MediaAlpha, Inc. (NYSE:MAX) experienced a significant stock transaction on December 22, 2023, when Director Eugene Nonko sold 6,700 shares at an average price of $12.91, amounting to a total of $86,497. Following this transaction, Nonko retains direct ownership of 1,596,320 shares, valued at approximately $20,608,491.20. This sale represents a 0.42% decrease in his overall position within the company. The details of this transaction have been disclosed in a document filed with the Securities and Exchange Commission (SEC), available for public access.
In the wake of this stock sale, MediaAlpha’s shares traded slightly lower, with a mid-day price of $12.80. The trading volume reached 297,097 shares, notably below the average volume of 522,371 shares. Over the past year, the company’s stock has fluctuated between a low of $7.33 and a high of $13.92. Currently, MediaAlpha holds a market capitalization of $833.85 million and reports a price-to-earnings (P/E) ratio of -426.36 alongside a beta of 1.21.
Analyst Ratings and Market Insights
MediaAlpha has garnered attention from various research analysts, leading to several ratings updates. On October 30, 2023, Canaccord Genuity Group reaffirmed a “buy” rating, setting a price target of $15.00. Additionally, Keefe, Bruyette & Woods upgraded their target from $18.00 to $19.00 while issuing an “outperform” rating. Reports from The Goldman Sachs Group and JPMorgan Chase & Co. also indicated price objectives of $13.50 and $15.00, respectively.
The consensus among analysts categorizes MediaAlpha’s stock as a “Moderate Buy,” with an average target price of $17.25. One analyst has assigned a “Strong Buy” rating, while five have issued “Buy” ratings, one has given a “Hold” rating, and one has issued a “Sell” rating.
Institutional Investments and Company Overview
In recent months, several institutional investors have adjusted their stakes in MediaAlpha. For instance, Intech Investment Management LLC increased its holdings by 6.4% during the second quarter, now owning 18,502 shares valued at $203,000. HSBC Holdings PLC also expanded its ownership by 2.3%, bringing its total to 51,550 shares worth $561,000.
In addition, Tower Research Capital LLC raised its stake by 28.0%, while Quarry LP increased its position by 43.3%. Collectively, institutional investors and hedge funds currently own 64.39% of MediaAlpha’s stock.
Founded to operate a real-time digital marketplace for insurance distribution, MediaAlpha connects consumers seeking insurance policies with carriers and distribution partners. By utilizing data-driven pricing and programmatic bidding, the company enables insurance providers to acquire customers efficiently. MediaAlpha’s platform also offers a suite of products designed to optimize marketing expenditures and enhance conversion rates.
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