Key Points
- Executive sale: EVP Douglas Schafer, Jr. sold 40,000 MIAX shares for approximately $1.33 million at $33.34 per share under a pre-arranged Rule 10b5-1 plan, reducing his holdings by 9.36% to 387,414 shares.
- Stock performance and results: MIAX opened at $30.84, down 10.1%, near its 52-week low of $30.69. The company recently beat quarterly earnings estimates with $0.48 EPS on $387.63 million in revenue, up 34.8% year over year.
- Analyst outlook remains positive but mixed: The stock carries a consensus “Moderate Buy” rating and a $51.40 price target, although some analysts have downgraded it to “Hold” or “Equal Weight.”
Miami International Holdings, Inc. (NYSE:MIAX - Get Free Report) EVP Douglas Schafer, Jr. sold 40,000 shares of the stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $33.34, for a total value of $1,333,600.00. Following the completion of the sale, the executive vice president directly owned 387,414 shares in the company, valued at $12,916,382.76. This represents a 9.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Miami International Stock Down 10.1%
NYSE MIAX opened at $30.84 on Wednesday. Miami International Holdings, Inc. has a 52 week low of $30.69 and a 52 week high of $57.14. The stock has a market capitalization of $3.06 billion, a PE ratio of 40.06 and a beta of 1.79. The firm has a 50 day moving average of $40.90 and a two-hundred day moving average of $42.55.
Miami International (NYSE:MIAX - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.07. The business had revenue of $387.63 million for the quarter. Miami International had a return on equity of 16.95% and a net margin of 9.70%.Miami International's revenue was up 34.8% on a year-over-year basis. During the same period last year, the business posted $0.48 EPS. On average, equities research analysts expect that Miami International Holdings, Inc. will post 1.71 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Miami International
A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlueCrest Capital Management Ltd acquired a new stake in shares of Miami International during the second quarter worth about $7,432,000. NewEdge Advisors LLC increased its position in Miami International by 1,646.6% in the 2nd quarter. NewEdge Advisors LLC now owns 681,610 shares of the company's stock valued at $25,329,000 after acquiring an additional 642,585 shares during the period. One Charles Private Wealth Services LLC acquired a new position in Miami International in the 2nd quarter valued at about $4,400,000. Allianz Asset Management GmbH purchased a new stake in Miami International during the 2nd quarter valued at approximately $13,350,000. Finally, HighTower Advisors LLC lifted its position in Miami International by 290.6% during the 2nd quarter. HighTower Advisors LLC now owns 112,298 shares of the company's stock worth $4,173,000 after acquiring an additional 83,547 shares during the period.
Wall Street Analysts Forecast Growth
Several analysts have recently weighed in on the stock. Weiss Ratings restated a "hold (c)" rating on shares of Miami International in a research report on Friday, August 7th. Wall Street Zen lowered shares of Miami International from a "buy" rating to a "hold" rating in a research note on Sunday, August 23rd. Zacks Research raised shares of Miami International from a "hold" rating to a "strong-buy" rating in a research report on Friday, September 25th. Rosenblatt Securities restated a "buy" rating and issued a $62.00 price objective on shares of Miami International in a research note on Friday, October 2nd. Finally, Morgan Stanley lowered Miami International from an "overweight" rating to an "equal weight" rating and dropped their price objective for the stock from $53.00 to $50.00 in a report on Tuesday, September 1st. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $51.40.
Get Our Latest Stock Report on Miami International
Miami International Company Profile
(
Get Free Report)
Miami International Holdings, Inc operates financial markets and exchange platforms through its MIAX Exchange Group. The company provides electronic trading venues, market data, and related technology for options and other securities, with an emphasis on high-performance execution and competitive market structure.
Its U.S. exchange portfolio includes the MIAX, MIAX Pearl, MIAX Emerald, and MIAX Sapphire options exchanges, as well as MIAX Pearl Equities. These venues support trading in listed options and equities and are designed to serve market makers, institutional investors, broker-dealers, and other market participants.
Miami International Holdings was founded in 2007, and its flagship MIAX options exchange began operations in 2012.
Further Reading
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