Insider Selling: Miami International (NYSE:MIAX) EVP Sells 48,000 Shares of Stock

Miami International Holdings, Inc. (NYSE:MIAX) EVP Douglas Schafer, Jr. sold 48,000 shares of Miami International stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $42.84, for a total value of $2,056,320.00. Following the transaction, the executive vice president owned 396,681 shares of the company’s stock, valued at approximately $16,993,814.04. This represents a 10.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Miami International Price Performance

MIAX stock traded down $0.60 during trading on Thursday, hitting $39.73. 1,614,484 shares of the company traded hands, compared to its average volume of 1,325,189. The stock’s 50-day simple moving average is $45.98 and its 200 day simple moving average is $43.97. The company has a market cap of $3.77 billion and a PE ratio of 41.38. Miami International Holdings, Inc. has a 1 year low of $28.63 and a 1 year high of $57.14.

Miami International (NYSE:MIAX) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.06. The company had revenue of $369.69 million for the quarter, compared to analysts’ expectations of $122.74 million. The firm’s revenue was up 40.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.38 earnings per share. Research analysts expect that Miami International Holdings, Inc. will post 1.53 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on MIAX shares. Zacks Research upgraded Miami International from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, April 15th. Morgan Stanley raised their price objective on Miami International from $48.00 to $50.00 and gave the company an “overweight” rating in a report on Friday, April 10th. Keefe, Bruyette & Woods raised their price objective on Miami International from $40.00 to $48.00 and gave the company a “market perform” rating in a report on Friday, May 8th. Rosenblatt Securities raised their price objective on Miami International from $59.00 to $61.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Finally, Weiss Ratings raised Miami International from a “sell (d+)” rating to a “hold (c)” rating in a report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Miami International currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.20.

Institutional Trading of Miami International

Several institutional investors have recently bought and sold shares of the business. NewEdge Advisors LLC acquired a new stake in Miami International in the first quarter valued at approximately $1,519,000. Bank of America Corp DE boosted its stake in shares of Miami International by 196.5% in the first quarter. Bank of America Corp DE now owns 900,882 shares of the company’s stock worth $35,062,000 after acquiring an additional 597,021 shares during the last quarter. Royal Bank of Canada boosted its stake in shares of Miami International by 553.2% in the first quarter. Royal Bank of Canada now owns 10,301 shares of the company’s stock worth $401,000 after acquiring an additional 8,724 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Miami International by 11.6% in the first quarter. The Manufacturers Life Insurance Company now owns 163,981 shares of the company’s stock worth $6,382,000 after acquiring an additional 17,037 shares during the last quarter. Finally, Quantinno Capital Management LP acquired a new stake in shares of Miami International in the first quarter worth approximately $2,160,000.

Miami International Company Profile

Miami International (NYSE:MIAX) is a U.S. exchange holding company that operates electronic trading venues and provides market infrastructure for listed options and related products. Its primary business activities include operating regulated exchanges, delivering market data feeds, and offering trading technology and connectivity services designed for professional traders, broker-dealers, and market makers. The company focuses on low-latency execution, order matching, and the operational controls required to support high-volume, automated trading strategies in listed derivatives.

Products and services provided by Miami International include fully electronic order matching engines, transmittable market data and feed products, colocation and connectivity solutions, and tools for risk management and regulatory compliance.