MediaAlpha, Inc. (MAX) shareholders
MAXNYSEServices-Business Services, NECFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Oct 28, 2026Score 14/3059% below fair value
$14.81−0.16 (-1.07%)
Close on Nov 12, 2026Market cap $876.64MP/E 8.2Yield –
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
82.2%
49M of 59M shares
Institutional holders
154
22 new, 28 sold out
Net institutional buying
0M
In Q2 2026
Insider trades, 12 months
0 buys · 335 sales
Net sold $123.80M
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| White Mountains Insurance Group, Ltd. Joint filing with WM Hinson (Bermuda) Ltd. (22.50%) | 12,356,223 | 24.30% | 13D (active) amendment | Nov 4, 2026 |
| Eugene Nonko Joint filing with O.N.E. Holdings, LLC (9.30%) | 5,198,121 | 9.80% | 13D (active) amendment | Aug 25, 2026 |
| Divisadero Street Capital, LLC Joint filing with Divisadero Street Capital Management, LP (5.80%), William Zolezzi (5.80%) and 2 more | 3,128,988 | 5.80% | 13G (passive) | Jul 21, 2026 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of MAX | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| White Mountains Insurance Group Ltd | 17,856,614 | 30.17% | $224.46M | – | 57.03% |
| BlackRock, Inc. | 3,392,357 | 5.73% | $42.64M | −84,330 | 0.00% |
| Clearline Capital LP | 2,713,890 | 4.58% | $34.11M | +123,220 | 2.04% |
| JPMorgan Chase & Co | 1,880,062 | 3.18% | $23.29M | +134,383 | 0.00% |
| Vanguard Capital Management LLC | 1,276,369 | 2.16% | $16.04M | −109,360 | 0.00% |
| Geode Capital Management, LLC | 1,068,308 | 1.80% | $13.43M | −1,776 | 0.00% |
| Divisadero Street Capital Management, LP | 1,019,988 | 1.72% | $12.82M | +933,081 | 0.29% |
| Jacobs Levy Equity Management, Inc | 971,232 | 1.64% | $12.21M | +221,178 | 0.04% |
| Acadian Asset Management LLC | 957,095 | 1.62% | $12.02M | +109,896 | 0.01% |
| Jacobs Asset Management, LLC | 919,761 | 1.55% | $11.56M | −4,682 | 7.27% |
| State Street Corp | 862,235 | 1.46% | $10.84M | +24,074 | 0.00% |
| Arrowstreet Capital, Limited Partnership | 829,958 | 1.40% | $10.43M | −232,023 | 0.00% |
| Morgan Stanley | 821,170 | 1.39% | $10.32M | +118,152 | 0.00% |
| Nuveen, LLC | 752,447 | 1.27% | $9.46M | +51,048 | 0.00% |
| Dimensional Fund Advisors LP | 701,914 | 1.19% | $8.82M | +81,245 | 0.00% |
| J. Goldman & Co LP | 598,070 | 1.01% | $7.52M | −584,603 | 0.19% |
| Citadel Advisors LLC | 589,696 | 1.00% | $7.41M | +360,373 | 0.00% |
| Renaissance Technologies LLC | 574,407 | 0.97% | $7.22M | −144,893 | 0.01% |
| Shay Capital LLC | 570,000 | 0.96% | $7.16M | −205,000 | 0.46% |
| Jane Street Group, LLC | 551,625 | 0.93% | $6.93M | +268,617 | 0.00% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 154 | 49M | 82.2% | 22 / 47 | 66 / 28 | 5M | 4M |
| Q1 2026 | 163 | 48M | 81.9% | 35 / 59 | 55 / 43 | 10M | 6M |
| Q4 2025 | 172 | 48M | 80.7% | 35 / 75 | 49 / 19 | 5M | 6M |
| Q3 2025 | 157 | 49M | 82.6% | 26 / 65 | 47 / 21 | 7M | 6M |
| Q2 2025 | 152 | 48M | 81.6% | 30 / 66 | 44 / 22 | 7M | 6M |
| Q1 2025 | 144 | 47M | 79.8% | 21 / 60 | 44 / 37 | 6M | 6M |
| Q4 2024 | 162 | 48M | 81.4% | 35 / 65 | 48 / 24 | 6M | 7M |
| Q3 2024 | 151 | 49M | 82.7% | 32 / 63 | 40 / 29 | 12M | 10M |
| Q2 2024 | 149 | 50M | 85.0% | 48 / 65 | 27 / 19 | 12M | 7M |
| Q1 2024 | 122 | 45M | 76.1% | 40 / 37 | 33 / 8 | 6M | 3M |
| Q4 2023 | 91 | 42M | 71.7% | 9 / 35 | 30 / 7 | 2M | 1M |
| Q3 2023 | 89 | 41M | 69.9% | 9 / 15 | 56 / 14 | 1M | 5M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
155 funds held MAX in Q2 2026, 53% of their shares through ETFs. Each fund counts once per quarter, from its quarter-end report.
