Miami International (NYSE:MIAX) Cut to “Equal Weight” at Morgan Stanley

Morgan Stanley cut shares of Miami International (NYSE:MIAX) from an overweight rating to an equal weight rating in a report published on Tuesday morning, Marketbeat Ratings reports. The brokerage currently has $50.00 target price on the stock, down from their prior target price of $53.00.

A number of other analysts have also recently issued reports on MIAX. Rosenblatt Securities raised their price objective on Miami International from $61.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Wall Street Zen lowered Miami International from a “buy” rating to a “hold” rating in a report on Sunday, August 23rd. Zacks Research cut Miami International from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Miami International in a report on Friday, August 7th. Finally, Keefe, Bruyette & Woods lifted their price objective 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. Three equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $51.40.

Miami International Price Performance

Shares of MIAX opened at $42.97 on Tuesday. The firm has a 50-day moving average of $42.72 and a 200-day moving average of $43.05. Miami International has a one year low of $34.02 and a one year high of $57.14. The company has a market cap of $4.26 billion and a PE ratio of 55.81.

Miami International (NYSE:MIAX) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.07. Miami International had a net margin of 9.70% and a return on equity of 16.95%. The company had revenue of $387.63 million for the quarter. During the same quarter in the prior year, the firm earned $0.48 earnings per share. The firm’s revenue for the quarter was up 34.8% on a year-over-year basis. Analysts expect that Miami International will post 1.7 earnings per share for the current year.

Insider Activity at Miami International

In other news, CEO Thomas Gallagher sold 149,700 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $41.13, for a total value of $6,157,161.00. Following the transaction, the chief executive officer owned 1,423,275 shares of the company’s stock, valued at approximately $58,539,300.75. This represents a 9.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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 Harish Jayabalan sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $45.90, for a total value of $918,000.00. Following the completion of the transaction, the executive vice president directly owned 78,065 shares in the company, valued at $3,583,183.50. The trade was a 20.39% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 615,958 shares of company stock valued at $26,146,369. Insiders own 15.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. State of Wyoming acquired a new stake in shares of Miami International during the fourth quarter worth $26,000. National Bank of Canada FI acquired a new position in shares of Miami International in the third quarter valued at about $29,000. Comerica Bank increased its position in Miami International by 295.6% during the fourth quarter. Comerica Bank now owns 1,254 shares of the company’s stock worth $56,000 after acquiring an additional 937 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in Miami International during the fourth quarter worth about $66,000. Finally, Fifth Third Bancorp acquired a new stake in Miami International in the 1st quarter worth about $61,000.

About Miami International

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.