MediaAlpha (MAX)

Cash burn rate (est.)	Burn method: Change in cash		Burn method: Operating income		Burn method: FCF (opex + capex)
	Last Q	Avg 4Q	Last Q	Avg 4Q	Last Q	Avg 4Q
Cash on hand (at last report)	72.34 mm	72.34 mm	72.34 mm	72.34 mm	72.34 mm	72.34 mm
Cash burn (monthly)	4.35 mm	(no burn)	(no burn)	(no burn)	(no burn)	(no burn)
Cash used (since last report)	9.41 mm	n/a	n/a	n/a	n/a	n/a
Cash remaining	62.93 mm	n/a	n/a	n/a	n/a	n/a
Runway (months of cash)	14.5	n/a	n/a	n/a	n/a	n/a

Beta Read what these cash burn values mean

Financial data from MediaAlpha earnings reports.

Institutional ownership, Q4 2024

MAX institutional ownership history Ownership history

93.1% owned by funds/institutions

13F holders	Current	Prev Q	Change
Total holders	164	157	+4.5%
Opened positions	33	33	–
Closed positions	26	28	-7.1%
Increased positions	67	61	+9.8%
Reduced positions	46	42	+9.5%

13F shares	Current	Prev Q	Change
Total value	523.52 bn	863.78 bn	-39.4%
Total shares	61.08 mm	64.16 mm	-4.8%
Total puts	62.40 k	37.70 k	+65.5%
Total calls	245.60 k	96.50 k	+154.5%
Total put/call ratio	0.3	0.4	-35.0%

Largest owners	Shares	Value	Change
WTM White Mountains Insurance	17.86 mm	$201.60 bn	0.0%
Eugene Nonko	3.97 mm	$65.23 mm	0.0%
Steven Yi	3.92 mm	$161.94 mm	0.0%
Vanguard	3.62 mm	$40.91 bn	+4.9%
BlackRock	3.56 mm	$40.16 bn	-5.6%
Capital Partners GP, L.L.C. Insignia	3.23 mm	$67.06 mm	0.0%
Broad Bay Capital Management	2.22 mm	$25.05 bn	-10.1%
Ambrose Wang	2.00 mm	$32.00 mm	0.0%
TimesSquare Capital Management	1.63 mm	$18.39 bn	+77.7%
Clearline Capital	1.19 mm	$13.41 bn	-4.3%

Largest transactions	Shares	Bought/sold	Change
Kayne Anderson Rudnick Investment Management	0.00	-2.19 mm	EXIT
Driehaus Capital Management	960.76 k	-1.29 mm	-57.3%
Divisadero Street Capital Management	0.00	-748.69 k	EXIT
TimesSquare Capital Management	1.63 mm	+712.41 k	+77.7%
Nuveen Asset Management	587.63 k	-551.64 k	-48.4%
IVZ Invesco	0.00	-551.49 k	EXIT
Jacobs Levy Equity Management	476.34 k	+459.23 k	+2683.2%
Silvercrest Asset Management	0.00	-447.15 k	EXIT
Aqr Capital Management	472.22 k	+401.81 k	+570.7%
UBS UBS	416.13 k	+397.02 k	+2078.0%

Data from 13F filings, for the last complete 13F reporting period. For most recent data, click the ownership history button. Values as filed, not updated for current price. Long positions only.

Recent insider trades

MAX insider ownership history Insider history

Date	Owner	Security	Transaction	Code	Indirect	10b5-1	$Price	#Shares	$Value	#Remaining
3 Dec 25	Steven Yi	Class A Common Stock	Sell	Dispose S	No	Yes	13.6402	3,289	44.86 k	2,927,330
3 Dec 25	Steven Yi	Class A Common Stock	Sell	Dispose S	No	Yes	13.189	4,711	62.13 k	2,930,619
3 Dec 25	Eugene Nonko	Class A Common Stock	Sell	Dispose S	Yes	Yes	13.6379	2,779	37.90 k	1,643,220
3 Dec 25	Eugene Nonko	Class A Common Stock	Sell	Dispose S	Yes	Yes	13.1963	3,921	51.74 k	1,645,999
3 Dec 25	Eugene Nonko	Class A Common Stock	Sell	Dispose S	No	Yes	13.6403	2,201	30.02 k	1,079,248
3 Dec 25	Eugene Nonko	Class A Common Stock	Sell	Dispose S	No	Yes	13.1929	3,199	42.20 k	1,081,449
2 Dec 25	Steven Yi	Class A Common Stock	Sell	Dispose S	No	Yes	12.5729	8,000	100.58 k	2,935,330
2 Dec 25	Eugene Nonko	Class A Common Stock	Sell	Dispose S	Yes	Yes	12.5737	6,700	84.24 k	1,649,920
2 Dec 25	Eugene Nonko	Class A Common Stock	Sell	Dispose S	No	Yes	12.5699	5,400	67.88 k	1,084,648
1 Dec 25	Steven Yi	Class A Common Stock	Sell	Dispose S	No	Yes	12.6005	8,000	100.80 k	2,943,330