MediaAlpha, Inc. Class A (MAX)

MediaAlpha's stock price experienced a significant decline of 44.11% between October 21, 2024, and October 17, 2025. In June 2024, a report by Wolfpack Research alleged that MediaAlpha was involved in consumer fraud, leading to a stock price drop of 11.84%. On November 4, 2024, MediaAlpha disclosed receiving a letter from the FTC, causing the stock price to fall by 27.7%. In August 2025, MediaAlpha announced a settlement with the FTC for $45 million. Analyst ratings have also seen changes, with some firms cutting MediaAlpha from "strong-buy" or "buy" to "hold" in August and October 2025.

Demand for MediaAlpha's products and services is subject to seasonality, as insurance sales cycles fluctuate throughout the year. Factors that can lead to surges in demand for property and casualty (P&C) insurance include natural disaster seasons, severe weather events, the spring and summer home-buying season, holiday travel season, and new vehicle releases. While the fourth quarter (Q4) can sometimes see a dip in insurance shopping, it is also an important period for insurance agents to acquire new customers.

MediaAlpha, Inc. (MAX) operates as an online customer acquisition channel, primarily in the insurance sector within the United States. The company's technology platform connects insurance carriers and high-intent consumers through a real-time, programmatic, transparent, and results-driven ecosystem. MediaAlpha's sector is categorized as Internet Services or Communication Services, and its industry falls under Internet Content & Information or Advertising & Marketing. Its major product is its technology platform that facilitates customer acquisition for various insurance verticals, including property and casualty (P&C) insurance, health insurance, and life insurance. The platform utilizes predictive analytics algorithms and allows buyers to integrate first-party consumer data for enhanced targeting and bidding.

MediaAlpha, Inc. primarily operates within the United States.

MediaAlpha's brand reputation has been significantly affected by allegations of consumer fraud and deceptive practices. In June 2024, Wolfpack Research accused MediaAlpha of using dishonest ads and deceptive websites to collect consumer information. This was followed by an FTC investigation, which indicated that the FTC staff was prepared to recommend a complaint against MediaAlpha for false representations and misleading advertising. The company's $45 million settlement with the FTC in August 2025 further solidified these concerns.

MediaAlpha, Inc. has a substantial institutional ownership, with 320 institutional owners and shareholders holding a total of 52,466,180 shares. Major institutional owners include White Mountains Insurance Group Ltd, BlackRock, Inc., and Vanguard Group Inc. White Mountains Insurance Group Ltd is the largest individual shareholder, owning 17.86 million shares, representing 26.28% of the company. Insider buying has slightly outweighed selling in the past three months.