MediaAlpha (NYSE:MAX) Sets New 52-Week High on Earnings Beat

MediaAlpha, Inc. (NYSE:MAX) hit a new 52-week high 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. The stock had previously closed at $21.06.

The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.09. The company had revenue of $126.60 million for the quarter, compared to analysts’ expectations of $111.17 million. MediaAlpha’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter last year, the firm posted ($0.23) earnings per share.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Royal Bank of Canada increased their target price on shares of MediaAlpha from $12.00 to $18.00 and gave the stock an “outperform” rating in a report on Wednesday, February 21st. Canaccord Genuity Group increased their price objective on shares of MediaAlpha from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday. BMO Capital Markets upgraded shares of MediaAlpha from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $9.00 to $28.00 in a research note on Monday, February 26th. TD Cowen started coverage on MediaAlpha in a research note on Wednesday, January 10th. They issued an “outperform” rating and a $15.00 price target for the company. Finally, JPMorgan Chase & Co. raised their price target on MediaAlpha from $18.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday. One analyst has rated the stock with a sell rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $21.50.

Insider Transactions at MediaAlpha

In related news, major shareholder Insignia Capital Partners Gp, sold 2,950,000 shares of the firm’s stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $19.85, for a total transaction of $58,557,500.00. Following the completion of the transaction, the insider now directly owns 50,000 shares of the company’s stock, valued at $992,500. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 11.53% of the company’s stock.

Institutional Investors Weigh In On MediaAlpha

A number of hedge funds have recently made changes to their positions in MAX. Allspring Global Investments Holdings LLC grew its holdings in MediaAlpha by 305.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 16,404 shares of the company’s stock valued at $135,000 after buying an additional 12,355 shares in the last quarter. Swiss National Bank grew its holdings in shares of MediaAlpha by 4.6% in the third quarter. Swiss National Bank now owns 45,400 shares of the company’s stock valued at $375,000 after purchasing an additional 2,000 shares in the last quarter. Alliance Wealth Advisors LLC UT bought a new stake in MediaAlpha in the third quarter worth $84,000. Hsbc Holdings PLC purchased a new stake in MediaAlpha during the third quarter valued at $172,000. Finally, Mariner LLC lifted its position in MediaAlpha by 449.2% during the third quarter. Mariner LLC now owns 76,060 shares of the company’s stock valued at $628,000 after purchasing an additional 62,210 shares during the last quarter. 64.39% of the stock is currently owned by hedge funds and other institutional investors.

MediaAlpha Price Performance

The firm has a market cap of $1.46 billion, a P/E ratio of -32.65 and a beta of 1.32. The company’s 50-day simple moving average is $19.85 and its 200 day simple moving average is $14.26.

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.