Miami International (NYSE:MIAX) Reaches New 52-Week Low – Should You Sell?

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

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Miami International in a research note on Friday, August 7th. Rosenblatt Securities lifted their target price on Miami International from $61.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Zacks Research downgraded Miami International from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 23rd. Keefe, Bruyette & Woods boosted their target price on shares of Miami International from $46.00 to $48.00 and gave the stock a “market perform” rating in a research report on Friday, August 7th. Finally, Morgan Stanley lowered Miami International from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $53.00 to $50.00 in a report on Tuesday, September 1st. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $51.40.

Miami International Trading Down 0.8%

The company has a market cap of $3.53 billion and a price-to-earnings ratio of 46.23. The business has a fifty day moving average of $42.52 and a two-hundred day moving average of $42.93.

Miami International (NYSE:MIAX) last released its quarterly 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. 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 business posted $0.48 EPS. Miami International’s revenue was up 34.8% compared to the same quarter last year. On average, research analysts forecast that Miami International Holdings, Inc. will post 1.7 EPS for the current fiscal year.

Insider Activity

In other news, EVP Shelly Brown sold 21,217 shares of the business’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 transaction of $819,188.37. Following the transaction, the executive vice president directly owned 316,490 shares in the company, valued at $12,219,678.90. The trade was a 6.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Thomas P. Gallagher sold 47,000 shares of the business’s stock in a transaction 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 transaction, the chief executive officer directly owned 1,423,275 shares in the company, valued at $60,389,558.25. This trade represents a 3.20% 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 sold 756,665 shares of company stock valued at $31,904,575 in the last three months. Company insiders own 15.60% of the company’s stock.

Institutional Trading of Miami International

Hedge funds and other institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC boosted its stake in Miami International by 48.9% during the first quarter. SG Americas Securities LLC now owns 3,537 shares of the company’s stock worth $138,000 after buying an additional 1,162 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Miami International in the fourth quarter valued at $66,000. Fifth Third Bancorp purchased a new position in shares of Miami International in the 1st quarter valued at about $61,000. Swiss National Bank lifted its stake in Miami International by 6.3% in the first quarter. Swiss National Bank now owns 33,800 shares of the company’s stock worth $1,315,000 after acquiring an additional 2,000 shares during the last quarter. Finally, New York State Teachers Retirement System acquired a new position in shares of Miami International during the first quarter worth $84,000.

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.