MEDIAALPHA INC MAX
CL A · Common Stock · CUSIP 58450V104 · ISIN US58450V1044
- SectorIndustrials
- IndustryServices-Business Services, NEC
- HeadquartersLos Angeles, CA
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($1.6m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $12.54. Options: 7 managers hold calls ($4.7m notional), 0 hold puts (—).
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 87 |
| Q4 2022 | 101 |
| Q1 2023 | 99 |
| Q2 2023 | 95 |
| Q3 2023 | 90 |
| Q4 2023 | 92 |
| Q1 2024 | 123 |
| Q2 2024 | 150 |
| Q3 2024 | 152 |
| Q4 2024 | 163 |
| Q1 2025 | 145 |
| Q2 2025 | 153 |
| Q3 2025 | 157 |
| Q4 2025 | 172 |
| Q1 2026 | 163 |
| Q2 2026 | 154 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 92 | 68 |
| Q4 2024 | 91 | 72 |
| Q1 2025 | 78 | 80 |
| Q2 2025 | 95 | 66 |
| Q3 2025 | 91 | 68 |
| Q4 2025 | 107 | 68 |
| Q1 2026 | 88 | 98 |
| Q2 2026 | 68 | 94 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $2.2m | $875.7k | 0.40 |
| Q4 2025 | $2.0m | $850.8k | 0.42 |
| Q1 2026 | $8.6m | $478.9k | 0.06 |
| Q2 2026 | $4.7m | $0 | 0.00 |
Biggest buyers
| Divisadero Street Capital Management, LP | Added | +933.1k |
| EVR Research LP | New | +440.0k |
| CITADEL ADVISORS LLC | Added | +360.4k |
| JANE STREET GROUP, LLC | Added | +268.6k |
| TWO SIGMA INVESTMENTS, LP | Added | +234.2k |
| JACOBS LEVY EQUITY MANAGEMENT, INC | Added | +221.2k |
| D. E. Shaw & Co., Inc. | Added | +193.9k |
| BNP PARIBAS FINANCIAL MARKETS | Added | +153.0k |
| JPMORGAN CHASE & CO | Added | +134.4k |
| STIFEL FINANCIAL CORP | New | +126.2k |
Biggest sellers
| J. Goldman & Co LP | Reduced | -584.6k |
| Philadelphia Financial Management of San Francisco, LLC | Sold out | -480.0k |
| Qube Research & Technologies Ltd | Reduced | -322.8k |
| FRANKLIN RESOURCES INC | Reduced | -269.1k |
| Pacer Advisors, Inc. | Sold out | -258.2k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Reduced | -232.0k |
| Shay Capital LLC | Reduced | -205.0k |
| GOLDMAN SACHS GROUP INC | Reduced | -194.6k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | -166.5k |
| Y-Intercept (Hong Kong) Ltd | Sold out | -158.2k |
Biggest calls
| J. Goldman & Co LP | Reduced | $1.1m88.4k shares |
| CITADEL ADVISORS LLC | Added | $1.0m83.3k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $925.2k73.6k shares |
| PEAK6 LLC | New | $786.9k62.6k shares |
| JANE STREET GROUP, LLC | Reduced | $565.6k45.0k shares |
| SIMPLEX TRADING, LLC | Added | $221.2k17.6k shares |
| GROUP ONE TRADING LLC | Added | $57.8k4.6k shares |
Biggest puts
| None |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
WHITE MOUNTAINS INSURANCE GROUP LTD
13D · may seek influence
+1.3 pts · filed 2026-05-01
Stated purposeItem 4 is amended and supplemented as follows: On March 31, 2025, Jennifer Moyer, one of White Mountains's two designees on the Issuer's board of directors (the "Board") and the Chair of the Issuer's Nominating and Corporate Governance Committee, informed the Issuer of her decision to not stand for re-election to the Board (the "Moyer Notification"). On December 4, 2025, Christopher Delehanty, White Mountains's second designee on the Board, informed the Issuer of his decision to resign as a member of the Board (the "Delehanty Notification", and, together with the Moyer Notification, the "Notifications"). The Reporting Persons have no present intent to designate directors to fill the vacancies left by the Notifications. Full filing |
