Azzad Asset Management Inc. ADV Sells 1,629 Shares of MediaAlpha, Inc. (NYSE:MAX)

Azzad Asset Management Inc. ADV reduced its stake in MediaAlpha, Inc. (NYSE:MAX) by 2.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 57,691 shares of the company’s stock after selling 1,629 shares during the period. Azzad Asset Management Inc. ADV’s holdings in MediaAlpha were worth $1,175,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Tower Research Capital LLC TRC boosted its holdings in MediaAlpha by 111.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,442 shares of the company’s stock valued at $50,000 after purchasing an additional 2,343 shares during the period. Baker Tilly Wealth Management LLC raised its position in shares of MediaAlpha by 13.7% in the fourth quarter. Baker Tilly Wealth Management LLC now owns 13,775 shares of the company’s stock worth $154,000 after buying an additional 1,660 shares in the last quarter. Hsbc Holdings PLC bought a new stake in MediaAlpha during the third quarter valued at $172,000. Portside Wealth Group LLC grew its position in MediaAlpha by 9.1% during the fourth quarter. Portside Wealth Group LLC now owns 18,755 shares of the company’s stock worth $209,000 after buying an additional 1,567 shares in the last quarter. Finally, Picton Mahoney Asset Management increased its stake in MediaAlpha by 211.2% in the 4th quarter. Picton Mahoney Asset Management now owns 20,480 shares of the company’s stock worth $229,000 after acquiring an additional 13,900 shares during the last quarter. 64.39% of the stock is currently owned by hedge funds and other institutional investors.

MediaAlpha Price Performance

NYSE:MAX traded down $0.08 during trading hours on Wednesday, reaching $12.61. The company’s stock had a trading volume of 206,793 shares, compared to its average volume of 526,316. The firm has a 50-day simple moving average of $17.91 and a 200-day simple moving average of $16.66. MediaAlpha, Inc. has a 1 year low of $7.62 and a 1 year high of $25.78.

MediaAlpha (NYSE:MAX) last released its earnings results on Wednesday, May 1st. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.09. The company had revenue of $126.60 million during the quarter, compared to the consensus estimate of $111.17 million. The company’s revenue was up 13.4% on a year-over-year basis. During the same period last year, the firm posted ($0.23) EPS. Research analysts anticipate that MediaAlpha, Inc. will post -0.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

MAX has been the subject of a number of research analyst reports. JPMorgan Chase & Co. lifted their price target on MediaAlpha from $18.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. TD Cowen lowered shares of MediaAlpha from a “buy” rating to a “hold” rating and decreased their price target for the stock from $19.00 to $13.00 in a report on Wednesday, June 26th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $25.00 price objective (up from $19.00) on shares of MediaAlpha in a report on Wednesday, May 15th. Royal Bank of Canada increased their target price on MediaAlpha from $18.00 to $23.00 and gave the company an “outperform” rating in a research note on Tuesday, May 28th. Finally, Canaccord Genuity Group lifted their price target on MediaAlpha from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.43.

Insider Buying and Selling at MediaAlpha

In other MediaAlpha news, major shareholder Insignia Capital Partners Gp, sold 2,589,800 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $19.00, for a total transaction of $49,206,200.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, major shareholder Mountains Insurance Grou White sold 5,000,200 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $19.00, for a total transaction of $95,003,800.00. Following the transaction, the insider now directly owns 17,856,614 shares of the company’s stock, valued at $339,275,666. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Insignia Capital Partners Gp, sold 2,589,800 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $19.00, for a total value of $49,206,200.00. The disclosure for this sale can be found here. Corporate insiders own 11.53% 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.