Miami International (NYSE:MIAX) Reaches New 1-Year Low Following Insider Selling

Shares of Miami International Holdings, Inc. (NYSE:MIAX) hit a new 52-week low 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 trading hands. The stock had previously closed at $33.01.

Specifically, EVP Douglas Schafer, Jr. sold 40,000 shares of the business’s stock in a transaction dated Friday, October 2nd. The stock was 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 owned 387,414 shares of the company’s stock, valued at approximately $12,916,382.76. The trade was a 9.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analysts Set New Price Targets

Several brokerages have weighed in on MIAX. Weiss Ratings reissued a “hold (c)” rating on shares of Miami International in a research report on Friday, August 7th. Wall Street Zen cut Miami International from a “buy” rating to a “hold” rating in a research note on Sunday, August 23rd. Keefe, Bruyette & Woods raised their price target 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. Morgan Stanley cut shares of Miami International from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $53.00 to $50.00 in a report on Tuesday, September 1st. Finally, Rosenblatt Securities reissued a “buy” rating and set a $62.00 price objective on shares of Miami International in a research report on Friday, October 2nd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $51.40.

Miami International Price Performance

The firm has a market cap of $3.00 billion, a PE ratio of 39.29 and a beta of 1.79. The firm has a 50-day simple moving average of $40.57 and a 200 day simple moving average of $42.49.

Miami International (NYSE:MIAX) last released its earnings results on Wednesday, August 5th. The company reported $0.48 earnings per share for the quarter, topping analysts’ consensus estimates 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 period in the prior year, the company earned $0.48 earnings per share. The firm’s quarterly revenue was up 34.8% compared to the same quarter last year. Sell-side analysts forecast that Miami International Holdings, Inc. will post 1.71 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Miami International

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. purchased a new position in Miami International during the second quarter valued at $5,618,000. BNP Paribas Financial Markets purchased a new stake in shares of Miami International in the fourth quarter worth $8,477,000. Philadelphia Financial Management of San Francisco LLC bought a new position in shares of Miami International during the second quarter valued at $8,313,249. Arrowstreet Capital Limited Partnership purchased a new position in shares of Miami International in the 1st quarter worth about $5,834,000. Finally, HighTower Advisors LLC raised its position in shares of Miami International by 290.6% in the 2nd quarter. HighTower Advisors LLC now owns 112,298 shares of the company’s stock worth $4,173,000 after purchasing an additional 83,547 shares during the last quarter.

Miami International Company Profile

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.