MediaAlpha (NYSE:MAX) Shares Gap Down to $22.18

MediaAlpha, Inc. (NYSE:MAX)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $22.18, but opened at $19.58. MediaAlpha shares last traded at $19.95, with a volume of 1,909,275 shares.

Analysts Set New Price Targets

A number of research analysts have issued reports on MAX shares. 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 research report on Wednesday, February 21st. BMO Capital Markets upgraded MediaAlpha from a “market perform” rating to an “outperform” rating and upped their target price for the company from $9.00 to $28.00 in a research report on Monday, February 26th. Canaccord Genuity Group increased their target price on MediaAlpha from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. 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, May 2nd. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. Based on data from MarketBeat, MediaAlpha presently has a consensus rating of “Moderate Buy” and an average price target of $21.50.

MediaAlpha Trading Up 0.9 %

The company has a market cap of $1.33 billion, a P/E ratio of -29.67 and a beta of 1.32. The company has a 50 day moving average price of $19.90 and a 200-day moving average price of $14.62.

MediaAlpha (NYSE:MAX) last issued its earnings results on Wednesday, May 1st. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.09. The business had revenue of $126.60 million for the quarter, compared to analyst estimates of $111.17 million. The firm’s revenue was up 13.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.23) EPS. Equities analysts expect that MediaAlpha, Inc. will post -0.28 earnings per share for the current year.

Insider Activity at MediaAlpha

In related news, major shareholder Mountains Insurance Grou White sold 5,000,200 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $19.00, for a total transaction of $95,003,800.00. Following the sale, the insider now owns 17,856,614 shares in the company, valued at approximately $339,275,666. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other MediaAlpha news, major shareholder Mountains Insurance Grou White sold 5,000,200 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $19.00, for a total transaction of $95,003,800.00. Following the sale, the insider now directly owns 17,856,614 shares of the company’s stock, valued at approximately $339,275,666. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Insignia Capital Partners Gp, sold 2,950,000 shares of the company’s stock in a transaction that occurred 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 owns 50,000 shares of the company’s stock, valued at $992,500. The disclosure for this sale can be found here. 11.53% of the stock is owned by insiders.

Institutional Investors Weigh In On MediaAlpha

Institutional investors and hedge funds have recently made changes to their positions in the stock. TimesSquare Capital Management LLC acquired a new position in MediaAlpha in the first quarter valued at $22,181,000. Norden Group LLC lifted its stake in shares of MediaAlpha by 1,767.2% in 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. Nomura Holdings Inc. bought a new stake in shares of MediaAlpha during the 4th quarter valued at about $1,364,000. Mariner LLC boosted its position in shares of MediaAlpha by 449.2% during the 3rd quarter. Mariner LLC now owns 76,060 shares of the company’s stock valued at $628,000 after purchasing an additional 62,210 shares in the last quarter. Finally, Swiss National Bank grew its stake in MediaAlpha by 4.6% during the third quarter. Swiss National Bank now owns 45,400 shares of the company’s stock worth $375,000 after purchasing an additional 2,000 shares during the period. Institutional investors and hedge funds own 64.39% of the company’s stock.

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.