Broad Bay Capital Management LP Has $25.39 Million Position in MediaAlpha, Inc. $MAX

Key Points

• Broad Bay Capital Management LP increased its holdings in MediaAlpha by 23.8%, now owning 2,747,778 shares after purchasing an additional 529,093 shares.
• The company has seen significant institutional interest, with hedge funds and institutional investors collectively owning 64.39% of MediaAlpha's stock.
• MediaAlpha reported quarterly earnings of $0.17 per share, exceeding estimates, and a revenue increase of 41.1% compared to the same quarter last year.

Broad Bay Capital Management LP raised its holdings in shares of MediaAlpha, Inc. (NYSE:MAX - Free Report) by 23.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 2,747,778 shares of the company's stock after acquiring an additional 529,093 shares during the period. MediaAlpha makes up 3.7% of Broad Bay Capital Management LP's holdings, making the stock its 11th largest position. Broad Bay Capital Management LP owned 4.10% of MediaAlpha worth $25,389,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC raised its position in shares of MediaAlpha by 8,775.8% during the 1st quarter. GAMMA Investing LLC now owns 2,929 shares of the company's stock valued at $27,000 after acquiring an additional 2,896 shares during the last quarter. Virtus Fund Advisers LLC bought a new stake in shares of MediaAlpha during the 4th quarter valued at $35,000. Quarry LP raised its position in shares of MediaAlpha by 107.1% during the 4th quarter. Quarry LP now owns 5,841 shares of the company's stock valued at $66,000 after acquiring an additional 3,021 shares during the last quarter. Arizona State Retirement System bought a new stake in shares of MediaAlpha during the 1st quarter valued at $95,000. Finally, Wells Fargo & Company MN raised its position in shares of MediaAlpha by 42.0% during the 4th quarter. Wells Fargo & Company MN now owns 14,409 shares of the company's stock valued at $163,000 after acquiring an additional 4,264 shares during the last quarter. Institutional investors own 64.39% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on MAX shares. Wall Street Zen lowered shares of MediaAlpha from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Royal Bank Of Canada decreased their price target on shares of MediaAlpha from $20.00 to $18.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Six equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $17.92.

MediaAlpha Trading Up 1.9%

Shares of MAX traded up $0.20 during midday trading on Tuesday, reaching $10.77. The stock had a trading volume of 421,984 shares, compared to its average volume of 497,616. The firm has a 50 day simple moving average of $10.43 and a 200-day simple moving average of $9.90. The firm has a market cap of $731.71 million, a PE ratio of -89.74 and a beta of 1.19. MediaAlpha, Inc. has a one year low of $7.33 and a one year high of $20.91.

MediaAlpha (NYSE:MAX - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.17 EPS for the quarter, topping analysts' consensus estimates of $0.16 by $0.01. MediaAlpha had a negative net margin of 0.61% and a negative return on equity of 62.53%. The business had revenue of $251.62 million for the quarter, compared to analyst estimates of $248.80 million. During the same period last year, the firm earned $0.07 earnings per share. MediaAlpha's revenue for the quarter was up 41.1% compared to the same quarter last year. As a group, research analysts forecast that MediaAlpha, Inc. will post 0.48 EPS for the current fiscal year.

Insider Transactions at MediaAlpha

In other MediaAlpha news, CRO Keith Cramer sold 20,000 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $9.73, for a total transaction of $194,600.00. Following the sale, the executive directly owned 167,200 shares in the company, valued at $1,626,856. This represents a 10.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kathy P. Vrabeck bought 31,000 shares of the company's stock in a transaction dated Tuesday, August 12th. The stock was bought at an average cost of $9.60 per share, with a total value of $297,600.00. Following the acquisition, the director directly owned 129,657 shares of the company's stock, valued at approximately $1,244,707.20. The trade was a 31.42% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 29,669 shares of company stock worth $297,873. 11.53% of the stock is owned by insiders.

MediaAlpha Profile

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.