MediaAlpha (NYSE:MAX) Sets New 12-Month Low on Disappointing Earnings

Shares of MediaAlpha, Inc. (NYSE:MAX) reached a new 52-week low during mid-day trading on Tuesday following a dissappointing earnings announcement. The company traded as low as $9.49 and last traded at $9.05, with a volume of 518414 shares trading hands. The stock had previously closed at $11.41.

The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.16). The firm had revenue of $300.65 million during the quarter, compared to analyst estimates of $289.38 million. MediaAlpha had a net margin of 1.41% and a negative return on equity of 11.98%.

Analyst Ratings Changes

MAX has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods dropped their price objective on MediaAlpha from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Tuesday. JPMorgan Chase & Co. reduced their price objective on shares of MediaAlpha from $25.00 to $15.00 and set an “overweight” rating on the stock in a research note on Friday, January 10th. Royal Bank of Canada lowered their target price on shares of MediaAlpha from $23.00 to $20.00 and set an “outperform” rating for the company in a research note on Wednesday, December 4th. The Goldman Sachs Group reduced their price target on shares of MediaAlpha from $26.00 to $23.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Finally, Canaccord Genuity Group lowered their price objective on shares of MediaAlpha from $30.00 to $26.00 and set a “buy” rating for the company in a research report on Monday. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, MediaAlpha has an average rating of “Moderate Buy” and an average price target of $20.57.

Hedge Funds Weigh In On MediaAlpha

Hedge funds have recently bought and sold shares of the company. Covestor Ltd grew its stake in shares of MediaAlpha by 44.1% during the fourth quarter. Covestor Ltd now owns 2,766 shares of the company’s stock worth $31,000 after buying an additional 847 shares during the last quarter. Virtus Fund Advisers LLC acquired a new position in MediaAlpha in the 4th quarter valued at approximately $35,000. Quarry LP raised its stake in shares of MediaAlpha by 157.8% during the third quarter. Quarry LP now owns 2,820 shares of the company’s stock valued at $51,000 after acquiring an additional 1,726 shares during the last quarter. KLP Kapitalforvaltning AS bought a new stake in shares of MediaAlpha in the fourth quarter worth $67,000. Finally, Walleye Capital LLC acquired a new stake in MediaAlpha in the fourth quarter valued at $132,000. 64.39% of the stock is owned by institutional investors.

MediaAlpha Trading Down 18.9 %

The business has a 50-day simple moving average of $11.54 and a 200 day simple moving average of $14.35. The stock has a market cap of $616.71 million, a P/E ratio of 53.06 and a beta of 1.12.

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.