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

MediaAlpha (NYSE:MAX) had its price objective raised by Canaccord Genuity Group from $25.00 to $30.00 in a research report sent to investors on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

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

MediaAlpha Price Performance

Shares of MAX traded down $0.06 on Thursday, hitting $22.14. 366,412 shares of the stock traded hands, compared to its average volume of 319,138. MediaAlpha has a one year low of $5.33 and a one year high of $25.78. The business has a 50 day simple moving average of $19.89 and a 200 day simple moving average of $14.40.

MediaAlpha (NYSE:MAX) last posted its earnings results on Wednesday, May 1st. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.09. The business had revenue of $126.60 million during the quarter, compared to the consensus estimate of $111.17 million. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the previous year, the business posted ($0.23) EPS. As a group, equities research analysts anticipate that MediaAlpha will post -0.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Insignia Capital Partners Gp, sold 2,950,000 shares of MediaAlpha stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $19.85, for a total transaction of $58,557,500.00. Following the transaction, the insider now owns 50,000 shares in the company, valued at approximately $992,500. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 11.53% of the company’s stock.

Hedge Funds Weigh In On MediaAlpha

Large investors have recently made changes to their positions in the business. Hartline Investment Corp purchased a new position in MediaAlpha in the 1st quarter worth approximately $463,000. Norden Group LLC boosted its position in shares of MediaAlpha by 32.8% during the first quarter. Norden Group LLC now owns 18,750 shares of the company’s stock worth $382,000 after acquiring an additional 4,633 shares during the last quarter. SYSTM Wealth Solutions LLC bought a new stake in MediaAlpha in the 1st quarter valued at $178,000. Los Angeles Capital Management LLC lifted its stake in MediaAlpha by 125.8% in the 1st quarter. Los Angeles Capital Management LLC now owns 24,535 shares of the company’s stock worth $500,000 after purchasing an additional 13,670 shares in the last quarter. Finally, Nomura Holdings Inc. purchased a new position in shares of MediaAlpha during the fourth quarter valued at about $1,364,000. 64.39% of the stock is currently owned by hedge funds and other institutional investors.

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.