| Fund | Shares | % of MAX | Value | % of fund | As of |
|---|---|---|---|---|---|
| JPMorgan Small Cap Blend Fund | 1,402,901 | 2.37% | $17.63M | 1.04% | Jun 30, 2026 |
| Vanguard Total Stock Market Index Fund | 882,700 | 1.49% | $11.10M | 0.00% | Jun 30, 2026 |
| iShares Russell 2000 ETF | 819,364 | 1.38% | $10.30M | 0.01% | Jun 30, 2026 |
| BlackRock Advantage Small Cap Core Fund | 372,399 | 0.63% | $3.31M | 0.06% | May 29, 2026 |
| Vanguard Extended Market Index Fund | 363,196 | 0.61% | $4.57M | 0.00% | Jun 30, 2026 |
| Fidelity Small Cap Index Fund | 336,348 | 0.57% | $4.16M | 0.01% | Jul 31, 2026 |
| Nuveen Quant Small/Mid Cap Equity Fund | 307,630 | 0.52% | $3.81M | 0.14% | Jul 31, 2026 |
| iShares Russell 2000 Growth ETF | 282,211 | 0.48% | $3.55M | 0.02% | Jun 30, 2026 |
| Fidelity Small-Mid Multifactor ETF | 282,039 | 0.48% | $3.49M | 0.14% | Jul 31, 2026 |
| College Retirement Equities Fund - Total Global Stock Account | 249,500 | 0.42% | $3.14M | 0.00% | Jun 30, 2026 |
| U.S. Small Cap Portfolio | 174,804 | 0.30% | $2.16M | 0.01% | Jul 31, 2026 |
| Vanguard Russell 2000 Index Fund | 174,044 | 0.29% | $1.55M | 0.01% | May 31, 2026 |
| Small Cap Core Portfolio | 168,720 | 0.29% | $2.12M | 0.25% | Jun 30, 2026 |
| Dimensional U.S. Small Cap ETF | 165,545 | 0.28% | $2.05M | 0.01% | Jul 31, 2026 |
| Schwab U.S. Small-Cap ETF | 156,660 | 0.26% | $1.39M | 0.01% | May 31, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| Steven Yi | See Remarks, Director | 2,537,551 | 4.29% | Nov 4, 2026 |
| Kuanling Amy Yeh | Chief Technology Officer | 493,091 | 0.83% | Nov 3, 2026 |
| Keith Cramer | Chief Revenue Officer | 239,303 | 0.40% | Oct 21, 2026 |
| Tigran Sinanyan | See Remarks | 254,781 | 0.43% | Oct 2, 2026 |
| Patrick Ryan Thompson | See Remarks | 1,099,078 | 1.86% | Aug 17, 2026 |
| Jeffrey B. Coyne | GENERAL COUNSEL AND SECRETARY | 581,811 | 0.98% | Aug 17, 2026 |
| Eugene Nonko | Director | 1,112,864 | 1.88% | Nov 4, 2026 |
| Lauren StClair | Director | 20,900 | 0.04% | May 22, 2026 |
| Bradley William Hunt | Director | 46,200 | 0.08% | May 7, 2026 |
| Kathy P. Vrabeck | Director | 150,407 | 0.25% | May 7, 2026 |
| Venmal (Raji) Arasu | Director | 119,407 | 0.20% | May 7, 2026 |
| Ramon Jones | Director | 28,000 | 0.05% | May 7, 2026 |
| Lara Sweet | Director | 98,657 | 0.17% | May 16, 2025 |
| Hinson (Bermuda) Ltd. WM | 10% owner | 28,773,630 | 48.61% | Nov 5, 2026 |
| Mountains Insurance Group Ltd White | 10% owner | 12,356,223 | 20.87% | Nov 5, 2026 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| Mountains Insurance Group Ltd White 10% owner | Nov 4, 2026 | Sale | −5,500,391 | $13.90 | $76.46M | 12,356,223 |
| Steven Yi See Remarks, Director | Nov 4, 2026 | Sale(10b5-1 plan) | −151,129 | $15.50 | $2.34M | 1,893,707 |
| Eugene Nonko Director | Nov 4, 2026 | Sale(10b5-1 plan) | −93,279 | $15.36 | $1.43M | 458,428 |