33.0% |
| Nonko Eugene 13D · may seek influence -1.0 pts · filed 2026-08-26 | 9.8% |
| Divisadero Street Capital Management, LP 13G · passive investor new · filed 2026-07-28 | 5.8% |
Fell to 5% or below in the last year: INSIGNIA CAPITAL PARTNERS GP, L.L.C. (0.0%, 2025-11-12)
Insider purchases and sales since 1 Apr 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q4 2024 | 0 | — | 2 | $3.0m | — |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
| Q3 2025 | 1 | $297.6k | 2 | $359.1k | $61.2k |
| Q4 2025 | 0 | — | 5 | $5.7m | $5.7m |
| Q1 2026 | 0 | — | 5 | $6.8m | $6.5m |
| Q2 2026 | 0 | — | 5 | $5.6m | $5.6m |
| Q3 2026 | 0 | — | 4 | $13.9m | $13.9m |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-09-25 | Yeh Kuanling Amy Chief Technology Officer | Sold plan | $28.2k3.0k shares |
| 2026-09-22 | Nonko Eugene Director | Sold plan | $71.9k6.7k shares |
| 2026-09-22 | Nonko Eugene Director | Sold plan | $11.5k1.1k shares |
| 2026-09-21 | Nonko Eugene Director | Sold plan | $70.2k6.7k shares |
| 2026-09-21 | Nonko Eugene Director | Sold plan | $11.2k1.1k shares |
| 2026-09-16 | Nonko Eugene Director | Sold plan | $81.7k7.3k shares |
| 2026-09-16 | Nonko Eugene Director | Sold plan | $21.8k1.9k shares |
| 2026-09-15 | Cramer Keith Chief Revenue Officer | Sold plan | $149.4k13.0k shares |
| 2026-09-15 | Nonko Eugene Director | Sold plan | $83.6k7.3k shares |
| 2026-09-15 | Nonko Eugene Director | Sold plan | $22.3k1.9k shares |
| 2026-09-14 | Nonko Eugene Director | Sold plan | $93.0k7.8k shares |
| 2026-09-14 | Nonko Eugene Director | Sold plan | $32.1k2.7k shares |
| 2026-09-10 | Nonko Eugene Director | Sold plan | $84.5k7.3k shares |
| 2026-09-10 | Nonko Eugene Director | Sold plan | $22.3k1.9k shares |
| 2026-09-09 | Nonko Eugene Director | Sold plan | $83.0k7.3k shares |
| 2026-09-09 | Nonko Eugene Director | Sold plan | $22.6k1.9k shares |
| 2026-09-08 | Nonko Eugene Director | Sold plan | $85.1k7.3k shares |
| 2026-09-08 | Nonko Eugene Director | Sold plan | $22.7k1.9k shares |
| 2026-09-04 | Yeh Kuanling Amy Chief Technology Officer | Sold plan | $36.0k3.0k shares |
| 2026-09-02 | Nonko Eugene Director | Sold plan | $95.3k7.8k shares |
| 2026-09-02 | Nonko Eugene Director | Sold plan | $32.6k2.7k shares |
| 2026-09-01 | Yi Steven Officer, director | Sold plan | $594.2k48.0k shares |
| 2026-09-01 | Nonko Eugene Director | Sold plan | $96.4k7.8k shares |
| 2026-09-01 | Nonko Eugene Director | Sold plan | $33.2k2.7k shares |
| 2026-08-31 | Nonko Eugene Director | Sold plan | $98.1k7.8k shares |
| 2026-08-31 | Nonko Eugene Director | Sold plan | $33.6k2.7k shares |
| 2026-08-26 | Nonko Eugene Director | Sold plan | $97.6k7.8k shares |
| 2026-08-26 | Nonko Eugene Director | Sold plan | $33.5k2.7k shares |
| 2026-08-25 | Nonko Eugene Director | Sold plan | $105.6k8.2k shares |
| 2026-08-25 | Nonko Eugene Director | Sold plan | $42.3k3.3k shares |
The latest 30 of 141 trades.
