MediaAlpha (NYSE:MAX) PT Raised to $30.00 at Canaccord Genuity Group

MediaAlpha (NYSE:MAX) had its target price increased by analysts at Canaccord Genuity Group from $25.00 to $30.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 35.14% from the stock’s current price.

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

MediaAlpha Stock Performance

Shares of MediaAlpha stock traded up $0.12 on Thursday, reaching $22.20. The company had a trading volume of 1,211,882 shares, compared to its average volume of 433,425. The firm’s 50 day moving average price is $19.89 and its two-hundred day moving average price is $14.34. MediaAlpha has a 52-week low of $5.08 and a 52-week high of $25.78. The firm has a market cap of $1.46 billion, a PE ratio of -32.65 and a beta of 1.32.

MediaAlpha (NYSE:MAX) last issued its quarterly earnings results on Wednesday, May 1st. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.09. The business had revenue of $126.60 million for the quarter, compared to analysts’ expectations of $111.17 million. During the same quarter last year, the company earned ($0.23) earnings per share. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. As a group, sell-side analysts predict that MediaAlpha will post -0.4 EPS for the current year.

Insider Buying and Selling at MediaAlpha

In related news, major shareholder Insignia Capital Partners Gp, sold 2,950,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $19.85, for a total transaction of $58,557,500.00. Following the transaction, the insider now owns 50,000 shares in the company, valued at approximately $992,500. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 11.53% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC lifted its position in MediaAlpha by 111.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,442 shares of the company’s stock valued at $50,000 after purchasing an additional 2,343 shares during the period. Alliance Wealth Advisors LLC UT acquired a new position in shares of MediaAlpha during the 3rd quarter worth $84,000. Allspring Global Investments Holdings LLC increased its holdings in shares of MediaAlpha by 305.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 16,404 shares of the company’s stock valued at $135,000 after purchasing an additional 12,355 shares in the last quarter. Baker Tilly Wealth Management LLC lifted its stake in shares of MediaAlpha by 13.7% in the fourth 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 during the period. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new stake in MediaAlpha during the third quarter worth about $162,000. Institutional investors and hedge funds 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.