MediaAlpha (NYSE:MAX) Shares Gap Up – Here’s Why

MediaAlpha, Inc. (NYSE:MAX)’s share price gapped up prior to trading on Monday . The stock had previously closed at $10.74, but opened at $11.05. MediaAlpha shares last traded at $11.45, with a volume of 55,835 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have commented on MAX shares. The Goldman Sachs Group boosted their price objective on MediaAlpha from $20.00 to $26.00 and gave the stock a “buy” rating in a research note on Friday, November 1st. Royal Bank of Canada reduced their price objective on MediaAlpha from $23.00 to $20.00 and set an “outperform” rating on the stock in a research note on Wednesday, December 4th. Finally, Keefe, Bruyette & Woods reduced their price objective on shares of MediaAlpha from $26.00 to $22.00 and set an “outperform” rating for the company in a research report on Wednesday, December 11th. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.14.

MediaAlpha Stock Up 1.7 %

The firm has a market cap of $769.97 million, a P/E ratio of 67.94 and a beta of 1.10. The business has a fifty day moving average of $14.56 and a 200 day moving average of $15.57.

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

Insider Buying and Selling at MediaAlpha

In related news, insider Eugene Nonko sold 72,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $20.67, for a total value of $1,488,240.00. Following the sale, the insider now directly owns 1,550,990 shares of the company’s stock, valued at $32,058,963.30. This trade represents a 4.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 11.53% of the company’s stock.

Institutional Trading of MediaAlpha

Several institutional investors have recently bought and sold shares of MAX. Quarry LP lifted its holdings in MediaAlpha by 157.8% in the third quarter. Quarry LP now owns 2,820 shares of the company’s stock valued at $51,000 after acquiring an additional 1,726 shares during the period. Point72 DIFC Ltd purchased a new stake in MediaAlpha during the 2nd quarter valued at approximately $65,000. Sandia Investment Management LP bought a new stake in MediaAlpha in the 2nd quarter valued at $79,000. nVerses Capital LLC bought a new position in shares of MediaAlpha during the 3rd quarter valued at about $116,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of MediaAlpha by 354.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,624 shares of the company’s stock worth $114,000 after purchasing an additional 6,728 shares during the last quarter. 64.39% of the stock is owned by hedge funds and other institutional investors.

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.