MediaAlpha, Inc. (NYSE:MAX) Shares Bought by Clearline Capital LP

Clearline Capital LP lifted its holdings in MediaAlpha, Inc. (NYSE:MAX) by 1,255.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 576,728 shares of the company’s stock after purchasing an additional 534,176 shares during the quarter. Clearline Capital LP owned about 0.88% of MediaAlpha worth $7,596,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. TimesSquare Capital Management LLC acquired a new stake in MediaAlpha in the first quarter worth about $22,181,000. Driehaus Capital Management LLC increased its position in shares of MediaAlpha by 208.4% in the 2nd quarter. Driehaus Capital Management LLC now owns 1,436,615 shares of the company’s stock valued at $18,920,000 after acquiring an additional 970,840 shares during the period. Divisadero Street Capital Management LP purchased a new position in MediaAlpha in the 2nd quarter worth $7,956,000. Emerald Advisers LLC lifted its position in MediaAlpha by 51,407.5% during the 2nd quarter. Emerald Advisers LLC now owns 598,517 shares of the company’s stock worth $7,882,000 after acquiring an additional 597,355 shares during the period. Finally, Marshall Wace LLP purchased a new stake in MediaAlpha in the second quarter valued at approximately $4,702,000. 64.39% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on MAX shares. Keefe, Bruyette & Woods restated an “outperform” rating and set a $26.00 price objective (up from $25.00) on shares of MediaAlpha in a research note on Thursday, August 1st. TD Cowen downgraded shares of MediaAlpha from a “buy” rating to a “hold” rating and decreased their target price for the company from $19.00 to $13.00 in a research report on Wednesday, June 26th. Finally, The Goldman Sachs Group assumed coverage on MediaAlpha in a research report on Tuesday, August 20th. They set a “buy” rating and a $20.00 price target on the stock. One analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, MediaAlpha has an average rating of “Moderate Buy” and a consensus target price of $24.29.

MediaAlpha Price Performance

NYSE:MAX opened at $18.19 on Friday. The company has a 50 day moving average price of $16.71 and a 200-day moving average price of $17.38. MediaAlpha, Inc. has a 1-year low of $7.82 and a 1-year high of $25.78. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of -26.75 and a beta of 1.22.

MediaAlpha (NYSE:MAX) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.05. The firm had revenue of $178.27 million during the quarter, compared to analysts’ expectations of $151.40 million. During the same period in the previous year, the firm posted ($0.32) EPS. The firm’s quarterly revenue was up 110.3% on a year-over-year basis. On average, sell-side analysts anticipate that MediaAlpha, Inc. will post 0.35 earnings per share for the current fiscal year.

MediaAlpha Company Profile

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.