JPMorgan Chase & Co. Cuts MediaAlpha (NYSE:MAX) Price Target to $13.00

MediaAlpha (NYSE:MAX) had its target price lowered by JPMorgan Chase & Co. from $15.00 to $13.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 42.37% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. Canaccord Genuity Group lowered their price objective on MediaAlpha from $30.00 to $26.00 and set a “buy” rating on the stock in a report on Monday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $20.00 price target on shares of MediaAlpha in a research note on Tuesday. Keefe, Bruyette & Woods dropped their price target on MediaAlpha from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Tuesday. Finally, The Goldman Sachs Group decreased their price objective on MediaAlpha from $23.00 to $14.00 and set a “buy” rating on the stock in a report on Tuesday. One 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 presently has an average rating of “Moderate Buy” and a consensus target price of $19.00.

MediaAlpha Stock Down 20.0 %

Shares of MAX stock traded down $2.28 during trading hours on Tuesday, hitting $9.13. 1,795,430 shares of the company’s stock were exchanged, compared to its average volume of 419,080. The firm has a 50 day moving average of $11.54 and a two-hundred day moving average of $14.35. MediaAlpha has a fifty-two week low of $8.69 and a fifty-two week high of $25.78. The firm has a market cap of $608.71 million, a P/E ratio of 53.59 and a beta of 1.12.

MediaAlpha (NYSE:MAX) last posted its quarterly earnings data on Monday, February 24th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.16). MediaAlpha had a net margin of 1.41% and a negative return on equity of 11.98%. The company had revenue of $300.65 million for the quarter, compared to analysts’ expectations of $289.38 million. On average, equities analysts forecast that MediaAlpha will post 0.48 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MediaAlpha

Institutional investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC acquired a new stake in shares of MediaAlpha in the 3rd quarter worth $491,000. Robeco Institutional Asset Management B.V. acquired a new stake in MediaAlpha during the third quarter worth about $221,000. Los Angeles Capital Management LLC raised its stake in MediaAlpha by 91.9% during the third quarter. Los Angeles Capital Management LLC now owns 55,183 shares of the company’s stock worth $999,000 after purchasing an additional 26,420 shares during the period. GSA Capital Partners LLP purchased a new position in MediaAlpha during the third quarter worth about $804,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in MediaAlpha in the 3rd quarter valued at about $744,000. Hedge funds and other institutional investors own 64.39% of the company’s stock.

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.