Mackenzie Financial Corp Sells 49,692 Shares of MediaAlpha, Inc. (NYSE:MAX)

Key Points

• Mackenzie Financial Corp significantly reduced its stake in MediaAlpha by 82.5% during the first quarter, now holding only 10,567 shares valued at $98,000.
• Several institutional investors have recently increased their holdings in MediaAlpha, with notable increases from Covestor Ltd and GAMMA Investing LLC, reflecting growing interest despite Mackenzie’s reduction.
• MediaAlpha reported an earnings per share of $0.17, surpassing analyst expectations, and a 41.1% increase in revenue compared to the same quarter last year.

Mackenzie Financial Corp reduced its stake in shares of MediaAlpha, Inc. (NYSE:MAX - Free Report) by 82.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,567 shares of the company's stock after selling 49,692 shares during the quarter. Mackenzie Financial Corp's holdings in MediaAlpha were worth $98,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. GAMMA Investing LLC raised its stake in shares of MediaAlpha by 8,775.8% in the 1st quarter. GAMMA Investing LLC now owns 2,929 shares of the company's stock valued at $27,000 after buying an additional 2,896 shares in the last quarter. Covestor Ltd increased its position in shares of MediaAlpha by 44.1% during the 4th quarter. Covestor Ltd now owns 2,766 shares of the company's stock worth $31,000 after purchasing an additional 847 shares in the last quarter. Virtus Fund Advisers LLC acquired a new stake in shares of MediaAlpha during the 4th quarter worth about $35,000. Quarry LP increased 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 worth $66,000 after purchasing an additional 3,021 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of MediaAlpha during the 4th quarter worth about $67,000. 64.39% of the stock is currently owned by institutional investors and hedge funds.

MediaAlpha Trading Down 2.8%

Shares of NYSE MAX traded down $0.29 during midday trading on Thursday, reaching $10.16. The company's stock had a trading volume of 152,414 shares, compared to its average volume of 500,509. MediaAlpha, Inc. has a fifty-two week low of $7.33 and a fifty-two week high of $20.91. The stock has a market capitalization of $681.02 million, a price-to-earnings ratio of -84.58 and a beta of 1.19. The stock has a 50 day simple moving average of $10.56 and a 200-day simple moving average of $10.08.

MediaAlpha (NYSE:MAX - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.17 earnings per share (EPS) for the quarter, beating 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 company had revenue of $251.62 million for the quarter, compared to the consensus estimate of $248.80 million. During the same period last year, the company earned $0.07 earnings per share. The firm's revenue was up 41.1% compared to the same quarter last year. As a group, equities analysts anticipate that MediaAlpha, Inc. will post 0.48 EPS for the current year.

Insiders Place Their Bets

In related news, CRO Keith Cramer sold 20,000 shares of the business's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $9.73, for a total transaction of $194,600.00. Following the transaction, the executive directly owned 167,200 shares in the company, valued at approximately $1,626,856. The trade was a 10.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kathy P. Vrabeck bought 31,000 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were purchased at an average price of $9.60 per share, for a total transaction of $297,600.00. Following the completion of the acquisition, the director owned 129,657 shares of the company's stock, valued at $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 90 days, insiders have sold 29,669 shares of company stock worth $297,873. 13.44% of the stock is owned by corporate insiders.

Analyst Ratings Changes

MAX has been the subject of a number of recent analyst reports. Wall Street Zen cut shares of MediaAlpha from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. JPMorgan Chase & Co. raised their target price on shares of MediaAlpha from $10.00 to $12.00 and gave the company an "overweight" rating in a research note on Thursday, May 1st. Keefe, Bruyette & Woods reduced their price objective on shares of MediaAlpha from $19.00 to $16.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. Finally, Royal Bank Of Canada reduced their price objective on shares of MediaAlpha from $20.00 to $18.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 7th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $17.92.

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.