MediaAlpha, Inc. $MAX Position Raised by Bank of America Corp DE

Key Points

• Bank of America increased its MediaAlpha position by 380.9% in the first quarter, owning 279,704 shares valued at approximately $2.6 million. Institutional investors collectively hold 64.39% of the company.
• MediaAlpha reported quarterly EPS of $0.65, surpassing the $0.23 analyst consensus, while revenue of $316.88 million also exceeded expectations of $300.87 million.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $14.29, compared with the stock’s opening price of $12.66. Insiders have sold 589,632 shares worth approximately $7.45 million over the past 90 days, primarily under Rule 10b5-1 plans to cover tax obligations.

Bank of America Corp DE grew its position in shares of MediaAlpha, Inc. (NYSE:MAX - Free Report) by 380.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 279,704 shares of the company's stock after acquiring an additional 221,540 shares during the quarter. Bank of America Corp DE owned about 0.45% of MediaAlpha worth $2,601,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Creative Planning bought a new stake in MediaAlpha in the 2nd quarter valued at about $168,000. JPMorgan Chase & Co. boosted its stake in MediaAlpha by 75.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 542,246 shares of the company's stock valued at $5,938,000 after purchasing an additional 233,948 shares during the period. Legal & General Group Plc grew its position in MediaAlpha by 29.3% in the 2nd quarter. Legal & General Group Plc now owns 36,315 shares of the company's stock worth $398,000 after purchasing an additional 8,229 shares during the last quarter. Rhumbline Advisers grew its position in MediaAlpha by 34.4% in the 2nd quarter. Rhumbline Advisers now owns 55,622 shares of the company's stock worth $609,000 after purchasing an additional 14,234 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of MediaAlpha in the second quarter valued at approximately $153,000. Institutional investors own 64.39% of the company's stock.

Insider Activity at MediaAlpha

In related news, insider Steven Yi sold 96,000 shares of the stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $12.90, for a total value of $1,238,400.00. Following the completion of the sale, the insider directly owned 2,759,690 shares of the company's stock, valued at approximately $35,600,001. This represents a 3.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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, Director Eugene Nonko sold 25,352 shares of the business's stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $13.86, for a total transaction of $351,378.72. Following the transaction, the director directly owned 1,137,304 shares in the company, valued at $15,763,033.44. The trade was a 2.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Over the last ninety days, insiders have sold 589,632 shares of company stock valued at $7,447,859. Company insiders own 14.65% of the company's stock.

MediaAlpha Price Performance

Shares of MAX opened at $12.66 on Tuesday. The stock has a market capitalization of $775.55 million, a P/E ratio of 7.81 and a beta of 1.11. MediaAlpha, Inc. has a 12-month low of $7.09 and a 12-month high of $14.70. The firm's 50 day moving average is $13.06 and its 200-day moving average is $10.56.

MediaAlpha (NYSE:MAX - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.65 EPS for the quarter, beating analysts' consensus estimates of $0.23 by $0.42. MediaAlpha had a negative return on equity of 301.42% and a net margin of 7.94%.The company had revenue of $316.88 million during the quarter, compared to the consensus estimate of $300.87 million. As a group, equities research analysts forecast that MediaAlpha, Inc. will post 1.13 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on MAX shares. The Goldman Sachs Group increased their price objective on MediaAlpha from $10.00 to $14.00 and gave the stock a "neutral" rating in a report on Thursday, July 30th. Capital One Financial set a $11.00 target price on MediaAlpha in a research note on Tuesday, June 9th. Weiss Ratings upgraded MediaAlpha from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, July 1st. JPMorgan Chase & Co. initiated coverage on MediaAlpha in a research note on Monday, August 24th. They issued a "neutral" rating and a $15.00 price target for the company. Finally, Texas Capital raised MediaAlpha to a "strong-buy" rating in a report on Tuesday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, MediaAlpha presently has a consensus rating of "Moderate Buy" and a consensus target price of $14.29.

About MediaAlpha

MediaAlpha, Inc is a technology company that operates a real-time digital marketplace for the distribution of insurance and adjacent services. The company's platform connects buyers—consumers seeking insurance policies—to sellers, including insurance carriers and distribution partners, through programmatic bidding and data-driven pricing. By leveraging transaction-level data and proprietary auction mechanics, MediaAlpha enables carriers to acquire customers more efficiently and at scale.

The firm offers a suite of products that help clients optimize marketing spend and improve conversion rates.

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