Miami International (NYSE:MIAX) Shares Climb 4.1% – Should You Buy?

Miami International Holdings, Inc. (NYSE:MIAX) shot up 4.1% during trading on Friday. The stock traded as high as $36.94 and last traded at $37.5540. 107,725 shares traded hands during trading, a decline of 93% from the average daily volume of 1,546,843 shares. The stock had previously closed at $36.07.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on MIAX shares. Keefe, Bruyette & Woods boosted their price objective on Miami International from $46.00 to $48.00 and gave the company a “market perform” rating in a report on Friday, August 7th. Weiss Ratings upgraded Miami International from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday. Wall Street Zen downgraded shares of Miami International from a “buy” rating to a “hold” rating in a research report on Sunday, August 23rd. Morgan Stanley decreased their price target on shares of Miami International from $50.00 to $43.00 and set an “equal weight” rating for the company in a research note on Friday, October 9th. Finally, Zacks Research downgraded shares of Miami International from a “strong-buy” rating to a “hold” rating in a report on Monday, October 26th. One analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $49.00.

Miami International Trading Up 4.1%

The firm has a market cap of $3.76 billion, a P/E ratio of 13.91 and a beta of 1.73. The company’s 50-day moving average is $35.07 and its two-hundred day moving average is $40.96.

Miami International (NYSE:MIAX) last released its quarterly earnings results on Thursday, October 29th. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.09. The business had revenue of $376.18 million during the quarter. Miami International had a return on equity of 19.06% and a net margin of 19.75%. Miami International’s revenue for the quarter was up 243.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.42 EPS. Research analysts anticipate that Miami International Holdings, Inc. will post 1.76 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Thomas Gallagher sold 149,700 shares of Miami International stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $41.13, for a total transaction of $6,157,161.00. Following the transaction, the chief executive officer owned 1,423,275 shares of the company’s stock, valued at $58,539,300.75. The trade was a 9.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Barbara Comly sold 56,022 shares of Miami International stock in a transaction that occurred on Wednesday, November 4th. The shares were sold at an average price of $35.07, for a total value of $1,964,691.54. Following the transaction, the executive vice president directly owned 839,564 shares in the company, valued at approximately $29,443,509.48. The trade was a 6.26% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 517,574 shares of company stock worth $20,002,691 over the last three months. Company insiders own 15.60% of the company’s stock.

Hedge Funds Weigh In On Miami International

A number of hedge funds have recently bought and sold shares of MIAX. Atlas Wealth Partners LLC grew its stake in shares of Miami International by 1.7% in the 3rd quarter. Atlas Wealth Partners LLC now owns 39,190 shares of the company’s stock worth $1,313,000 after acquiring an additional 660 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Miami International by 42.3% in the third quarter. Nisa Investment Advisors LLC now owns 2,641 shares of the company’s stock valued at $88,000 after purchasing an additional 785 shares during the last quarter. Fifth Third Bancorp lifted its position in shares of Miami International by 98.0% during the third quarter. Fifth Third Bancorp now owns 2,530 shares of the company’s stock valued at $85,000 after purchasing an additional 1,252 shares in the last quarter. State of Wyoming lifted its position in shares of Miami International by 15.5% during the third quarter. State of Wyoming now owns 10,755 shares of the company’s stock valued at $360,000 after purchasing an additional 1,442 shares in the last quarter. Finally, Covestor Ltd lifted its position in shares of Miami International by 321.5% during the third quarter. Covestor Ltd now owns 2,508 shares of the company’s stock valued at $84,000 after purchasing an additional 1,913 shares in the last quarter.

Miami International Company Profile

Miami International Holdings, Inc. (MIAX) operates financial exchanges and provides trading technology and related services. Its U.S. platforms include options exchanges and an equities exchange, serving market participants such as broker-dealers, institutional investors and trading firms. The company also operates MIAX Futures, which offers futures and options contracts, and owns the Bermuda Stock Exchange. Its businesses serve U.S. markets as well as participants in Bermuda and other international markets.