MediaAlpha (NYSE:MAX) Shares Down 7.2%

MediaAlpha, Inc. (NYSE:MAX)’s stock price dropped 7.2% on Tuesday . The company traded as low as $16.64 and last traded at $16.76. Approximately 104,488 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 577,919 shares. The stock had previously closed at $18.06.

Analysts Set New Price Targets

MAX has been the subject of several research reports. Royal Bank of Canada increased their price objective on MediaAlpha from $18.00 to $23.00 and gave the company an “outperform” rating in a report on Tuesday, May 28th. TD Cowen cut MediaAlpha from a “buy” rating to a “hold” rating and reduced their price objective for the company from $19.00 to $13.00 in a research note on Wednesday, June 26th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $26.00 price target (up previously from $25.00) on shares of MediaAlpha in a report on Thursday, August 1st. Finally, The Goldman Sachs Group started coverage on MediaAlpha in a research note on Tuesday, August 20th. They issued a “buy” rating and a $20.00 price target for the company. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $24.29.

MediaAlpha Price Performance

The stock has a market cap of $1.11 billion, a PE ratio of -25.07 and a beta of 1.22. The business has a fifty day moving average of $15.47 and a 200-day moving average of $17.67.

MediaAlpha (NYSE:MAX) last released its earnings results on Wednesday, July 31st. The company reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.05. The company had revenue of $178.27 million for the quarter, compared to analysts’ expectations of $151.40 million. During the same period in the prior year, the firm posted ($0.32) EPS. The firm’s revenue for the quarter was up 110.3% on a year-over-year basis. As a group, equities research analysts predict that MediaAlpha, Inc. will post 0.35 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Ghisallo Capital Management LLC boosted its position in shares of MediaAlpha by 535.3% during the second quarter. Ghisallo Capital Management LLC now owns 487,500 shares of the company’s stock worth $6,420,000 after buying an additional 410,764 shares during the period. Point72 Asset Management L.P. purchased a new stake in MediaAlpha during the 2nd quarter worth approximately $136,000. Algert Global LLC purchased a new stake in MediaAlpha during the 2nd quarter worth about $162,000. Clearline Capital LP lifted its stake in MediaAlpha by 1,255.3% in the second quarter. Clearline Capital LP now owns 576,728 shares of the company’s stock worth $7,596,000 after acquiring an additional 534,176 shares during the last quarter. Finally, Driehaus Capital Management LLC grew its holdings in MediaAlpha by 208.4% during the 2nd quarter. Driehaus Capital Management LLC now owns 1,436,615 shares of the company’s stock worth $18,920,000 after acquiring an additional 970,840 shares in the last quarter. 64.39% of the stock is currently owned by hedge funds and other institutional investors.

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.