The Manufacturers Life Insurance Company Boosts Stake in MediaAlpha, Inc. (NYSE:MAX)

The Manufacturers Life Insurance Company boosted its stake in MediaAlpha, Inc. (NYSE:MAX) by 11.9% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 11,368 shares of the company’s stock after purchasing an additional 1,213 shares during the period. The Manufacturers Life Insurance Company’s holdings in MediaAlpha were worth $206,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Driehaus Capital Management LLC grew its stake in shares of MediaAlpha by 208.4% in the second 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 in the last quarter. Divisadero Street Capital Management LP acquired a new position in MediaAlpha in the 2nd quarter valued at about $7,956,000. Emerald Advisers LLC grew its position in MediaAlpha by 51,407.5% in the 2nd quarter. Emerald Advisers LLC now owns 598,517 shares of the company’s stock valued at $7,882,000 after acquiring an additional 597,355 shares in the last quarter. Clearline Capital LP increased its stake in MediaAlpha by 1,255.3% during the second quarter. Clearline Capital LP now owns 576,728 shares of the company’s stock worth $7,596,000 after purchasing an additional 534,176 shares during the period. Finally, Ghisallo Capital Management LLC lifted its position in shares of MediaAlpha by 535.3% during the second quarter. Ghisallo Capital Management LLC now owns 487,500 shares of the company’s stock worth $6,420,000 after purchasing an additional 410,764 shares in the last quarter. Hedge funds and other institutional investors own 64.39% of the company’s stock.

Insider Buying and Selling

In other news, insider Eugene Nonko sold 72,000 shares of the company’s stock in a transaction 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 completion of the transaction, the insider now owns 1,550,990 shares in the company, valued at approximately $32,058,963.30. This represents a 4.44 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 11.53% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MAX. Royal Bank of Canada cut their target price on shares of MediaAlpha from $23.00 to $20.00 and set an “outperform” rating on the stock in a research note on Wednesday, December 4th. The Goldman Sachs Group upped their price objective on MediaAlpha from $20.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, November 1st. Finally, Keefe, Bruyette & Woods decreased their target price on MediaAlpha from $26.00 to $22.00 and set an “outperform” rating for the company in a report on Wednesday, December 11th. One research 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 stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.14.

MediaAlpha Trading Up 5.7 %

Shares of MAX opened at $11.36 on Tuesday. The firm has a market capitalization of $756.97 million, a price-to-earnings ratio of 66.79 and a beta of 1.10. The firm’s fifty day simple moving average is $14.66 and its 200-day simple moving average is $15.62. MediaAlpha, Inc. has a twelve month low of $10.21 and a twelve month high of $25.78.

MediaAlpha (NYSE:MAX) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.04. The company had revenue of $259.13 million for the quarter, compared to analysts’ expectations of $246.96 million. MediaAlpha had a negative return on equity of 11.98% and a net margin of 1.41%. On average, analysts predict that MediaAlpha, Inc. will post 0.42 earnings per share for the current fiscal year.

MediaAlpha 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.