MediaAlpha (NYSE:MAX) Stock Price Down 5.8% – Here’s What Happened

MediaAlpha, Inc. (NYSE:MAX) was down 5.8% on Tuesday . The company traded as low as $12.06 and last traded at $12.05. Approximately 83,434 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 352,618 shares. The stock had previously closed at $12.78.

Analysts Set New Price Targets

MAX has been the subject of a number of research analyst reports. The Goldman Sachs Group dropped their price target on shares of MediaAlpha from $26.00 to $23.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Royal Bank of Canada dropped their price target 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. Keefe, Bruyette & Woods decreased their target price on shares of MediaAlpha from $26.00 to $22.00 and set an “outperform” rating for the company in a research report on Wednesday, December 11th. Finally, JPMorgan Chase & Co. decreased their price target on shares of MediaAlpha from $25.00 to $15.00 and set an “overweight” rating on the stock in a research report on Friday, January 10th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $21.57.

MediaAlpha Stock Down 6.5 %

The stock’s fifty day moving average price is $11.50 and its 200-day moving average price is $14.46. The company has a market capitalization of $785.19 million, a price-to-earnings ratio of 69.29 and a beta of 1.12.

Hedge Funds Weigh In On MediaAlpha

Several institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC raised its position in MediaAlpha by 28.9% in the third quarter. Geode Capital Management LLC now owns 690,574 shares of the company’s stock valued at $12,509,000 after purchasing an additional 154,637 shares during the last quarter. Barclays PLC raised its stake in shares of MediaAlpha by 423.2% in the third quarter. Barclays PLC now owns 66,525 shares of the company’s stock worth $1,204,000 after purchasing an additional 53,809 shares during the last quarter. GSA Capital Partners LLP bought a new position in shares of MediaAlpha in the third quarter valued at approximately $804,000. JPMorgan Chase & Co. boosted its position in shares of MediaAlpha by 655.8% during the third quarter. JPMorgan Chase & Co. now owns 80,071 shares of the company’s stock valued at $1,450,000 after buying an additional 69,477 shares during the last quarter. Finally, PDT Partners LLC bought a new stake in MediaAlpha during the third quarter worth $1,237,000. Institutional investors and hedge funds 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.