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

MediaAlpha, Inc. (NYSE:MAX) shares hit a new 52-week low during trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock 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 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.16). MediaAlpha had a negative return on equity of 11.98% and a net margin of 1.41%. The company had revenue of $300.65 million for the quarter, compared to analysts’ expectations of $289.38 million.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MAX. Canaccord Genuity Group lowered their target price on MediaAlpha from $30.00 to $26.00 and set a “buy” rating for the company in a report on Monday. The Goldman Sachs Group lowered their price objective on shares of MediaAlpha from $23.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $20.00 target price on shares of MediaAlpha in a research note on Tuesday. Keefe, Bruyette & Woods decreased their price target on shares of MediaAlpha from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Tuesday. Finally, JPMorgan Chase & Co. dropped their price target on shares of MediaAlpha from $15.00 to $13.00 and set an “overweight” rating for the company in a research note on Tuesday. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, MediaAlpha has an average rating of “Moderate Buy” and an average price target of $19.00.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Hillsdale Investment Management Inc. raised its holdings in shares of MediaAlpha by 0.4% in the 4th quarter. Hillsdale Investment Management Inc. now owns 208,900 shares of the company’s stock valued at $2,358,000 after purchasing an additional 800 shares in the last quarter. Covestor Ltd raised its stake in MediaAlpha by 44.1% in the fourth quarter. Covestor Ltd now owns 2,766 shares of the company’s stock valued at $31,000 after buying an additional 847 shares in the last quarter. Earnest Partners LLC raised its stake in MediaAlpha by 0.4% in the fourth quarter. Earnest Partners LLC now owns 241,559 shares of the company’s stock valued at $2,727,000 after buying an additional 1,021 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in MediaAlpha by 11.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 11,368 shares of the company’s stock worth $206,000 after buying an additional 1,213 shares during the last quarter. Finally, Quarry LP boosted its position in shares of MediaAlpha by 157.8% during the 3rd quarter. Quarry LP now owns 2,820 shares of the company’s stock worth $51,000 after acquiring an additional 1,726 shares in the last quarter. Hedge funds and other institutional investors own 64.39% of the company’s stock.

MediaAlpha Trading Down 19.0 %

The firm has a market cap of $616.38 million, a PE ratio of 54.39 and a beta of 1.12. The business has a fifty day moving average price of $11.49 and a 200 day moving average price of $14.31.

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.