| Eugene Nonko Director | Nov 4, 2026 | Sale(10b5-1 plan) | −5,667 | $15.25 | $86.44K | 654,436 |
| Steven Yi See Remarks, Director | Nov 3, 2026 | Sale(10b5-1 plan) | −130,065 | $15.05 | $1.96M | 2,044,836 |
| Eugene Nonko Director | Nov 3, 2026 | Sale(10b5-1 plan) | −160,185 | $15.04 | $2.41M | 551,707 |
| Eugene Nonko Director | Nov 3, 2026 | Sale(10b5-1 plan) | −15,022 | $14.93 | $224.28K | 660,103 |
| Steven Yi See Remarks, Director | Nov 2, 2026 | Sale(10b5-1 plan) | −138,806 | $14.78 | $2.05M | 2,174,901 |
| Eugene Nonko Director | Nov 2, 2026 | Sale(10b5-1 plan) | −78,009 | $14.72 | $1.15M | 711,892 |
| Eugene Nonko Director | Nov 2, 2026 | Sale(10b5-1 plan) | −109,401 | $14.79 | $1.62M | 675,125 |
| Kuanling Amy Yeh Chief Technology Officer | Nov 2, 2026 | Sale | −25,000 | $14.91 | $372.71K | 493,091 |
| Kuanling Amy Yeh Chief Technology Officer | Oct 30, 2026 | Sale | −25,000 | $14.47 | $361.81K | 518,091 |
| Eugene Nonko Director | Oct 28, 2026 | Sale(10b5-1 plan) | −7,273 | $11.63 | $84.56K | 789,901 |
| Eugene Nonko Director | Oct 28, 2026 | Sale(10b5-1 plan) | −1,940 | $11.63 | $22.56K | 784,526 |
| Eugene Nonko Director | Oct 27, 2026 | Sale(10b5-1 plan) | −8,283 | $11.85 | $98.14K | 797,174 |
| Eugene Nonko Director | Oct 27, 2026 | Sale(10b5-1 plan) | −3,394 | $11.92 | $40.46K | 786,466 |
| Eugene Nonko Director | Oct 26, 2026 | Sale(10b5-1 plan) | −7,273 | $11.83 | $86.04K | 805,457 |
| Eugene Nonko Director | Oct 26, 2026 | Sale(10b5-1 plan) | −1,940 | $11.83 | $22.95K | 789,860 |
| Eugene Nonko Director | Oct 21, 2026 | Sale(10b5-1 plan) | −7,273 | $11.63 | $84.56K | 812,730 |
| Eugene Nonko Director | Oct 21, 2026 | Sale(10b5-1 plan) | −1,940 | $11.63 | $22.57K | 791,800 |
| Eugene Nonko Director | Oct 20, 2026 | Sale(10b5-1 plan) | −7,273 | $11.72 | $85.27K | 820,003 |
| Eugene Nonko Director | Oct 20, 2026 | Sale(10b5-1 plan) | −1,940 | $11.62 | $22.54K | 793,740 |
| Keith Cramer Chief Revenue Officer | Oct 19, 2026 | Sale(10b5-1 plan) | −12,000 | $11.39 | $136.65K | 239,303 |
| Eugene Nonko Director | Oct 19, 2026 | Sale(10b5-1 plan) | −7,273 | $11.39 | $82.83K | 827,276 |
| Eugene Nonko Director | Oct 19, 2026 | Sale(10b5-1 plan) | −1,940 | $11.39 | $22.09K | 795,680 |
| Kuanling Amy Yeh Chief Technology Officer | Oct 16, 2026 | Sale(10b5-1 plan) | −3,000 | $11.77 | $35.31K | 543,091 |
| Eugene Nonko Director | Oct 14, 2026 | Sale(10b5-1 plan) | −6,667 | $10.37 | $69.16K | 834,549 |
| Eugene Nonko Director | Oct 14, 2026 | Sale(10b5-1 plan) | −1,067 | $10.41 | $11.11K | 797,620 |
| Eugene Nonko Director | Oct 13, 2026 | Sale(10b5-1 plan) | −6,667 | $10.11 | $67.42K | 841,216 |
| Eugene Nonko Director | Oct 13, 2026 | Sale(10b5-1 plan) | −1,067 | $10.12 | $10.80K | 798,687 |
| Eugene Nonko Director | Oct 12, 2026 | Sale(10b5-1 plan) | −6,667 | $10.15 | $67.67K | 847,883 |
| Eugene Nonko Director | Oct 12, 2026 | Sale(10b5-1 plan) | −1,067 | $10.14 | $10.82K | 799,754 |
