Miami International Holdings, Inc. (NYSE:MIAX – Get Free Report)’s stock price reached a new 52-week low during mid-day trading on Tuesday after an insider sold shares in the company. The company traded as low as $32.74 and last traded at $34.2690, with a volume of 1678389 shares traded. The stock had previously closed at $33.01.
Specifically, EVP Douglas Schafer, Jr. sold 40,000 shares of the firm’s stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $33.34, for a total transaction of $1,333,600.00. Following the sale, the executive vice president owned 387,414 shares of the company’s stock, valued at $12,916,382.76. This trade represents a 9.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Analyst Ratings Changes
A number of research analysts recently weighed in on MIAX shares. Rosenblatt Securities restated a “buy” rating and set a $62.00 price objective on shares of Miami International in a research report on Friday, October 2nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Miami International in a research note on Friday, August 7th. Morgan Stanley lowered shares of Miami International from an “overweight” rating to an “equal weight” rating and decreased their target price for the company 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 note on Sunday, August 23rd. 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 report on Friday, August 7th. One equities research 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, the company presently has an average rating of “Moderate Buy” and an average price target of $51.40.
Miami International Stock Down 1.7%
The firm has a market capitalization of $3.00 billion, a PE ratio of 39.29 and a beta of 1.79. The stock’s fifty day simple moving average is $40.57 and its 200 day simple moving average is $42.49.
Miami International (NYSE:MIAX – Get Free Report) last issued its quarterly 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 net margin of 9.70% and a return on equity of 16.95%. The company’s revenue was up 34.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.48 EPS. On average, analysts predict that Miami International Holdings, Inc. will post 1.71 EPS for the current year.
Hedge Funds Weigh In On Miami International
Several institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of Miami International in the second quarter worth about $188,466,000. J Digital 6 LLC bought a new position in shares of Miami International during the 2nd quarter valued at approximately $67,157,000. Bank of America Corp DE purchased a new stake in Miami International in the 2nd quarter worth approximately $31,845,000. NewEdge Advisors LLC raised its stake in Miami International by 1,646.6% during the 2nd quarter. NewEdge Advisors LLC now owns 681,610 shares of the company’s stock worth $25,329,000 after acquiring an additional 642,585 shares during the period. Finally, Caldwell Investment Management Ltd. bought a new stake in Miami International during the 2nd quarter worth approximately $22,279,000.
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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