The Manufacturers Life Insurance Company Makes New Investment in MediaAlpha, Inc. (NYSE:MAX)

The Manufacturers Life Insurance Company bought a new position in shares of MediaAlpha, Inc. (NYSE:MAX) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 10,155 shares of the company’s stock, valued at approximately $134,000.

Several other institutional investors have also recently made changes to their positions in MAX. Acadian Asset Management LLC purchased a new stake in MediaAlpha in the first quarter worth $1,118,000. Norden Group LLC boosted its holdings in shares of MediaAlpha by 1,767.2% during the 1st quarter. Norden Group LLC now owns 263,592 shares of the company’s stock valued at $5,369,000 after buying an additional 249,475 shares in the last quarter. Vanguard Group Inc. grew its position in shares of MediaAlpha by 15.0% in the 1st quarter. Vanguard Group Inc. now owns 2,119,189 shares of the company’s stock worth $43,168,000 after buying an additional 276,641 shares during the period. TimesSquare Capital Management LLC bought a new position in shares of MediaAlpha in the 1st quarter worth about $22,181,000. Finally, Hillsdale Investment Management Inc. purchased a new position in MediaAlpha during the 1st quarter valued at about $4,062,000. Institutional investors own 64.39% of the company’s stock.

MediaAlpha Stock Performance

Shares of NYSE MAX opened at $19.46 on Friday. The firm’s 50 day moving average price is $17.61 and its 200-day moving average price is $17.21. MediaAlpha, Inc. has a 52-week low of $8.55 and a 52-week high of $25.78. The company has a market cap of $1.28 billion, a PE ratio of -28.62 and a beta of 1.22.

MediaAlpha (NYSE:MAX) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.05. The business had revenue of $178.27 million during the quarter, compared to the consensus estimate of $151.40 million. The business’s revenue was up 110.3% compared to the same quarter last year. During the same period last year, the company posted ($0.32) earnings per share. On average, analysts forecast that MediaAlpha, Inc. will post 0.35 earnings per share for the current fiscal year.

Analyst Ratings Changes

MAX has been the topic of a number of recent research reports. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $26.00 price objective (up previously from $25.00) on shares of MediaAlpha in a report on Thursday, August 1st. TD Cowen cut MediaAlpha from a “buy” rating to a “hold” rating and dropped their price target for the stock from $19.00 to $13.00 in a research report on Wednesday, June 26th. Finally, The Goldman Sachs Group initiated coverage on MediaAlpha in a research report on Tuesday, August 20th. They set a “buy” rating and a $20.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $24.29.

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.