MediaAlpha's Price Target Adjusted by Canaccord Genuity Group

MediaAlpha (NYSE:MAX) recently saw a revision in its stock price target by Canaccord Genuity Group. In a report released on Monday, the brokerage lowered its price objective from $30.00 to $26.00. Despite this adjustment, Canaccord Genuity continues to maintain a "buy" rating for the stock. The new price target suggests a possible upside of 128.07% compared to the company's prior closing value.

Additional Analyst Comments

In addition to Canaccord Genuity's changes, other analysts have also provided insights about MediaAlpha's stock. For instance, JPMorgan Chase & Co. recently reduced their price target from $25.00 to $15.00 while retaining an "overweight" rating on the shares. Similarly, Royal Bank of Canada lowered its price target from $23.00 to $20.00 and assigned it an "outperform" rating. Additionally, Keefe, Bruyette & Woods adjusted their price objective down from $26.00 to $22.00, maintaining an "outperform" rating as well. The Goldman Sachs Group also made a downward adjustment, cutting their target price from $26.00 to $23.00 while retaining a "buy" rating.

Current Ratings Overview

Currently, one research analyst has rated the stock with a hold rating, while six analysts have issued buy ratings for MediaAlpha. According to MarketBeat, the average rating for the stock is classified as a "Moderate Buy," with a consensus target price set at $21.00.

MediaAlpha's Stock Performance Metrics

MediaAlpha's stock opened at $11.40 on the trading day following the announcement. As of this time, it has a 50-day moving average price of $11.53 and a 200-day moving average price of $14.38. Over the past year, the stock has experienced a low of $10.21 and a high of $25.78. The company's market capitalization is valued at approximately $759.92 million, with a P/E ratio of 67.06 and a beta of 1.12.

Institutional Investment Trends

There have been movements in institutional holdings regarding MediaAlpha as well. For instance, Mackenzie Financial Corp increased its stake in MediaAlpha by a substantial 354.3% in the fourth quarter, acquiring an additional 46,996 shares. Meanwhile, PharVision Advisers LLC took a new position valued at approximately $279,000 during the same period. UBS Asset Management also raised its stake in MediaAlpha by 21.9%, now owning 89,478 shares worth about $1,010,000 after acquiring more shares. Virtus Fund Advisers LLC and Virtus Investment Advisers Inc. also made recent purchases in the stock. Institutional investors currently hold 64.39% of MediaAlpha's shares.

About MediaAlpha

MediaAlpha, Inc. operates an insurance customer acquisition platform in the United States. The company's services focus on optimizing customer acquisition primarily within the property and casualty insurance, health insurance, and life insurance sectors. Founded in 2014, MediaAlpha is headquartered in Los Angeles, California.

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