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| WHITE MOUNTAINS INSURANCE GROUP LTD 57.03% of their portfolio | 17.9m $224.5m | Unchanged |
| BlackRock, Inc. 0.00% of their portfolio | 3.4m $42.6m | Reduced -84.3k |
| Clearline Capital LP 2.20% of their portfolio | 2.7m $34.1m | Added +123.2k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 1.9m $23.3m | Added +134.4k |
| VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 1.3m $16.0m | Reduced -109.4k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 1.1m $13.4m | Reduced -1.8k |
| Divisadero Street Capital Management, LP 0.30% of their portfolio | 1.0m $12.8m | Added +933.1k |
| JACOBS LEVY EQUITY MANAGEMENT, INC 0.04% of their portfolio | 971.2k $12.2m | Added +221.2k |
| ACADIAN ASSET MANAGEMENT LLC 0.01% of their portfolio | 957.1k $12.0m | Added +109.9k |
| JACOBS ASSET MANAGEMENT, LLC 8.71% of their portfolio | 919.8k $11.6m | Reduced -4.7k |
| STATE STREET CORP 0.00% of their portfolio | 862.2k $10.8m | Added +24.1k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio | 830.0k $10.4m | Reduced -232.0k |
| MORGAN STANLEY 0.00% of their portfolio | 821.2k $10.3m | Added +118.2k |
| Nuveen, LLC 0.00% of their portfolio | 752.4k $9.5m | Added +51.0k |
| DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio | 701.9k $8.8m | Added +81.2k |
| J. Goldman & Co LP 0.26% of their portfolio | 598.1k $7.5m | Reduced -584.6k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 589.7k $7.4m | Added +360.4k |
| RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio | 574.4k $7.2m | Reduced -144.9k |
| Shay Capital LLC 0.79% of their portfolio | 570.0k $7.2m | Reduced -205.0k |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 551.6k $6.9m | Added +268.6k |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 535.9k $6.7m | Added +193.9k |
| SPEECE THORSON CAPITAL GROUP INC 1.31% of their portfolio | 489.1k $6.1m | Reduced -9.9k |
| EVR Research LP 2.73% of their portfolio | 440.0k $5.5m | New |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.00% of their portfolio | 433.0k $5.4m | Reduced -113.7k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 428.9k $5.4m | Reduced -194.6k |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 409.5k $5.1m | Added +234.2k |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 391.6k $4.9m | Reduced -90.3k |
| HRT FINANCIAL LP 0.01% of their portfolio | 372.9k $4.7m | Added +43.6k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 371.8k $4.7m | Added +92.1k |
| Triad Investment Management 5.11% of their portfolio | 368.7k $4.6m | Added +34.9k |
| Stoic Point Capital Management LLC 3.14% of their portfolio | 297.1k $3.7m | Added +76.1k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 267.1k $3.4m | Reduced -4.7k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 259.2k $3.3m | Reduced -15.1k |
| Squarepoint Ops LLC 0.01% of their portfolio | 234.3k $2.9m | Added +18.7k |
| VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio | 223.9k $2.8m | Reduced -3.2k |
| TEACHER RETIREMENT SYSTEM OF TEXAS 0.01% of their portfolio | 216.4k $2.7m | Added +31.1k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 211.4k $2.0m | Added +6.0k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 209.2k $2.6m | Added +153.0k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 180.2k $2.3m | Reduced -340 |
| XTX Topco Ltd 0.03% of their portfolio | 172.3k $2.2m | Added +25.4k |
| ALGERT GLOBAL LLC 0.03% of their portfolio | 170.9k $2.1m | Added +86.4k |
| Man Group plc 0.00% of their portfolio | 156.8k $2.0m | Added +20.0k |
| PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio | 148.8k $1.9m | Added +11.2k |
| Quantinno Capital Management LP 0.00% of their portfolio | 136.0k $1.7m | Added +28.8k |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 130.4k $1.6m | Added +45.5k |
| STIFEL FINANCIAL CORP 0.00% of their portfolio | 126.2k $1.6m | New |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 101.4k $1.3m | Added +14.1k |
| Balyasny Asset Management L.P. 0.00% of their portfolio | 101.0k $1.3m | Reduced -7.8k |
| Qube Research & Technologies Ltd 0.00% of their portfolio | 92.5k $1.2m | Reduced -322.8k |