| Steven Yi See Remarks, Director | Oct 9, 2026 | Sale(10b5-1 plan) | −2,033 | $11.01 | $22.38K | 2,313,707 |
| Steven Yi See Remarks, Director | Oct 8, 2026 | Sale(10b5-1 plan) | −24,000 | $10.04 | $240.94K | 2,315,740 |
| Tigran Sinanyan See Remarks | Oct 1, 2026 | Tax withholding | −1,088 | $9.57 | $10.41K | 254,781 |
| Tigran Sinanyan See Remarks | Oct 1, 2026 | Award | +24,250 | – | – | 255,869 |
| Kuanling Amy Yeh Chief Technology Officer | Sep 25, 2026 | Sale(10b5-1 plan) | −3,000 | $9.40 | $28.20K | 546,091 |
| Eugene Nonko Director | Sep 22, 2026 | Sale(10b5-1 plan) | −6,667 | $10.78 | $71.87K | 854,550 |
| Eugene Nonko Director | Sep 22, 2026 | Sale(10b5-1 plan) | −1,067 | $10.79 | $11.51K | 800,821 |
| Eugene Nonko Director | Sep 21, 2026 | Sale(10b5-1 plan) | −1,067 | $10.54 | $11.25K | 801,888 |
| Eugene Nonko Director | Sep 21, 2026 | Sale(10b5-1 plan) | −6,667 | $10.53 | $70.20K | 861,217 |
| Eugene Nonko Director | Sep 16, 2026 | Sale(10b5-1 plan) | −7,273 | $11.24 | $81.75K | 867,884 |
| Eugene Nonko Director | Sep 16, 2026 | Sale(10b5-1 plan) | −1,940 | $11.25 | $21.83K | 802,955 |
| Keith Cramer Chief Revenue Officer | Sep 15, 2026 | Sale(10b5-1 plan) | −13,000 | $11.49 | $149.37K | 251,303 |
| Eugene Nonko Director | Sep 15, 2026 | Sale(10b5-1 plan) | −7,273 | $11.49 | $83.57K | 875,157 |
| Eugene Nonko Director | Sep 15, 2026 | Sale(10b5-1 plan) | −1,940 | $11.48 | $22.27K | 804,895 |
| Eugene Nonko Director | Sep 14, 2026 | Sale(10b5-1 plan) | −7,778 | $11.96 | $93.02K | 882,430 |
| Eugene Nonko Director | Sep 14, 2026 | Sale(10b5-1 plan) | −2,667 | $12.03 | $32.08K | 806,835 |
| Eugene Nonko Director | Sep 10, 2026 | Sale(10b5-1 plan) | −1,940 | $11.52 | $22.35K | 809,502 |
| Eugene Nonko Director | Sep 10, 2026 | Sale(10b5-1 plan) | −7,273 | $11.62 | $84.51K | 890,208 |
| Eugene Nonko Director | Sep 9, 2026 | Sale(10b5-1 plan) | −7,273 | $11.41 | $82.98K | 897,481 |
| Eugene Nonko Director | Sep 9, 2026 | Sale(10b5-1 plan) | −1,940 | $11.65 | $22.60K | 811,442 |
| Eugene Nonko Director | Sep 8, 2026 | Sale(10b5-1 plan) | −7,273 | $11.70 | $85.09K | 904,754 |
| Eugene Nonko Director | Sep 8, 2026 | Sale(10b5-1 plan) | −1,940 | $11.70 | $22.70K | 813,382 |
| Kuanling Amy Yeh Chief Technology Officer | Sep 4, 2026 | Sale(10b5-1 plan) | −3,000 | $12.00 | $36.00K | 549,091 |
| Eugene Nonko Director | Sep 2, 2026 | Sale(10b5-1 plan) | −2,667 | $12.22 | $32.59K | 815,322 |
| Eugene Nonko Director | Sep 2, 2026 | Sale(10b5-1 plan) | −7,778 | $12.25 | $95.28K | 912,027 |
| Steven Yi See Remarks, Director | Sep 1, 2026 | Sale(10b5-1 plan) | −48,000 | $12.38 | $594.24K | 2,339,740 |
| Eugene Nonko Director | Sep 1, 2026 | Sale(10b5-1 plan) | −7,778 | $12.39 | $96.37K | 919,805 |
| Eugene Nonko Director | Sep 1, 2026 | Sale(10b5-1 plan) | −2,667 | $12.45 | $33.20K | 817,989 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.
