Canaccord Genuity Group Has Lowered Expectations for MediaAlpha (NYSE:MAX) Stock Price

MediaAlpha (NYSE:MAX) had its price objective dropped by investment analysts at Canaccord Genuity Group from $30.00 to $26.00 in a report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 128.07% from the stock’s current price.

Several other brokerages have also recently issued reports on MAX. Keefe, Bruyette & Woods dropped their target price on shares of MediaAlpha from $26.00 to $22.00 and set an “outperform” rating on the stock in a report on Wednesday, December 11th. Royal Bank of Canada cut their price objective on shares of MediaAlpha from $23.00 to $20.00 and set an “outperform” rating on the stock in a report on Wednesday, December 4th. JPMorgan Chase & Co. reduced their price objective on shares of MediaAlpha from $25.00 to $15.00 and set an “overweight” rating for the company in a research note on Friday, January 10th. Finally, The Goldman Sachs Group dropped their target price on MediaAlpha from $26.00 to $23.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $21.00.

MediaAlpha Trading Down 3.1 %

MAX opened at $11.40 on Monday. The company has a market capitalization of $759.92 million, a price-to-earnings ratio of 67.06 and a beta of 1.12. MediaAlpha has a 12-month low of $10.21 and a 12-month high of $25.78. The business’s fifty day simple moving average is $11.53 and its 200-day simple moving average is $14.38.

Hedge Funds Weigh In On MediaAlpha

Hedge funds and other institutional investors have recently modified their holdings of the stock. Covestor Ltd increased its stake in MediaAlpha by 44.1% during the 4th quarter. Covestor Ltd now owns 2,766 shares of the company’s stock valued at $31,000 after purchasing an additional 847 shares in the last quarter. Quarry LP raised its stake in MediaAlpha by 157.8% in 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 during the last quarter. Virtus Fund Advisers LLC acquired a new stake in MediaAlpha during the 4th quarter worth about $35,000. KLP Kapitalforvaltning AS acquired a new stake in MediaAlpha during the 4th quarter worth about $67,000. Finally, The Manufacturers Life Insurance Company grew its stake in MediaAlpha by 11.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 11,368 shares of the company’s stock valued at $206,000 after purchasing an additional 1,213 shares during the last quarter. 64.39% of the stock is owned by hedge funds and other institutional investors.

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.