MediaAlpha (NYSE:MAX) Shares Down 4.7% – What’s Next?

MediaAlpha, Inc. (NYSE:MAX) shares dropped 4.7% during mid-day trading on Tuesday . The company traded as low as $12.08 and last traded at $12.10. Approximately 45,768 shares were traded during trading, a decline of 92% from the average daily volume of 571,340 shares. The stock had previously closed at $12.70.

Wall Street Analyst Weigh In

Separately, The Goldman Sachs Group increased their price objective on shares of MediaAlpha from $20.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, November 1st. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $25.14.

MediaAlpha Stock Performance

The company has a 50-day simple moving average of $16.09 and a 200-day simple moving average of $16.16. The stock has a market cap of $771.26 million, a P/E ratio of 69.71 and a beta of 1.10.

MediaAlpha (NYSE:MAX) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.04. The business had revenue of $259.13 million for the quarter, compared to analyst estimates of $246.96 million. MediaAlpha had a negative return on equity of 11.98% and a net margin of 1.41%. As a group, sell-side analysts expect that MediaAlpha, Inc. will post 0.42 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other MediaAlpha news, insider Eugene Nonko sold 72,000 shares of MediaAlpha stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $20.67, for a total transaction of $1,488,240.00. Following the transaction, the insider now directly owns 1,550,990 shares in the company, valued at approximately $32,058,963.30. The trade was a 4.44 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 11.53% of the company’s stock.

Institutional Investors Weigh In On MediaAlpha

Hedge funds have recently modified their holdings of the business. Quarry LP grew its stake in shares of MediaAlpha by 157.8% during the 3rd quarter. Quarry LP now owns 2,820 shares of the company’s stock worth $51,000 after acquiring an additional 1,726 shares in the last quarter. Point72 DIFC Ltd bought a new position in shares of MediaAlpha in the second quarter valued at $65,000. Sandia Investment Management LP bought a new stake in MediaAlpha during the second quarter worth $79,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in MediaAlpha by 354.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,624 shares of the company’s stock valued at $114,000 after acquiring an additional 6,728 shares during the last quarter. Finally, nVerses Capital LLC bought a new position in shares of MediaAlpha in the 3rd quarter valued at about $116,000. 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.