MediaAlpha (NYSE:MAX) Shares Down 5.8% – Here’s What Happened

MediaAlpha, Inc. (NYSE:MAX) dropped 5.8% on Tuesday . The company traded as low as $12.06 and last traded at $12.05. Approximately 83,434 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 352,618 shares. The stock had previously closed at $12.78.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MAX. The Goldman Sachs Group dropped their price target on MediaAlpha from $26.00 to $23.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. JPMorgan Chase & Co. lowered their target price on shares of MediaAlpha from $25.00 to $15.00 and set an “overweight” rating on the stock in a research note on Friday, January 10th. Royal Bank of Canada cut their price target on shares of MediaAlpha from $23.00 to $20.00 and set an “outperform” rating for the company in a research note on Wednesday, December 4th. Finally, Keefe, Bruyette & Woods decreased their price target on shares of MediaAlpha from $26.00 to $22.00 and set an “outperform” rating on the stock in a report on Wednesday, December 11th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $21.57.

MediaAlpha Stock Performance

The stock has a fifty day moving average of $11.50 and a 200 day moving average of $14.46. The company has a market capitalization of $785.19 million, a PE ratio of 69.29 and a beta of 1.12.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in MediaAlpha by 4.9% in the 4th quarter. Vanguard Group Inc. now owns 3,623,344 shares of the company’s stock worth $40,908,000 after purchasing an additional 169,654 shares in the last quarter. TimesSquare Capital Management LLC lifted its holdings in MediaAlpha by 77.7% in the fourth quarter. TimesSquare Capital Management LLC now owns 1,628,815 shares of the company’s stock valued at $18,389,000 after acquiring an additional 712,410 shares during the period. Clearline Capital LP boosted its position in MediaAlpha by 115.3% in the 3rd quarter. Clearline Capital LP now owns 1,241,419 shares of the company’s stock worth $22,482,000 after purchasing an additional 664,691 shares in the last quarter. Millennium Management LLC increased its holdings in shares of MediaAlpha by 91.0% during the 4th quarter. Millennium Management LLC now owns 781,349 shares of the company’s stock valued at $8,821,000 after purchasing an additional 372,305 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of MediaAlpha by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 698,703 shares of the company’s stock valued at $7,890,000 after purchasing an additional 8,129 shares during the period. 64.39% of the stock is currently owned by institutional investors.

MediaAlpha Company Profile

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.