| PDT Partners, LLC 0.06% of their portfolio | 84.0k $1.1m | Reduced -6.0k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 81.5k $1.0m | Reduced -5.5k |
| Walleye Capital LLC 0.00% of their portfolio | 80.3k $1.0m | New |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 74.6k $937.6k | Reduced -269.1k |
| Amundi 0.00% of their portfolio | 70.3k $883.8k | Reduced -7.8k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.00% of their portfolio | 70.3k $883.8k | Reduced -35.9k |
| Allianz Asset Management GmbH 0.00% of their portfolio | 70.2k $652.6k | Unchanged |
| WINMILL & CO. INC 0.18% of their portfolio | 65.1k $818.3k | New |
| Swiss National Bank 0.00% of their portfolio | 60.8k $764.3k | Added +2.1k |
| BLAIR WILLIAM & CO/IL 0.00% of their portfolio | 56.0k $704.5k | Added +71 |
| GLOBEFLEX CAPITAL L P 0.09% of their portfolio | 55.9k $702.0k | Reduced -24.4k |
| Campbell & CO Investment Adviser LLC 0.03% of their portfolio | 46.6k $586.0k | Added +30.5k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 45.9k $577.4k | Reduced -2.0k |
| Hillsdale Investment Management Inc. 0.01% of their portfolio | 45.9k $577.0k | New |
| Allspring Global Investments Holdings, LLC 0.00% of their portfolio | 44.8k $563.5k | Reduced -3.1k |
| SEI INVESTMENTS CO 0.00% of their portfolio | 44.6k $561.1k | Added +8.9k |
| Mariner, LLC 0.00% of their portfolio | 41.1k $517.0k | Reduced -17.4k |
| Caption Management, LLC 0.02% of their portfolio | 37.5k $471.6k | Reduced -111.5k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 37.1k $467.0k | Unchanged |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 37.1k $465.9k | Reduced -10.0k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 34.3k $430.6k | Reduced -834 |
| Lighthouse Investment Partners, LLC 0.01% of their portfolio | 34.0k $427.4k | New |
| UBS Group AG 0.00% of their portfolio | 33.6k $422.4k | Reduced -120.3k |
| BARCLAYS PLC 0.00% of their portfolio | 30.3k $381.5k | Reduced -15.0k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 28.2k $354.0k | Added +15.8k |
| Legal & General Group Plc 0.00% of their portfolio | 27.5k $346.1k | Unchanged |
| Brevan Howard Capital Management LP 0.00% of their portfolio | 27.1k $340.9k | New |
| Dynamic Technology Lab Private Ltd 0.08% of their portfolio | 26.9k $338.0k | Reduced -16.7k |
| FMR LLC 0.00% of their portfolio | 26.4k $331.7k | Reduced -788 |
| Invesco Ltd. 0.00% of their portfolio | 26.0k $327.3k | Added +2.4k |
| State of Alaska, Department of Revenue 0.00% of their portfolio | 25.9k $324.0k | Added +24.0k |
| TUDOR INVESTMENT CORP ET AL 0.00% of their portfolio | 25.7k $323.7k | New |
| ALLSTATE CORP 0.00% of their portfolio | 25.3k $317.9k | New |
| AXQ CAPITAL, LP 0.03% of their portfolio | 25.1k $315.7k | New |
| Abel Hall, LLC 0.05% of their portfolio | 24.5k $307.6k | Reduced -951 |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 24.1k $303.5k | Reduced -1.1k |
| CITIGROUP INC 0.00% of their portfolio | 24.0k $301.7k | Added +14.0k |
| Corient Private Wealth LP 0.00% of their portfolio | 23.5k $294.8k | Added +7.9k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 23.2k $292.2k | Reduced -166.5k |
| Quantbot Technologies LP 0.01% of their portfolio | 21.6k $271.1k | Reduced -7.6k |
| MetLife Investment Management, LLC 0.00% of their portfolio | 21.4k $269.0k | Unchanged |
| JUPITER ASSET MANAGEMENT LTD 0.00% of their portfolio | 21.2k $266.1k | Unchanged |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio | 18.6k $234.3k | Unchanged |
| VANGUARD ASSET MANAGEMENT, Ltd 0.00% of their portfolio | 17.4k $219.0k | Unchanged |
| Graham Capital Management, L.P. 0.01% of their portfolio | 17.2k $215.9k | Added +2.6k |
| MERCER GLOBAL ADVISORS INC /ADV 0.00% of their portfolio | 16.6k $208.6k | Added +440 |
| Creative Planning 0.00% of their portfolio | 16.2k $203.9k | Reduced -3.7k |
| NOMURA HOLDINGS INC 0.00% of their portfolio | 16.1k $201.8k | New |
| IEQ CAPITAL, LLC 0.00% of their portfolio | 15.4k $193.2k | Reduced -17.6k |
| EP Wealth Advisors, LLC 0.00% of their portfolio | 15.3k $192.0k | New |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio | 14.8k $198.0k | Reduced -6.1k |