MediaAlpha (NYSE:MAX) Hits New 52-Week High Following Analyst Upgrade

Key Points

• MediaAlpha shares reached a new 52-week high, trading as high as $14.87 after JPMorgan raised its price target from $15 to $16 while maintaining a neutral rating.
• Analyst sentiment is broadly positive, with a consensus rating of Moderate Buy and an average price target of $14.71, although some firms maintain hold ratings.
• MediaAlpha exceeded quarterly expectations, reporting $0.46 in EPS versus $0.28 expected and revenue of $375.95 million versus $347.93 million estimated; institutional investors own 64.39% of the stock.

MediaAlpha, Inc. (NYSE:MAX - Get Free Report)'s share price hit a new 52-week high during trading on Friday after JPMorgan Chase & Co. raised their price target on the stock from $15.00 to $16.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. MediaAlpha traded as high as $14.87 and last traded at $14.4650, with a volume of 460,464 shares traded. The stock had previously closed at $14.13.

A number of other equities research analysts have also weighed in on MAX. Zacks Research lowered MediaAlpha from a "strong-buy" rating to a "hold" rating in a report on Wednesday, October 21st. Royal Bank Of Canada lifted their price target on shares of MediaAlpha from $15.00 to $17.00 and gave the company an "outperform" rating in a report on Thursday. The Goldman Sachs Group increased their target price on MediaAlpha from $10.50 to $13.00 and gave the company a "neutral" rating in a research note on Thursday. Keefe, Bruyette & Woods raised their price target on shares of MediaAlpha from $15.00 to $17.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 8th. Finally, Weiss Ratings upgraded shares of MediaAlpha from a "hold (c)" rating to a "hold (c+)" rating in a research report on Thursday, October 8th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $14.71.

Insiders Place Their Bets

In other news, Director Eugene Nonko sold 7,273 shares of MediaAlpha stock in a transaction dated Wednesday, October 28th. The stock was sold at an average price of $11.63, for a total transaction of $84,584.99. Following the completion of the sale, the director directly owned 789,901 shares in the company, valued at $9,186,548.63. The trade was a 0.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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, CRO Keith Cramer sold 12,000 shares of the stock in a transaction that occurred on Monday, October 19th. The shares were sold at an average price of $11.39, for a total value of $136,680.00. Following the transaction, the executive owned 239,303 shares in the company, valued at approximately $2,725,661.17. This trade represents a 4.78% decrease in their position. 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. Insiders sold a total of 425,550 shares of company stock worth $5,148,791 in the last quarter. 14.65% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. bought a new position in MediaAlpha in the third quarter valued at approximately $248,000. State of Wyoming bought a new stake in shares of MediaAlpha during the 3rd quarter worth about $109,000. Triad Investment Management grew its stake in MediaAlpha by 10.4% in the 2nd quarter. Triad Investment Management now owns 368,731 shares of the company's stock valued at $4,635,000 after buying an additional 34,867 shares during the last quarter. Squarepoint Ops LLC grew its position in shares of MediaAlpha by 8.7% in the second quarter. Squarepoint Ops LLC now owns 234,255 shares of the company's stock valued at $2,945,000 after purchasing an additional 18,714 shares during the last quarter. Finally, Corient Private Wealth LP increased its position in MediaAlpha by 50.7% during the 2nd quarter. Corient Private Wealth LP now owns 23,451 shares of the company's stock worth $295,000 after buying an additional 7,892 shares during the period. 64.39% of the stock is currently owned by institutional investors and hedge funds.

MediaAlpha Price Performance

The business's 50-day moving average is $11.24 and its 200 day moving average is $10.64. The firm has a market capitalization of $883.00 million, a P/E ratio of 7.92 and a beta of 1.14.

MediaAlpha (NYSE:MAX - Get Free Report) last announced its earnings results on Wednesday, October 28th. The company reported $0.46 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.28 by $0.18. MediaAlpha had a net margin of 8.35% and a negative return on equity of 512.69%. The firm had revenue of $375.95 million for the quarter, compared to analyst estimates of $347.93 million. Analysts anticipate that MediaAlpha, Inc. will post 1.44 EPS for the current fiscal year.

MediaAlpha Company Profile

MediaAlpha, Inc operates a technology platform that helps insurance carriers and distributors acquire customers through digital channels. Its marketplace connects consumers who are shopping for insurance with providers seeking qualified prospects, using data, analytics and automated systems to facilitate the matching process.

The company's platform supports customer acquisition across insurance categories, including property and casualty products such as auto and home insurance, as well as health, life and Medicare-related coverage.

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