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

Shares of MediaAlpha, Inc. (NYSE:MAX - Get Free Report) gapped down before the market opened 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.

Analyst Upgrades and Downgrades

MAX has been the subject of a number of recent analyst reports. Canaccord Genuity Group raised their target price on MediaAlpha from $25.00 to $30.00 and gave the company a "buy" rating in a report on Thursday, May 2nd. TD Cowen initiated coverage on shares of MediaAlpha in a research note on Wednesday, January 10th. They issued an "outperform" rating and a $15.00 price objective for the company. JPMorgan Chase & Co. upped their target price on shares of MediaAlpha from $18.00 to $30.00 and gave the stock an "overweight" rating in a research report on Thursday, May 2nd. BMO Capital Markets raised MediaAlpha from a "market perform" rating to an "outperform" rating and boosted their price target for the stock from $9.00 to $28.00 in a research note on Monday, February 26th. Finally, Royal Bank of Canada raised their price objective on MediaAlpha from $12.00 to $18.00 and gave the company an "outperform" rating in a research note on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $21.50.

MediaAlpha Stock Performance

The company has a 50-day moving average of $19.92 and a 200-day moving average of $14.58. The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of -29.74 and a beta of 1.32.

MediaAlpha (NYSE:MAX - Get Free Report) last released its quarterly earnings results on Wednesday, May 1st. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.09. The company had revenue of $126.60 million for the quarter, compared to analysts' expectations of $111.17 million. During the same period in the previous year, the business posted ($0.23) EPS. The business's quarterly revenue was up 13.4% on a year-over-year basis. As a group, analysts expect that MediaAlpha, Inc. will post -0.28 earnings per share for the current year.

Insiders Place Their Bets

In other news, major shareholder Insignia Capital Partners Gp, sold 2,950,000 shares of the business'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 value 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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. 11.53% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On MediaAlpha

A number of hedge funds and other institutional investors have recently made changes to their positions in MAX. Portside Wealth Group LLC raised its position in shares of MediaAlpha by 9.1% in the 4th quarter. Portside Wealth Group LLC now owns 18,755 shares of the company's stock worth $209,000 after buying an additional 1,567 shares during the period. Baker Tilly Wealth Management LLC lifted its stake in shares of MediaAlpha by 13.7% in the 4th quarter. Baker Tilly Wealth Management LLC now owns 13,775 shares of the company's stock valued at $154,000 after purchasing an additional 1,660 shares in the last quarter. Swiss National Bank grew its holdings in shares of MediaAlpha by 4.6% during the 3rd 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. Tower Research Capital LLC TRC increased its position in MediaAlpha by 111.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,442 shares of the company's stock worth $50,000 after purchasing an additional 2,343 shares in the last quarter. Finally, Norden Group LLC increased its position in MediaAlpha by 32.8% during the 1st quarter. Norden Group LLC now owns 18,750 shares of the company's stock worth $382,000 after purchasing an additional 4,633 shares in the last quarter. Hedge funds and other institutional investors 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.