MediaAlpha, Inc. (NYSE:MAX) Sees Significant Increase in Short Interest

MediaAlpha, Inc. (NYSE:MAX) was the target of a large increase in short interest in April. As of April 15th, there was short interest totalling 855,400 shares, an increase of 63.7% from the March 31st total of 522,700 shares. Based on an average daily trading volume, of 321,300 shares, the days-to-cover ratio is currently 2.7 days. Currently, 4.5% of the shares of the stock are sold short.

MediaAlpha Stock Up 2.4 %

NYSE:MAX traded up $0.45 on Friday, reaching $18.86. The company’s stock had a trading volume of 182,873 shares, compared to its average volume of 326,353. MediaAlpha has a 1-year low of $5.08 and a 1-year high of $22.81. The business’s 50-day moving average price is $19.63 and its two-hundred day moving average price is $13.94.

MediaAlpha (NYSE:MAX) last posted its earnings results on Tuesday, February 20th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.16. The business had revenue of $117.17 million during the quarter, compared to analyst estimates of $111.36 million. As a group, equities analysts expect that MediaAlpha will post -0.4 earnings per share for the current year.

Insider Activity at MediaAlpha

In related news, major shareholder Insignia Capital Partners Gp, sold 2,950,000 shares of the business’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $19.85, for a total value of $58,557,500.00. Following the sale, the insider now owns 50,000 shares of the company’s stock, valued at approximately $992,500. The sale was disclosed in a legal filing with the SEC, which is available through this link. 11.53% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC boosted its position in shares of MediaAlpha by 111.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,442 shares of the company’s stock worth $50,000 after buying an additional 2,343 shares during the period. SYSTM Wealth Solutions LLC acquired a new position in shares of MediaAlpha during the first quarter worth about $178,000. Alliance Wealth Advisors LLC UT acquired a new position in shares of MediaAlpha during the third quarter worth about $84,000. Baker Tilly Wealth Management LLC boosted its position in shares of MediaAlpha by 13.7% during the fourth quarter. Baker Tilly Wealth Management LLC now owns 13,775 shares of the company’s stock worth $154,000 after buying an additional 1,660 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of MediaAlpha by 305.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 16,404 shares of the company’s stock worth $135,000 after buying an additional 12,355 shares during the period. 64.39% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MAX. BMO Capital Markets upgraded MediaAlpha from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $9.00 to $28.00 in a research report on Monday, February 26th. TD Cowen started coverage on MediaAlpha in a research note on Wednesday, January 10th. They set an “outperform” rating and a $15.00 price objective for the company. Canaccord Genuity Group lifted their price objective on MediaAlpha from $18.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. Finally, Royal Bank of Canada lifted their price objective on MediaAlpha from $12.00 to $18.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 21st. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $18.20.

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.