Broad Bay Capital Management LP Sells 249,271 Shares of MediaAlpha, Inc. $MAX

Broad Bay Capital Management LP lessened its holdings in MediaAlpha, Inc. (NYSE:MAX) by 9.1% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,498,507 shares of the company’s stock after selling 249,271 shares during the quarter. MediaAlpha makes up 3.2% of Broad Bay Capital Management LP’s holdings, making the stock its 11th largest holding. Broad Bay Capital Management LP’s holdings in MediaAlpha were worth $27,359,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of MAX. Intech Investment Management LLC boosted its stake in shares of MediaAlpha by 6.4% during the second quarter. Intech Investment Management LLC now owns 18,502 shares of the company’s stock valued at $203,000 after purchasing an additional 1,105 shares during the period. Hsbc Holdings PLC lifted its holdings in MediaAlpha by 2.3% during the 2nd quarter. Hsbc Holdings PLC now owns 51,550 shares of the company’s stock valued at $561,000 after buying an additional 1,144 shares in the last quarter. Corton Capital Inc. boosted its position in MediaAlpha by 8.2% in the 2nd quarter. Corton Capital Inc. now owns 18,865 shares of the company’s stock valued at $207,000 after buying an additional 1,425 shares during the period. Cerity Partners LLC grew its stake in MediaAlpha by 23.6% in the 2nd quarter. Cerity Partners LLC now owns 20,071 shares of the company’s stock worth $220,000 after acquiring an additional 3,836 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC increased its position in shares of MediaAlpha by 21.1% during the second quarter. Campbell & CO Investment Adviser LLC now owns 26,254 shares of the company’s stock worth $287,000 after acquiring an additional 4,583 shares during the period. Hedge funds and other institutional investors own 64.39% of the company’s stock.

Insider Buying and Selling

In other news, Director Eugene Nonko sold 5,400 shares of the stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $13.38, for a total transaction of $72,252.00. Following the completion of the sale, the director owned 1,079,248 shares in the company, valued at approximately $14,440,338.24. This represents a 0.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Steven Yi sold 8,000 shares of the firm’s stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $13.37, for a total value of $106,960.00. Following the completion of the sale, the insider directly owned 2,927,330 shares of the company’s stock, valued at $39,138,402.10. The trade was a 0.27% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 120,600 shares of company stock valued at $1,494,582 in the last three months. 11.53% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MAX. Wall Street Zen upgraded MediaAlpha from a “hold” rating to a “strong-buy” rating in a report on Saturday, November 1st. Zacks Research raised MediaAlpha from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 2nd. Weiss Ratings restated a “sell (d)” rating on shares of MediaAlpha in a research note on Monday. JPMorgan Chase & Co. upped their price objective on shares of MediaAlpha from $14.00 to $15.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $15.00 target price on shares of MediaAlpha in a research report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $17.25.

MediaAlpha Price Performance

Shares of NYSE MAX opened at $13.71 on Wednesday. MediaAlpha, Inc. has a 1-year low of $7.33 and a 1-year high of $13.92. The business has a fifty day moving average price of $12.02 and a 200 day moving average price of $11.31. The stock has a market capitalization of $893.25 million, a P/E ratio of -456.71 and a beta of 1.21.

MediaAlpha (NYSE:MAX) last posted its earnings results on Wednesday, October 29th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.05. The company had revenue of $306.51 million for the quarter, compared to analyst estimates of $283.30 million. MediaAlpha had a negative return on equity of 71.02% and a negative net margin of 0.10%.The firm’s quarterly revenue was up 18.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.17 earnings per share. As a group, equities research analysts anticipate that MediaAlpha, Inc. will post 0.48 earnings per share for the current fiscal year.

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.