MediaAlpha (NYSE:MAX) Price Target Cut to $23.00 by Analysts at The Goldman Sachs Group

MediaAlpha (NYSE:MAX) had its target price reduced by equities research analysts at The Goldman Sachs Group from $26.00 to $23.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s price target would suggest a potential upside of 104.99% from the company’s previous close.

A number of other research analysts have also recently issued reports on the company. Keefe, Bruyette & Woods cut their price target on MediaAlpha from $26.00 to $22.00 and set an “outperform” rating for the company in a report on Wednesday, December 11th. Royal Bank of Canada reduced their target price on shares of MediaAlpha from $23.00 to $20.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. lowered their price target on shares of MediaAlpha from $25.00 to $15.00 and set an “overweight” rating for the company in a report on Friday. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $21.57.

MediaAlpha Stock Performance

MAX opened at $11.22 on Tuesday. The firm has a market cap of $747.97 million, a price-to-earnings ratio of 66.00 and a beta of 1.12. The firm’s 50-day simple moving average is $11.69 and its 200-day simple moving average is $14.86. MediaAlpha has a twelve month low of $10.21 and a twelve month high of $25.78.

MediaAlpha (NYSE:MAX) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.17 EPS 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 business had revenue of $259.13 million for the quarter, compared to analyst estimates of $246.96 million. As a group, sell-side analysts anticipate that MediaAlpha will post 0.42 EPS for the current fiscal year.

Insider Activity at MediaAlpha

In other news, insider Eugene Nonko sold 72,000 shares of the stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $20.67, for a total transaction of $1,488,240.00. Following the completion of the sale, the insider now owns 1,550,990 shares of the company’s stock, valued at $32,058,963.30. This represents a 4.44 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 11.53% of the stock is currently owned by corporate insiders.

Institutional Trading of MediaAlpha

Several hedge funds and other institutional investors have recently modified their holdings of the company. Driehaus Capital Management LLC raised its position in MediaAlpha by 208.4% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,436,615 shares of the company’s stock valued at $18,920,000 after buying an additional 970,840 shares during the last quarter. Clearline Capital LP raised its holdings in shares of MediaAlpha by 115.3% in the third quarter. Clearline Capital LP now owns 1,241,419 shares of the company’s stock valued at $22,482,000 after purchasing an additional 664,691 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of MediaAlpha by 28.9% in the third quarter. Geode Capital Management LLC now owns 690,574 shares of the company’s stock worth $12,509,000 after purchasing an additional 154,637 shares in the last quarter. Divisadero Street Capital Management LP acquired a new position in MediaAlpha during the second quarter worth $7,956,000. Finally, State Street Corp grew its position in MediaAlpha by 7.0% in the third quarter. State Street Corp now owns 547,906 shares of the company’s stock valued at $9,923,000 after purchasing an additional 35,960 shares in the last quarter. Institutional investors and hedge funds 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.