Miami International (NYSE:MIAX) Reaches New 1-Year Low – Should You Sell?

Shares of Miami International Holdings, Inc. (NYSE:MIAX) hit a new 52-week low during trading on Thursday. The company traded as low as $35.33 and last traded at $35.5950, with a volume of 770747 shares traded. The stock had previously closed at $35.89.

Analysts Set New Price Targets

Several brokerages have weighed in on MIAX. Morgan Stanley cut 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. Weiss Ratings reiterated a “hold (c)” rating on shares of Miami International in a research report on Friday, August 7th. Zacks Research downgraded shares of Miami International from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. Keefe, Bruyette & Woods raised their price objective on shares of Miami International from $46.00 to $48.00 and gave the company a “market perform” rating in a research note on Friday, August 7th. Finally, Wall Street Zen lowered shares of Miami International from a “buy” rating to a “hold” rating in a report on Sunday, August 23rd. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Miami International has an average rating of “Hold” and an average target price of $51.40.

Miami International Stock Down 2.0%

The business’s 50 day simple moving average is $42.23 and its 200 day simple moving average is $42.84. The stock has a market cap of $3.47 billion and a price-to-earnings ratio of 45.36.

Miami International (NYSE:MIAX) last issued its earnings results on Wednesday, August 5th. The company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.07. The company 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 firm’s revenue for the quarter was up 34.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.48 earnings per share. Equities research analysts forecast that Miami International Holdings, Inc. will post 1.7 earnings per share for the current fiscal year.

Insider Buying and Selling at Miami International

In other news, EVP Douglas M. Schafer, Jr. sold 48,000 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $40.48, for a total transaction of $1,943,040.00. Following the completion of the sale, the executive vice president owned 387,414 shares in the company, valued at approximately $15,682,518.72. This trade represents a 11.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Barbara J. Comly sold 44,445 shares of Miami International stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $40.49, for a total transaction of $1,799,578.05. Following the sale, the executive vice president directly owned 839,564 shares of the company’s stock, valued at $33,993,946.36. The trade was a 5.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 756,665 shares of company stock worth $31,904,575. 15.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Miami International

Several institutional investors and hedge funds have recently made changes to their positions in the company. Fifth Third Bancorp bought a new stake in Miami International in the 1st quarter valued at $61,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Miami International in the fourth quarter valued at about $66,000. New York State Teachers Retirement System bought a new position in Miami International during the first quarter worth about $84,000. SG Americas Securities LLC raised its stake in Miami International by 48.9% in the 1st quarter. SG Americas Securities LLC now owns 3,537 shares of the company’s stock worth $138,000 after purchasing an additional 1,162 shares in the last quarter. Finally, State of Wyoming raised its stake in Miami International by 664.6% in the 1st quarter. State of Wyoming now owns 4,542 shares of the company’s stock worth $177,000 after purchasing an additional 3,948 shares in the last quarter.

About Miami International

Miami International Holdings, Inc (NYSE: MIAX) operates a global exchange group focused on financial markets and trading infrastructure. Its business includes the MIAX Exchange Group, which operates electronic options and equities exchanges serving institutional, professional and other market participants.

The company’s exchange platforms include MIAX, MIAX Pearl and MIAX Emerald for listed options, as well as MIAX Sapphire for equities. Miami International Holdings also provides exchange-related services such as market data, connectivity and trading technology designed to support efficient order execution and liquidity across its marketplaces.

Founded in 2007, the company has expanded beyond its U.S.