MediaAlpha (NYSE:MAX) Given New $30.00 Price Target at Canaccord Genuity Group

MediaAlpha (NYSE:MAX) had its price objective upped by Canaccord Genuity Group from $25.00 to $30.00 in a report issued on Thursday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the stock.

A number of other brokerages also recently weighed in on MAX. TD Cowen started coverage on shares of MediaAlpha in a research report on Wednesday, January 10th. They set an outperform rating and a $15.00 price objective for the company. Royal Bank of Canada upped their target price on MediaAlpha from $12.00 to $18.00 and gave the company an outperform rating in a report on Wednesday, February 21st. BMO Capital Markets raised MediaAlpha from a market perform rating to an outperform rating and raised their price target for the stock from $9.00 to $28.00 in a report on Monday, February 26th. Finally, JPMorgan Chase & Co. boosted their price objective on MediaAlpha from $18.00 to $30.00 and gave the company an overweight rating in a research report on Thursday. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, MediaAlpha currently has a consensus rating of Moderate Buy and an average target price of $21.50.

MediaAlpha Stock Up 0.5 %

NYSE:MAX traded up $0.12 during trading hours on Thursday, reaching $22.20. 1,211,882 shares of the stock were exchanged, compared to its average volume of 433,425. The stock has a market capitalization of $1.46 billion, a P/E ratio of -32.65 and a beta of 1.32. The firm has a 50 day simple moving average of $19.89 and a 200-day simple moving average of $14.34. MediaAlpha has a 52 week low of $5.08 and a 52 week high of $25.78.

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

Insider Activity

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 value of $58,557,500.00. Following the completion of the transaction, the insider now directly owns 50,000 shares of the company’s stock, valued at approximately $992,500. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 11.53% of the company’s stock.

Institutional Investors Weigh In On MediaAlpha

Several institutional investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC raised its position in shares of 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. Alliance Wealth Advisors LLC UT acquired a new position in shares of MediaAlpha during the third quarter valued at approximately $84,000. Allspring Global Investments Holdings LLC increased its stake in shares of MediaAlpha by 305.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 16,404 shares of the company’s stock valued at $135,000 after acquiring an additional 12,355 shares during the period. Baker Tilly Wealth Management LLC raised its holdings in MediaAlpha by 13.7% during the fourth quarter. Baker Tilly Wealth Management LLC now owns 13,775 shares of the company’s stock worth $154,000 after purchasing an additional 1,660 shares in the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in MediaAlpha in the third quarter worth approximately $162,000. 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.