Analysts Set MediaAlpha, Inc. (NYSE:MAX) Price Target at $18.20

Shares of MediaAlpha, Inc. (NYSE:MAX) have received a consensus rating of “Moderate Buy” from the six analysts that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $18.20.

MAX has been the topic of a number of research reports. 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 research report on Monday, February 26th. Royal Bank of Canada raised their target price on MediaAlpha from $12.00 to $18.00 and gave the company an “outperform” rating in a research report on Wednesday, February 21st. Canaccord Genuity Group raised their target price on MediaAlpha from $18.00 to $22.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Finally, TD Cowen assumed coverage on MediaAlpha in a research report on Wednesday, January 10th. They issued an “outperform” rating and a $15.00 target price on the stock.

MediaAlpha Trading Up 2.6 %

Shares of MediaAlpha stock opened at $19.04 on Tuesday. The business’s 50 day simple moving average is $19.28 and its 200-day simple moving average is $13.61. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of -21.39 and a beta of 1.35. MediaAlpha has a twelve month low of $5.08 and a twelve month high of $22.81.

MediaAlpha (NYSE:MAX) last announced its quarterly earnings results on Tuesday, February 20th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.16. The company had revenue of $117.17 million for the quarter, compared to analyst estimates of $111.36 million. Sell-side analysts predict that MediaAlpha will post -0.4 earnings per share for the current year.

Insider Activity at MediaAlpha

In other news, major shareholder Insignia Capital Partners Gp, sold 2,950,000 shares of MediaAlpha stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $19.85, for a total transaction of $58,557,500.00. Following the transaction, the insider now directly owns 50,000 shares in the company, valued at approximately $992,500. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 11.53% of the stock is owned by insiders.

Hedge Funds Weigh In On MediaAlpha

Several hedge funds have recently modified their holdings of MAX. Norges Bank acquired a new position in shares of MediaAlpha during the 4th quarter valued at $15,920,000. Norden Group LLC increased its position in shares of MediaAlpha by 1,767.2% during the 1st quarter. Norden Group LLC now owns 263,592 shares of the company’s stock valued at $5,369,000 after purchasing an additional 249,475 shares during the period. Millennium Management LLC acquired a new position in shares of MediaAlpha during the 4th quarter valued at $2,343,000. BlackRock Inc. increased its position in shares of MediaAlpha by 14.9% during the 2nd quarter. BlackRock Inc. now owns 1,763,968 shares of the company’s stock valued at $18,187,000 after purchasing an additional 229,336 shares during the period. Finally, Envestnet Asset Management Inc. bought a new stake in shares of MediaAlpha during the 3rd quarter worth $1,781,000. 64.39% of the stock is currently owned by institutional investors and hedge funds.

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.