MediaAlpha, Inc. (NASDAQ: MAX) disclosed an insider sale by Chief Revenue Officer Keith Cramer in a Form 4 filing with the Securities and Exchange Commission. On March 16, 2026, Cramer sold 10,000 shares of Class A common stock at prices ranging from $9.81 to $9.99 per share, bringing in $98,946 in proceeds.
The filing states the trades were carried out under a pre-arranged Rule 10b5-1 trading plan and were intended to cover taxes associated with the vesting of restricted stock units. Following the disposition, Cramer is recorded as directly owning 306,754 shares of MediaAlpha.
Share price context provided with the filing shows MediaAlpha trading at $9.67, with a market capitalization of $627.5 million and a price-to-earnings ratio of 25.15. Analysis from InvestingPro, cited in the disclosure, indicates the stock appears undervalued relative to its calculated Fair Value and is listed among the platform’s most undervalued stocks. The disclosure also notes the availability of a comprehensive Pro Research Report for MediaAlpha and more than 1,400 other U.S. equities on the platform.
The insider sale follows a significant grant to Cramer on March 15, 2026. That award included 134,600 shares of Class A common stock and 44,900 Performance Restricted Stock Units. The restricted stock units are scheduled to vest over a four-year period. The performance-based units are tied to the company’s Adjusted EBITDA goals for fiscal years 2026, 2027, and 2028 and, if the conditions are satisfied, will settle on March 15, 2029.
Separately, MediaAlpha published its Q4 2025 results, reporting revenue of $291 million, a modest shortfall against a forecasted $295.02 million. Despite the slight revenue miss, the earnings release was accompanied by what the company characterized as record financial results and strategic initiatives, which were credited with fostering constructive investor sentiment. The company reported no major mergers or acquisitions during the period, and the filing noted there were no significant analyst upgrades or downgrades announced in connection with the results.
The combination of the insider transaction, the recent equity award and the quarterly results provide a clustered view of management compensation mechanics and near-term performance benchmarks. Investors reviewing MediaAlpha will see an insider sale executed under standard tax-covering arrangements, continued retention of a substantial personal stake by the CRO, and performance-oriented compensation tied to multi-year Adjusted EBITDA targets. At the same time, the company’s most recent quarter included a small revenue miss while being described as recording strong results overall.
Summary of key data points
- Insider sale: 10,000 Class A shares sold on March 16, 2026 at $9.81 - $9.99, proceeds $98,946.
- Post-sale ownership: Keith Cramer directly owns 306,754 shares.
- Recent grant: 134,600 Class A shares and 44,900 Performance RSUs awarded on March 15, 2026; RSUs vest over four years; performance RSUs tied to Adjusted EBITDA goals for FY2026-2028 and settle March 15, 2029 if eligible.
- Company metrics: trading price $9.67, market cap $627.5 million, P/E 25.15; InvestingPro flags the stock as undervalued relative to Fair Value.
- Q4 2025 revenue: $291 million versus a $295.02 million forecast; no major M&A or notable analyst rating changes reported.