Short interest
Shares sold short and not yet bought back, as of Oct 30, 2026 (FINRA, reported twice a month)
Short % of float
9.29%
3M shares short
Days to cover
3.1
At 1M shares a day
Change since last report
+3.8%
From 3M shares
Short volume, 20 days
29.8%
Of volume reported to FINRA
Shares sold short, last 12 months
Short sale volume counts trades marked short on any given day, including market-maker hedging, so it runs far higher than the share of MediaAlpha's stock actually held short. Settlement fails (shares not delivered on time) peaked at 22,777 shares on Sep 21, 2026 over the last 90 days.
Planned insider sales
Notices of proposed sale filed on Form 144 before shares are sold
| Seller | Filed | Shares | Market value | Planned sale | Acquired through |
|---|---|---|---|---|---|
| Hinson (Bermuda) Ltd. WM 10% Owner | Nov 4, 2026 | 5,500,391 | $83.33M | Nov 4, 2026 | Fixed-price tender offer |
| Steven Yi Officer, Director | Nov 2, 2026 | 398,033 | $5.88M | Nov 2, 2026 | Restricted Stock Lapse - See Remarks |
| Eugene Nonko Director | Nov 2, 2026 | 632,572 | $9.34M | Nov 2, 2026 | Capital Contribution |
| Patrick Ryan Thompson Former Affiliate | Oct 30, 2026 | 285,000 | $4.13M | Oct 30, 2026 | Restricted Stock Lapse - See Remarks |
| Kuanling Amy Yeh Officer | Oct 30, 2026 | 50,000 | $723.62K | Oct 30, 2026 | Restricted Stock Lapse |
| Eugene Nonko Director | Oct 26, 2026 | 31,335 | $370.65K | Oct 26, 2026 | Capital Contribution |
| Keith Cramer Officer | Oct 19, 2026 | 36,000 | $409.94K | Oct 19, 2026 | Restricted Stock Lapse - See Remarks |
| Eugene Nonko Director | Oct 19, 2026 | 27,639 | $314.75K | Oct 19, 2026 | Capital Contribution |
| Kuanling Amy Yeh Officer | Oct 16, 2026 | 15,000 | $176.55K | Oct 16, 2026 | Restricted Stock Lapse- See Remarks |
| Eugene Nonko Director | Oct 13, 2026 | 23,202 | $235.47K | Oct 12, 2026 | Capital Contribution |
| Steven Yi Officer, Director | Oct 8, 2026 | 48,000 | $481.89K | Oct 8, 2026 | Restricted Stock Lapse - See Remarks |
| Keith Cramer Officer | Sep 15, 2026 | 13,000 | $149.42K | Sep 15, 2026 | Restricted Stock Lapse |
| Kuanling Amy Yeh Officer | Jul 16, 2026 | 28,000 | $406.00K | Jul 16, 2026 | Restricted Stock Lapse- See Remarks |
| Steven Yi Officer, Director | Jul 6, 2026 | 816,000 | $11.43M | Jul 6, 2026 | Restricted Stock Lapse - See Remarks |
| Eugene Nonko Director | Jul 6, 2026 | 827,874 | $11.49M | Jul 6, 2026 | Capital Contribution - See Remarks |
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