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Insider Trading April 15, 2026 06:07 PM

MediaAlpha CRO Sells 10,000 Shares; Transaction Linked to RSU Tax Cover

Keith Cramer disposed of roughly $96,800 in Class A stock under a Rule 10b5-1 plan as the company reports record results alongside a slight revenue miss

By Avery Klein MAX
MediaAlpha CRO Sells 10,000 Shares; Transaction Linked to RSU Tax Cover
MAX

MediaAlpha Chief Revenue Officer Keith Cramer sold 10,000 Class A shares on April 15, 2026, for about $96,806 under a pre-arranged Rule 10b5-1 plan to meet tax obligations from vested RSUs. The stock trades near $9.70 with a market cap of $614.91 million. MediaAlpha's Q4 2025 results showed $291 million in revenue, slightly below the $295.02 million consensus, while the company highlighted record financial outcomes and strategic progress. Board member Lara Sweet will not stand for reelection, with her term ending in May 2026 and the board conducting a search for a replacement; Kathy Vrabeck will serve as interim Audit Committee Chair.

Key Points

  • Insider sale: Keith Cramer sold 10,000 Class A shares on April 15, 2026, for approximately $96,806 at prices between $9.44 and $9.77 per share.
  • Financials: MediaAlpha reported Q4 2025 revenue of $291 million, slightly under the $295.02 million consensus, while emphasizing record financial results and strategic progress.
  • Governance: Director Lara Sweet will not stand for reelection, ending her term in May 2026; the Board is searching for a replacement and Kathy Vrabeck will serve as interim Audit Committee Chair.

MediaAlpha, Inc. (NASDAQ: MAX) disclosed that Chief Revenue Officer Keith Cramer sold 10,000 shares of Class A Common Stock on April 15, 2026, receiving aggregate proceeds of approximately $96,806. Trade prices for the blocks ranged between $9.44 and $9.77 per share.

Following the transaction, Cramer retains direct ownership of 296,754 shares of MediaAlpha Class A Common Stock. The companys shares are trading at about $9.70, giving MediaAlpha a market capitalization of roughly $614.91 million at the time of the disclosure.

The filing indicates the disposition was conducted under a pre-established Rule 10b5-1 trading plan. The sales were specifically stated to cover tax obligations that arose from the vesting of restricted stock units (RSUs).

Separately, MediaAlpha released its Q4 2025 financial results. The company reported revenue of $291 million, a modest shortfall relative to the $295.02 million consensus. Despite the slight miss versus expectations, the earnings release emphasized record financial results overall and cited strategic initiatives that management believes have contributed to favorable investor reception.

Corporate governance changes were also disclosed: Lara Sweet, a director on MediaAlphas Board, will not stand for reelection at the 2026 Annual Meeting of Stockholders and will conclude her term in May 2026. The company stated her decision is for personal reasons and not due to any disagreement with the firm. The Board has launched a search for a new director, and Kathy Vrabeck is expected to serve as interim Chair of the Audit Committee while the search is underway.

This combination of insider selling under a planned trading program, recent quarterly results that mixed record metrics with a small revenue shortfall, and an impending Board change forms the most recent set of corporate developments for MediaAlpha.

Summary

Chief Revenue Officer Keith Cramer executed a Rule 10b5-1 sale of 10,000 Class A shares on April 15, 2026, to satisfy RSU-related tax liabilities. MediaAlpha reported Q4 2025 revenue of $291 million, narrowly missing the $295.02 million expectation, and confirmed an upcoming Board vacancy as Lara Sweet will not seek reelection.

Risks

  • Insider selling - while executed under a Rule 10b5-1 plan to cover RSU taxes, such sales can be perceived negatively by investors tracking insider activity, potentially affecting investor sentiment in the technology and ad-tech sectors.
  • Revenue shortfall - Q4 2025 revenue of $291 million was marginally below the $295.02 million forecast, introducing near-term earnings uncertainty for market participants assessing MediaAlphas top-line trajectory.
  • Board turnover - the departure of a director and an ongoing search for a replacement could create short-term governance continuity questions until a new director is appointed, relevant to corporate governance and investor relations.

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