MediaAlpha (NYSE:MAX) Trading 8% Higher – Here’s Why

Shares of MediaAlpha, Inc. (NYSE:MAX) rose 8% on Monday . The company traded as high as $11.73 and last traded at $11.86. Approximately 55,288 shares changed hands during trading, a decline of 85% from the average daily volume of 372,456 shares. The stock had previously closed at $10.98.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Royal Bank of Canada lowered their target price on shares of MediaAlpha from $23.00 to $20.00 and set an “outperform” rating for the company in a report on Wednesday, December 4th. JPMorgan Chase & Co. reduced their price target on shares of MediaAlpha from $25.00 to $15.00 and set an “overweight” rating for the company in a research report on Friday, January 10th. The Goldman Sachs Group dropped their price objective on MediaAlpha from $26.00 to $23.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Finally, Keefe, Bruyette & Woods reduced their target price on MediaAlpha from $26.00 to $22.00 and set an “outperform” rating for the company in a report on Wednesday, December 11th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $21.57.

MediaAlpha Stock Performance

The company has a market capitalization of $749.93 million, a PE ratio of 66.18 and a beta of 1.12. The company’s 50-day simple moving average is $11.47 and its 200-day simple moving average is $14.74.

MediaAlpha (NYSE:MAX) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.04. The firm had revenue of $259.13 million for the quarter, compared to analyst estimates of $246.96 million. MediaAlpha had a negative return on equity of 11.98% and a net margin of 1.41%. Analysts expect that MediaAlpha, Inc. will post 0.48 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quarry LP raised its holdings in MediaAlpha by 157.8% during the third 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. Point72 DIFC Ltd acquired a new position in MediaAlpha during the 2nd quarter worth approximately $65,000. nVerses Capital LLC purchased a new position in shares of MediaAlpha during the 3rd quarter worth approximately $116,000. The Manufacturers Life Insurance Company acquired a new stake in shares of MediaAlpha in the 2nd quarter valued at approximately $134,000. Finally, Point72 Asset Management L.P. purchased a new stake in shares of MediaAlpha in the second quarter valued at approximately $136,000. 64.39% of the stock is currently owned by hedge funds and other institutional investors.

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.