Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Mediaalpha Inc (MAX)

160 + 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
↓ -7
Streak
1Q ▼
Buyers last Q
48%

Smart Money Signals — MAX

Based on 161 hedge funds · latest filing: 2026 Q1 · updated quarterly

📉

Selling streak — 1 quarter in a row

last 6Q
For 1 consecutive quarter, 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.
🏔️

At the ownership peak (96% of max)

96% of all-time peak
161 hedge funds hold MAX right now — the highest count in 3.0 years. When ownership is this concentrated, any bad news can trigger a chain reaction: one big fund sells, others follow. This is a classic 'crowded trade' — high popularity doesn't equal safety.
📶

Steady growth — +11% more funds vs a year ago

fund count last 6Q
+16 new funds entered over the past year (+11% YoY). Gradual, steady growth in institutional ownership is generally a healthy signal — not a speculative rush, but consistent conviction.
🟠

More sellers than buyers — 48% buying

90 buying98 selling
Last quarter: 98 funds reduced or exited vs 90 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.
➡️

Steady new buyers — ~34 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 28 → 25 → 33 → 34. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒

44% of holders stayed for 2+ years

■ 44% conviction (2yr+) ■ 32% medium ■ 24% new
71 out of 161 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.
💎

Buying through price weakness — shares +1%, value -29%

Value
-29%
Shares
+0%
Last quarter: funds added +1% more shares while total portfolio value only changed -29%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
📈

Growing discovery — still being found

21 → 28 → 25 → 33 → 34 new funds/Q
New funds entering each quarter: 28 → 25 → 33 → 34. A growing number of institutions are discovering MAX each quarter. The narrative is still spreading — leaving room for ongoing capital accumulation.
🏛️

Veteran-anchored — 53% veterans vs 24% newcomers

■ 53% veterans ■ 23% 1-2yr ■ 24% new
Entry-cohort mix of 168 holders: 89 (53%) are 2+ year veterans, 38 entered 1–2 years ago, and 41 (24%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅

Strong quality — 20% AUM from major funds

20% from top-100 AUM funds
42 of 161 holders rank in the top 100 by AUM, accounting for 20% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
3.7
out of 10
Low Exit Risk
Exit risk score 3.7/10 — 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 Q1, 90 hedge funds were net buyers of MAX (34 opened a new position, 56 added to an existing one), while 98 reduced or exited (57 trimmed, 41 sold completely) — a 48% buyer ratio, indicating roughly balanced activity. 20% of total institutional value in MAX is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: -7 funds (more exits than new entries). Total institutional holders: 161.

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.

Is It Too Late to Buy Mediaalpha Inc (MAX) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much MAX has moved relative to its sector benchmark (XLC) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 82d ago
MAX
+8.9%
XLC
-1.3%

MAX outperformed XLC by +10.2% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 37d ago
MAX
+25.7%
XLC
-5.7%

Since the filing became public, MAX outperformed XLC by +31.4% .

Interpretation: The stock has significantly outperformed its sector benchmark — the original entry opportunity has largely been captured by earlier investors. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

17 top-rated funds 2 high-conviction
Consensus
5.5
/ 10
breadth
×
Elite
2.9
/ 10
conviction
Hedge Fund Positioning: MAX
160 + Investors

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

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 160 168 -4.76%
13F Shares 48M 48M 0.7%
Total Value $438M $618M -29.03%
New Positions 33 33 -
Increased Positions 56 75 -19
Closed Positions 41 22 +19
Reduced Positions 54 47 +7
Total Calls 4 2 100.0%
Total Puts 3 1 200.0%
PUT/CALL Ratio 0.75 0.5 Neutral

Statistics: MAX

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Valuation Measures Data as of: --

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PEG Ratio (5yr expected) --
Price/Sales (ttm) --
Price/Book (mrq) --
Enterprise Value/Revenue --
Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

Profitability
Profit Margin --
Return on Assets (ttm) --
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Income Statement & Cash Flow
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Total Cash (mrq) --
Total Debt/Equity (mrq) --
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Institutional Holders (2026 Q1)

160 + 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 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 White Mountains Insurance Group Ltd 52.99% 17,856,614 $166.1M
2 Jacobs Asset Management, LLC 5.15% 924,443 $8.6M
3 Triad Investment Management 3.41% 944,973 $9.3M
4 Stoic Point Capital Management LLC 2.00% 221,041 $2.1M
5 Philadelphia Financial Management of San Francisco, LLC 1.29% 480,000 $4.5M
6 Clearline Capital LP 1.25% 2,590,670 $24.1M
7 Speece Thorson Capital Group Inc 1.06% 499,011 $4.6M
8 Shay Capital LLC 0.60% 775,000 $7.2M
9 J. Goldman & Co LP 0.32% 1,182,673 $11.0M
10 J. Goldman & Co LP 0.19% 688,400 $6.4M
11 Elkhorn Partners Limited Partnership 0.14% 23,000 $214K
12 nVerses Capital, LLC 0.13% 15,790 $147K
13 Globeflex Capital L P 0.11% 80,233 $746K
14 Dynamic Technology Lab Private Ltd 0.07% 43,595 $405K
15 Fox Run Management, L.L.C. 0.06% 36,955 $349K
16 Bridgefront Capital, LLC 0.06% 26,170 $243K
17 Abel Hall, LLC 0.05% 25,424 $236K
18 PDT Partners, LLC 0.05% 90,022 $837K
19 State of Wyoming 0.05% 43,001 $400K
20 Mach-1 Financial Group, LLC 0.04% 11,957 $111K
21 Divisadero Street Capital Management, LP 0.03% 86,907 $808K
22 Jacobs Levy Equity Management, Inc 0.03% 750,054 $7.0M
23 Y-Intercept (Hong Kong) Ltd 0.03% 158,170 $1.5M
24 AlphaQuest LLC 0.03% 37,463 $485K
25 XTX Topco Ltd 0.02% 146,838 $1.4M
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 — 1 quarter in a row: For 1 consecutive quarter, 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 — 48% buying: Last quarter: 98 funds reduced or exited vs 90 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 — 20% AUM from major funds: 42 of 161 holders rank in the top 100 by AUM, accounting for 20% 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?

44% of holders stayed for 2+ years: 71 out of 161 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.

Is it too late to buy Mediaalpha Inc (MAX) following the 2026 Q1 hedge fund 13F filings?

As of today, MAX has moved +25.7% since the 2026 Q1 13F filing date (May 15, 2026), compared to -5.7% for the XLC sector ETF — an outperformance of +31.4%. Since the quarter end (March 31, 2026), MAX has gained +8.9% vs -1.3% for XLC. The stock has significantly outperformed its sector benchmark — the original entry opportunity has largely been captured by earlier investors.

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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