MediaAlpha (NYSE:MAX) Shares Gap Down – Here’s What Happened

Shares of MediaAlpha, Inc. (NYSE:MAX) gapped down prior to trading on Tuesday . The stock had previously closed at $16.08, but opened at $12.58. MediaAlpha shares last traded at $10.49, with a volume of 992,272 shares trading hands.

Analyst Upgrades and Downgrades

MAX has been the topic of a number of recent research reports. The Goldman Sachs Group raised their price objective on MediaAlpha from $20.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. 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 research report on Thursday, August 1st. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $25.14.

MediaAlpha Stock Performance

The company has a market cap of $768.45 million, a price-to-earnings ratio of 68.18 and a beta of 1.23. The business has a fifty day moving average price of $17.89 and a 200 day moving average price of $17.13.

MediaAlpha (NYSE:MAX) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.17 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.04. MediaAlpha had a negative return on equity of 11.03% and a net margin of 1.41%. The company had revenue of $259.13 million during the quarter, compared to analysts’ expectations of $246.96 million. As a group, equities analysts anticipate that MediaAlpha, Inc. will post 0.41 EPS for the current year.

Insider Buying and Selling at MediaAlpha

In related news, insider Eugene Nonko sold 72,000 shares of MediaAlpha stock in a transaction that occurred 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 transaction, the insider now directly owns 1,550,990 shares of the company’s stock, valued at $32,058,963.30. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 11.53% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Acadian Asset Management LLC acquired a new stake in MediaAlpha in the first quarter valued at approximately $1,118,000. Vanguard Group Inc. boosted its holdings in MediaAlpha by 15.0% during the 1st quarter. Vanguard Group Inc. now owns 2,119,189 shares of the company’s stock worth $43,168,000 after acquiring an additional 276,641 shares during the last quarter. TimesSquare Capital Management LLC purchased a new stake in shares of MediaAlpha in the first quarter valued at about $22,181,000. Hillsdale Investment Management Inc. bought a new stake in MediaAlpha in the 1st quarter worth about $4,062,000. Finally, Divisadero Street Capital Management LP bought a new position in shares of MediaAlpha during the 2nd quarter worth approximately $7,956,000. 64.39% of the stock is owned by institutional investors and hedge funds.

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.