Should You Buy, Sell, or Hold MediaAlpha After Q4 Earnings?

MediaAlpha, a technology platform connecting insurance carriers with high-intent consumers, has seen its stock drop 26.7% over the past six months. Despite this, the company's revenue has grown at a 13.7% compounded annual growth rate over the last five years, and EPS has surged 564% over the last two years. However, MediaAlpha's adjusted operating margin has decreased by 2.7 percentage points over the same period, raising concerns about the company's expense base.