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

MediaAlpha (NYSE:MAX) had its price objective hoisted by analysts at Canaccord Genuity Group from $25.00 to $30.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 35.14% from the company’s previous close.

Several other equities analysts have also weighed in on the stock. TD Cowen began 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. Royal Bank of Canada lifted their price objective on MediaAlpha from $12.00 to $18.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 21st. BMO Capital Markets raised MediaAlpha from a “market perform” rating to an “outperform” rating and increased their target price for the company from $9.00 to $28.00 in a research note on Monday, February 26th. Finally, JPMorgan Chase & Co. boosted their target price on MediaAlpha from $18.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating and five have issued a buy rating to the company. According to MarketBeat.com, MediaAlpha currently has an average rating of “Moderate Buy” and a consensus target price of $21.50.

MediaAlpha Price Performance

Shares of NYSE MAX traded up $0.12 during midday trading on Thursday, hitting $22.20. The stock had a trading volume of 1,211,882 shares, compared to its average volume of 433,425. The firm has a market cap of $1.46 billion, a P/E ratio of -32.65 and a beta of 1.32. MediaAlpha has a fifty-two week low of $5.08 and a fifty-two week high of $25.78. The company’s 50-day simple moving average is $19.89 and its 200 day simple moving average is $14.34.

MediaAlpha (NYSE:MAX) last announced its quarterly earnings data on Wednesday, May 1st. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.09. The firm had revenue of $126.60 million during the quarter, compared to analyst estimates of $111.17 million. During the same quarter in the previous year, the business earned ($0.23) earnings per share. MediaAlpha’s revenue for the quarter was up 13.4% compared to the same quarter last year. Equities analysts expect that MediaAlpha will post -0.4 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Insignia Capital Partners Gp, sold 2,950,000 shares of the 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 completion of the sale, the insider now directly owns 50,000 shares of the company’s stock, valued at approximately $992,500. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 11.53% of the company’s stock.

Hedge Funds Weigh In On MediaAlpha

Large investors have recently added to or reduced their stakes in the company. Portside Wealth Group LLC grew its stake in shares of MediaAlpha by 9.1% during the 4th quarter. Portside Wealth Group LLC now owns 18,755 shares of the company’s stock worth $209,000 after acquiring an additional 1,567 shares in the last quarter. Baker Tilly Wealth Management LLC grew its position in 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 in the last quarter. Swiss National Bank increased its stake in MediaAlpha by 4.6% in the 3rd quarter. Swiss National Bank now owns 45,400 shares of the company’s stock valued at $375,000 after buying an additional 2,000 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in MediaAlpha by 111.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,442 shares of the company’s stock worth $50,000 after buying an additional 2,343 shares in the last quarter. Finally, Norden Group LLC boosted its stake in shares of MediaAlpha by 32.8% during the 1st quarter. Norden Group LLC now owns 18,750 shares of the company’s stock worth $382,000 after buying an additional 4,633 shares during the last quarter. Institutional investors own 64.39% of the company’s stock.

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.