Miami International Holdings, Inc. (NYSE:MIAX – Get Free Report)’s stock price hit a new 52-week low on Wednesday. The company traded as low as $33.52 and last traded at $33.7730, with a volume of 1451891 shares traded. The stock had previously closed at $33.91.
Analysts Set New Price Targets
Several brokerages have commented on MIAX. Morgan Stanley cut shares of Miami International from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $53.00 to $50.00 in a research note on Tuesday, September 1st. Wall Street Zen downgraded Miami International from a “buy” rating to a “hold” rating in a research report on Sunday, August 23rd. Zacks Research raised Miami International from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 25th. Weiss Ratings restated a “hold (c)” rating on shares of Miami International in a report on Friday, August 7th. Finally, Keefe, Bruyette & Woods lifted their price objective on Miami International from $46.00 to $48.00 and gave the stock a “market perform” rating in a research note on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.40.
Check Out Our Latest Report on MIAX
Miami International Trading Up 0.7%
Miami International (NYSE:MIAX – Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.07. Miami International had a net margin of 9.70% and a return on equity of 16.95%. The firm had revenue of $387.63 million for the quarter. During the same quarter in the prior year, the company posted $0.48 earnings per share. The firm’s quarterly revenue was up 34.8% compared to the same quarter last year. Analysts forecast that Miami International Holdings, Inc. will post 1.7 earnings per share for the current year.
Insider Buying and Selling at Miami International
In other news, EVP Shelly Brown sold 21,217 shares of the firm’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $38.61, for a total value of $819,188.37. Following the completion of the sale, the executive vice president directly owned 316,490 shares of the company’s stock, valued at $12,219,678.90. This trade represents a 6.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Thomas Gallagher sold 47,000 shares of Miami International stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $42.43, for a total value of $1,994,210.00. Following the completion of the transaction, the chief executive officer owned 1,423,275 shares of the company’s stock, valued at approximately $60,389,558.25. This trade represents a 3.20% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 672,415 shares of company stock valued at $28,445,267. Corporate insiders own 15.60% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Miami International during the 2nd quarter worth about $5,618,000. BNP Paribas Financial Markets purchased a new stake in Miami International in the 4th quarter worth about $8,477,000. Philadelphia Financial Management of San Francisco LLC purchased a new stake in Miami International in the 2nd quarter worth about $8,313,249. Arrowstreet Capital Limited Partnership bought a new stake in Miami International in the first quarter worth about $5,834,000. Finally, HighTower Advisors LLC boosted its position in shares of Miami International by 290.6% during the second quarter. HighTower Advisors LLC now owns 112,298 shares of the company’s stock valued at $4,173,000 after buying an additional 83,547 shares during the period.
About Miami International
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.
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