MediaAlpha (NYSE:MAX) Shares Gap Down - Here's Why

MediaAlpha, Inc. (NYSE:MAX - Get Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $16.08, but opened at $12.58. MediaAlpha shares last traded at $10.49, with a volume of 992,272 shares.

Analyst Upgrades and Downgrades

MAX has been the topic of several recent research reports. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $26.00 target price (up previously from $25.00) on shares of MediaAlpha in a research note on Thursday, August 1st. The Goldman Sachs Group lifted their target price on shares of MediaAlpha from $20.00 to $26.00 and gave the stock a "buy" rating in a research note on Friday. One analyst has rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $25.14.

MediaAlpha Trading Down 27.8 %

The stock has a market capitalization of $769.41 million, a PE ratio of 68.35 and a beta of 1.23. The firm's fifty day moving average is $18.01 and its 200-day moving average is $17.18.

MediaAlpha (NYSE:MAX - Get Free Report) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.04. The firm had revenue of $259.13 million for the quarter, compared to analyst estimates of $246.96 million. MediaAlpha had a net margin of 1.41% and a negative return on equity of 11.03%. As a group, equities analysts predict that MediaAlpha, Inc. will post 0.41 EPS for the current year.

Insider Transactions at MediaAlpha

In related news, insider Eugene Nonko sold 72,000 shares of the firm's stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $20.67, for a total value of $1,488,240.00. Following the sale, the insider now owns 1,550,990 shares of the company's stock, valued at $32,058,963.30. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 11.53% of the company's stock.

Hedge Funds Weigh In On MediaAlpha

Several hedge funds have recently added to or reduced their stakes in the stock. Point72 DIFC Ltd purchased a new position in shares of MediaAlpha during the second quarter worth approximately $65,000. Sandia Investment Management LP purchased a new position in MediaAlpha in the 2nd quarter valued at $79,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in MediaAlpha by 354.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,624 shares of the company's stock valued at $114,000 after buying an additional 6,728 shares during the last quarter. nVerses Capital LLC purchased a new position in MediaAlpha in the 3rd quarter valued at $116,000. Finally, The Manufacturers Life Insurance Company purchased a new position in MediaAlpha in the 2nd quarter valued at $134,000. 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.