Yi Steven, who serves on the board of MediaAlpha, Inc. (NASDAQ:MAX), divested a total of 24,000 shares of Class A Common Stock during three separate trading sessions between January 20 and January 22, 2026. According to a recent Form 4 filing submitted to the Securities and Exchange Commission, these transactions generated roughly $267,432 in proceeds.
On January 20, Mr. Steven disposed of 8,000 shares at an aggregate weighted average price of $11.2043 per share. These shares sold through multiple trades at prices fluctuating between $11.10 and $11.335. The following day, January 21, he executed a similar volume of 8,000 shares at a slightly lower weighted average price of $11.0227, with transaction prices ranging from $10.86 to $11.20. Concluding the sequence on January 22, another 8,000 shares were sold at a weighted average price of $11.202, trading in the span of $11.06 to $11.315 per share.
Post-sale, Yi Steven’s direct ownership in MediaAlpha stands at 2,759,330 shares. The reported sales were conducted pursuant to an established Rule 10b5-1 trading plan. Primarily, this plan aims to provide liquidity to cover tax liabilities arising from the vesting of restricted stock units (RSUs), rather than signaling investment strategy changes.
In a related development, MediaAlpha disclosed its financial results for the third quarter of 2025, surpassing analyst expectations. Earnings per share reached $0.26, outperforming the anticipated $0.20. Additionally, the company's revenue came in at $306.5 million, exceeding the predicted $283.98 million. Reflecting this robust performance, Goldman Sachs elevated its price target for MediaAlpha from $12.00 to $13.50, emphasizing especially strong results in the property and casualty insurance segment. The firm's forward-looking guidance also exceeded both Goldman Sachs’ and consensus estimates.
Alongside financial achievements, MediaAlpha implemented important corporate governance changes effective December 10, 2025. Updates to the company’s bylaws addressed stockholder meeting procedures and director term lengths. Changes to the board included the resignation of Christopher Delehanty amidst a broader board restructuring, and the addition of Ramon Jones, previously Nationwide Insurance’s Chief Marketing Officer, whose marketing and leadership expertise brings notable experience to MediaAlpha’s board. These adjustments continue the company’s transition following its shift from controlled company status in 2024.