inc. boosted its stake in MediaAlpha by 0.4% during the fourth quarter. Hillsdale Investment Management Inc. now owns 208,900 shares of the company’s stock valued at $2,358,000 after buying an additional 800 shares in the last quarter. Covestor Ltd boosted its position in shares of MediaAlpha by 44.1% during the 4th quarter. Covestor Ltd now owns 2,766 shares of the company’s stock valued at $31,000 after purchasing an additional 847 shares in the last quarter. Earnest Partners LLC grew its stake in shares of MediaAlpha by 0.4% in the 4th quarter. Earnest Partners LLC now owns 241,559 shares of the company’s stock worth $2,727,000 after purchasing an additional 1,021 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of MediaAlpha by 11.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 11,368 shares of the company’s stock worth $206,000 after purchasing an additional 1,213 shares in the last quarter. Finally, Quarry LP raised its holdings in shares of MediaAlpha by 157.8% in the 3rd quarter. Quarry LP now owns 2,820 shares of the company’s stock worth $51,000 after purchasing an additional 1,726 shares in the last quarter. 64.39% of the stock is currently owned by institutional investors and hedge funds.

MediaAlpha Stock Down 4.5 %

The firm has a market capitalization of $537.92 million, a price-to-earnings ratio of 47.21 and a beta of 1.11. The firm’s 50 day moving average is $10.40 and its 200 day moving average is $12.77.

MediaAlpha (NYSE:MAX) last issued its earnings results on Monday, February 24th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.16). MediaAlpha had a negative return on equity of 11.98% and a net margin of 1.41%. The company had revenue of $300.65 million during the quarter, compared to analyst estimates of $289.38 million. On average, sell-side analysts predict that MediaAlpha, Inc. will post 0.48 earnings per share for the current year.

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.