Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Mediaalpha Inc (MAX)

151 + Investors. Track Smart Money conviction in MAX. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↓ -8
Streak
2Q ▼
Buyers last Q
42%

Smart Money Signals — MAX

Based on 153 hedge funds · latest filing: 2026 Q2 · updated quarterly

📉

Selling streak — 2 quarters in a row

last 6Q
For 2 consecutive quarters, more hedge funds reduced or closed their MAX positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.
📊

High ownership — 90% of 3.0Y peak

90% of all-time peak
153 funds currently hold this stock — 90% of the 3.0-year high of 170 funds (reached 2025 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
〰️

Stable — ownership unchanged year-over-year

fund count last 6Q
The number of hedge funds holding MAX is almost the same as a year ago (+1 funds, +1% change). No significant rush to buy or sell — institutional backing is holding steady.
🟠

More sellers than buyers — 42% buying

72 buying98 selling
Last quarter: 98 funds reduced or exited vs 72 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
⚠️

Fewer new buyers each quarter (-10 vs last Q)

new funds entering per quarter
Funds opening this position for the first time: 25 → 34 → 34 → 24. Each quarter fewer new institutions are entering. This usually means most funds that wanted in are already in — the stock is well-known but the pool of potential new buyers is shrinking.
🔒

48% of holders stayed for 2+ years

■ 48% conviction (2yr+) ■ 33% medium ■ 19% new
74 out of 153 hedge funds have held MAX for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💰

Value +42% but shares only +3% — price-driven

Value
+42%
Shares
+2%
Last quarter: the total dollar value of institutional holdings rose +42%, but actual share count only changed +3%. The gap is explained by the stock's price rising — not new buying. Strong value growth with weak share growth means the rally is price momentum, not fresh institutional demand.
➡️

Steady discovery — ~24 new funds/quarter

29 → 25 → 34 → 34 → 24 new funds/Q
New funds entering each quarter: 25 → 34 → 34 → 24. Consistent flow of new institutional buyers without clear acceleration or slowdown.
🏛️

Veteran-anchored — 56% veterans vs 23% newcomers

■ 56% veterans ■ 21% 1-2yr ■ 23% new
Entry-cohort mix of 157 holders: 88 (56%) are 2+ year veterans, 33 entered 1–2 years ago, and 36 (23%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅

Strong quality — 33% AUM from major funds

33% from top-100 AUM funds
42 of 152 holders rank in the top 100 by AUM, accounting for 33% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
3.4
out of 10
Low Exit Risk
Exit risk score 3.4/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — MAX

In 2026 Q2, 72 hedge funds were net buyers of MAX (24 opened a new position, 48 added to an existing one), while 98 reduced or exited (66 trimmed, 32 sold completely) — a 42% buyer ratio, indicating roughly balanced activity. Net selling has persisted for two consecutive quarters. 33% of total institutional value in MAX is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: -8 funds (more exits than new entries). Total institutional holders: 153.

Hedge Fund Ownership: MAX

How many hedge funds hold MAX — quarterly history vs. share price
Quarterly hedge fund ownership of MAX vs. share price

Market Analysis: MAX

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: MAX

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Loading signal freshness…
Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

9 top-rated funds 3 high-conviction
Consensus
4.3
/ 10
breadth
×
Elite
3.1
/ 10
conviction
Hedge Fund Positioning: MAX
151 + Investors

Track Smart Money conviction in MAX. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q2) Prior (2026 Q1) Change
Funds Holding 151 161 -6.21%
13F Shares 49M 48M 1.9%
Total Value $599M $438M 36.63%
New Positions 24 34 -10
Increased Positions 46 56 -10
Closed Positions 33 41 -8
Reduced Positions 64 54 +10
Total Calls 5 4 25.0%
Total Puts 0 3 -100.0%
PUT/CALL Ratio 0.0 0.75 Bullish

Statistics: MAX

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Valuation Measures Data as of: --

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Short % of Float --

Financial Highlights

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Institutional Holders (2026 Q2)

151 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in MAX. Verified SEC 13F-HR filings.

QUARTER:
Top 25 MAX holders by conviction (% of portfolio weight) — 2026 Q2 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 White Mountains Insurance Group Ltd 57.03% 17,856,614 $224.5M
2 Jacobs Asset Management, LLC 7.27% 919,761 $11.6M
3 Triad Investment Management 5.11% 368,731 $4.6M
4 Stoic Point Capital Management LLC 3.10% 297,150 $3.7M
5 EVR Research LP 2.73% 440,000 $5.5M
6 Clearline Capital LP 2.04% 2,713,890 $34.1M
7 Speece Thorson Capital Group Inc 1.31% 489,098 $6.1M
8 Shay Capital LLC 0.46% 570,000 $7.2M
9 Divisadero Street Capital Management, LP 0.29% 1,019,988 $12.8M
10 EntryPoint Capital, LLC 0.20% 21,987 $290K
11 J. Goldman & Co LP 0.19% 598,070 $7.5M
12 Winmill & CO. Inc 0.18% 65,102 $818K
13 Globeflex Capital L P 0.09% 55,850 $702K
14 Dynamic Technology Lab Private Ltd 0.08% 26,868 $338K
15 PDT Partners, LLC 0.06% 84,022 $1.1M
16 Abel Hall, LLC 0.05% 24,473 $308K
17 Elkhorn Partners Limited Partnership 0.05% 4,500 $57K
18 Jacobs Levy Equity Management, Inc 0.04% 971,232 $12.2M
19 Axq Capital, LP 0.03% 25,117 $316K
20 Campbell & CO Investment Adviser LLC 0.03% 46,617 $586K
21 J. Goldman & Co LP 0.03% 88,400 $1.1M
22 XTX Topco Ltd 0.03% 172,269 $2.2M
23 Algert Global LLC 0.03% 170,870 $2.1M
24 Fox Run Management, L.L.C. 0.02% 11,327 $142K
25 Hillsdale Investment Management Inc. 0.01% 45,900 $577K
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Mediaalpha Inc (MAX)

What does the Smart Money Trend signal show for MAX?

Selling streak — 2 quarters in a row: For 2 consecutive quarters, more hedge funds reduced or closed their MAX positions than added to them. Sustained institutional selling is a meaningful warning sign — these are professionals with deep research teams collectively deciding to exit.

What is the institutional breadth score for MAX?

More sellers than buyers — 42% buying: Last quarter: 98 funds reduced or exited vs 72 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.

What is the fund quality score for MAX holders?

Strong quality — 33% AUM from major funds: 42 of 152 holders rank in the top 100 by AUM, accounting for 33% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

How long have hedge funds held MAX?

48% of holders stayed for 2+ years: 74 out of 153 hedge funds have held MAX for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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