MediaAlpha screens statistically cheap with a strong earnings beat record, but extreme insider selling and an overbought, late-cycle momentum reading argue for caution at current levels.
Thesis pillars
- Cheap Growth Adjusted Valuation→Stable
- Extreme Insider Selling→Stable
- Overbought Late Cycle Momentum→Stable
- +1 more pillar — see the Why tab for full reasoning
MediaAlpha, Inc. (MAX) Stock Analysis
Recovery setup · Catalyst-Driven edge
Communication Services · Internet Content & Information
Hold if already holding. Not a fresh buy at $13.65, but acceptable to hold if already in. Reasons: Analyst target reached - limited upside remaining; Near 52-week high (3.6% away).
MediaAlpha operates a technology platform connecting insurance carriers, agents, and distributors (Demand Partners) with high-intent consumers sourced through publisher websites (Supply Partners), mainly in property & casualty, health, and life insurance. The company earns a fee... Read more
Hold if already holding. Not a fresh buy at $13.65, but acceptable to hold if already in. Reasons: Analyst target reached - limited upside remaining; Near 52-week high (3.6% away). Chart setup: Death cross but MACD improving, RSI 90. Maintain position. Not compelling to add more. Score 6.0/10, moderate confidence.
Passes 6/10 gates (positive momentum, no SEC red flags, news events none recent, earnings proximity 29d clear, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio and clean insider activity. Suitability: aggressive.
About MediaAlpha, Inc.
About MediaAlpha, Inc.
MediaAlpha generated $1.1 billion of revenue and $2.2 billion of Transaction Value in 2025 (up 28.8% and 44.5%, respectively) by connecting insurance carriers and distributors with high-intent consumers across roughly 141 million Consumer Referrals. The property & casualty insurance vertical alone accounted for 90.1% of total 2025 revenue, up from 76.1% in 2024, while the platform served over 1,050 total insurance partners and 700-plus Demand Partners across its Open and Private Marketplace models.
MediaAlpha earns a fee each time a click, call, or lead is transacted between a Demand Partner and a Supply Partner, with clicks representing 90.1% of 2025 Transaction Value, up from 84.1% in 2024. Partner retention is strong, with 99% of 2025 Transaction Value coming from Demand Partner relationships that existed in 2024, though the company also operates a lower-margin Private Marketplace model that some partners migrate to once their volume with each other reaches scale, which can compress net revenue and profit margins. MediaAlpha competes against direct-distribution insurance companies, insurance-focused research portals, internet search and advertising platforms, and Supply Partners' own in-house sales forces. In October 2025, a Consent Order resolving FTC allegations of misleading advertising and telemarketing practices took effect, requiring a $45.0 million payment and new compliance processes, and Transaction Value in the company's under-65 health insurance subvertical fell $79 million year over year as certain partners were terminated or declined to comply.
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MediaAlpha's revenue is concentrated among a small number of Demand Partners: its largest single partner accounted for 25% of 2025 revenue and its second-largest another 24%, while the top 20 Demand Partners combined made up 82% of revenue, up sharply from 72% in 2024. Most partner agreements carry no minimum volume commitment and are cancellable on 30 to 60 days' notice, so the loss of even one of these top-two accounts - which together approach half of total revenue - could move results materially in a single quarter, a risk the 10-K explicitly flags as heightened credit exposure alongside the ordinary demand risk from insurance underwriting cycles.
See also: Communication Services · Internet Content & Information
From MediaAlpha, Inc.'s most recent 10-K filing, extracted July 6, 2026.
Recent developments
updated 2026-07-08Recent Developments — MediaAlpha, Inc.
Latest news
- NEWS Keefe, Bruyette & Woods Maintains Outperform on MediaAlpha, Raises Price Target to $17 — benzinga Jul 8, 2026 positive
- NEWS Datadog, EHang Holdings And Other Big Stocks Moving Lower In Monday’s Pre-Market Session — benzinga Jul 6, 2026 neutral
Generated 2026-07-08T23:03:58Z.
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Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
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Verdict History
Frequently Asked Questions
Hold if already holding. Not a fresh buy at $13.65, but acceptable to hold if already in. Reasons: Analyst target reached - limited upside remaining; Near 52-week high (3.6% away). Chart setup: Death cross but MACD improving, RSI 90. Maintain position. Not compelling to add more. Target $14.10 (+3.3%), stop $12.60 (−8.3%), A.R:R -0.8:1. Score 6.0/10, moderate confidence.
Take-profit target: $14.10 (+4.1% upside). Target $14.10 (+3.3%), stop $12.60 (−8.3%), A.R:R -0.8:1. Stop-loss: $12.60.
Analyst target reached - limited upside remaining; Near 52-week high (3.6% away); Negative news sentiment (-0.80).
MediaAlpha, Inc. trades at a P/E of 21.9 (forward 9.2). TrendMatrix value score: 7.4/10. Verdict: Hold.
12 analysts cover MAX with a consensus score of 3.9/5. Average price target: $14.
What does MediaAlpha, Inc. do?MediaAlpha operates a technology platform connecting insurance carriers, agents, and distributors (Demand Partners)...
MediaAlpha operates a technology platform connecting insurance carriers, agents, and distributors (Demand Partners) with high-intent consumers sourced through publisher websites (Supply Partners), mainly in property & casualty, health, and life insurance. The company earns a fee on each Consumer Referral transacted, generating $1.1 billion in revenue and $2.2 billion in Transaction Value in 2025, with the P&C insurance vertical alone accounting for 90.1% of total revenue. MediaAlpha's top 20 Demand Partners represented 82% of 2025 revenue, reflecting significant customer concentration in a mar