MediaAlpha (NYSE:MAX) Reaches New 1-Year High Following Strong Earnings

MediaAlpha, Inc. (NYSE:MAX)’s stock price reached a new 52-week high on Thursday following a better than expected earnings announcement. 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 during the quarter, compared to analyst estimates of $111.17 million. The company’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period in the previous year, the company posted ($0.23) EPS.

Analysts Set New Price Targets

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

Insider Buying and Selling

In other MediaAlpha news, major shareholder Insignia Capital Partners Gp, sold 2,950,000 shares of the business’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 sale, the insider now owns 50,000 shares in the company, valued at approximately $992,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 11.53% of the stock is owned by company insiders.

Hedge Funds Weigh In On MediaAlpha

A number of hedge funds have recently bought and sold shares of the company. Tower Research Capital LLC TRC lifted its position in shares of MediaAlpha by 111.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,442 shares of the company’s stock valued at $50,000 after purchasing an additional 2,343 shares in the last quarter. SYSTM Wealth Solutions LLC purchased a new position in shares of MediaAlpha in the 1st quarter worth approximately $178,000. Alliance Wealth Advisors LLC UT purchased a new position in shares of MediaAlpha in the 3rd quarter worth approximately $84,000. Baker Tilly Wealth Management LLC grew its holdings in shares of MediaAlpha by 13.7% in the fourth quarter. Baker Tilly Wealth Management LLC now owns 13,775 shares of the company’s stock valued at $154,000 after acquiring an additional 1,660 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of MediaAlpha by 305.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 16,404 shares of the company’s stock valued at $135,000 after acquiring an additional 12,355 shares during the last quarter. 64.39% of the stock is owned by hedge funds and other institutional investors.

MediaAlpha Stock Performance

The stock has a market cap of $1.46 billion, a P/E ratio of -32.65 and a beta of 1.32. The business has a 50 day simple moving average of $19.85 and a 200-day simple moving average of $14.26.

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.