MediaAlpha (NYSE:MAX) Shares Down 4.7% – Here’s What Happened

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

Analysts Set New Price Targets

Separately, The Goldman Sachs Group upped their target price on MediaAlpha from $20.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.14.

MediaAlpha Trading Down 8.9 %

The stock has a market cap of $771.26 million, a PE ratio of 69.71 and a beta of 1.10. The business has a 50 day moving average of $16.09 and a 200-day moving average of $16.16.

MediaAlpha (NYSE:MAX) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.04. The firm had revenue of $259.13 million for the quarter, compared to analyst estimates of $246.96 million. MediaAlpha had a net margin of 1.41% and a negative return on equity of 11.98%. Research analysts expect that MediaAlpha, Inc. will post 0.42 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Eugene Nonko sold 72,000 shares of MediaAlpha stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $20.67, for a total value of $1,488,240.00. Following the completion of the transaction, the insider now owns 1,550,990 shares in the company, valued at approximately $32,058,963.30. This trade represents a 4.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 11.53% of the stock is owned by company insiders.

Hedge Funds Weigh In On MediaAlpha

Hedge funds and other institutional investors have recently modified their holdings of the company. 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 worth $51,000 after purchasing an additional 1,726 shares during the period. Point72 DIFC Ltd acquired a new position in shares of MediaAlpha in the 2nd quarter worth $65,000. Sandia Investment Management LP acquired a new stake in MediaAlpha during the 2nd quarter worth about $79,000. nVerses Capital LLC purchased a new stake in shares of MediaAlpha in the 3rd quarter valued at approximately $116,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position 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 buying an additional 6,728 shares during the period. 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.