MediaAlpha (NYSE:MAX) Reaches New 1-Year High on Analyst Upgrade

MediaAlpha, Inc. (NYSE:MAX)’s share price hit a new 52-week high on Friday after JPMorgan Chase & Co. raised their price target on the stock from $15.00 to $16.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. MediaAlpha traded as high as $14.87 and last traded at $14.4650, with a volume of 460,464 shares traded. The stock had previously closed at $14.13.

A number of other research firms have also recently weighed in on MAX. Canaccord Genuity Group boosted their target price on shares of MediaAlpha from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday. Zacks Research downgraded shares of MediaAlpha from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, October 21st. The Goldman Sachs Group upped their price target on MediaAlpha from $10.50 to $13.00 and gave the company a “neutral” rating in a research report on Thursday. Royal Bank Of Canada lifted their price objective on MediaAlpha from $15.00 to $17.00 and gave the stock an “outperform” rating in a research note on Thursday. Finally, Keefe, Bruyette & Woods boosted their price target on shares of MediaAlpha from $15.00 to $17.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $14.71.

Insider Activity

In other news, CRO Keith Cramer sold 12,000 shares of MediaAlpha stock in a transaction on Monday, October 19th. The stock was sold at an average price of $11.39, for a total transaction of $136,680.00. Following the sale, the executive directly owned 239,303 shares in the company, valued at $2,725,661.17. The trade was a 4.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Kuanling Yeh sold 3,000 shares of the business’s stock in a transaction dated Friday, October 16th. The shares were sold at an average price of $11.77, for a total transaction of $35,310.00. Following the completion of the transaction, the chief technology officer owned 543,091 shares in the company, valued at approximately $6,392,181.07. The trade was a 0.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 425,550 shares of company stock worth $5,148,791 over the last quarter. Insiders own 14.65% of the company’s stock.

Hedge Funds Weigh In On MediaAlpha

A number of large investors have recently made changes to their positions in MAX. Bank of America Corp DE grew its holdings in MediaAlpha by 380.9% during the 1st quarter. Bank of America Corp DE now owns 279,704 shares of the company’s stock valued at $2,601,000 after buying an additional 221,540 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in MediaAlpha by 94.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 620,669 shares of the company’s stock worth $5,773,000 after acquiring an additional 300,871 shares during the period. Jacobs Asset Management LLC lifted its stake in MediaAlpha by 31.1% in the 1st quarter. Jacobs Asset Management LLC now owns 924,443 shares of the company’s stock worth $8,597,000 after purchasing an additional 219,144 shares in the last quarter. Globeflex Capital L P purchased a new stake in MediaAlpha in the 2nd quarter worth approximately $702,000. Finally, Principal Financial Group Inc. grew its position in shares of MediaAlpha by 288.7% during the 1st quarter. Principal Financial Group Inc. now owns 137,613 shares of the company’s stock valued at $1,280,000 after purchasing an additional 102,210 shares in the last quarter. 64.39% of the stock is owned by institutional investors.

MediaAlpha Stock Up 2.0%

The company has a 50-day moving average of $11.24 and a 200 day moving average of $10.64. The firm has a market capitalization of $883.00 million, a PE ratio of 7.92 and a beta of 1.14.

MediaAlpha (NYSE:MAX) last issued its quarterly earnings results on Wednesday, October 28th. The company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.18. MediaAlpha had a net margin of 8.35% and a negative return on equity of 512.69%. The firm had revenue of $375.95 million for the quarter, compared to analyst estimates of $347.93 million. As a group, equities analysts anticipate that MediaAlpha, Inc. will post 1.44 EPS for the current fiscal year.

About MediaAlpha

MediaAlpha, Inc operates a technology platform that helps insurance carriers and distributors acquire customers through digital channels. Its marketplace connects consumers who are shopping for insurance with providers seeking qualified prospects, using data, analytics and automated systems to facilitate the matching process.

The company’s platform supports customer acquisition across insurance categories, including property and casualty products such as auto and home insurance, as well as health, life and Medicare-related coverage.