Miami International’s (MIAX) “Buy” Rating Reaffirmed at Rosenblatt Securities

Miami International (NYSE:MIAX)‘s stock had its “buy” rating reiterated by stock analysts at Rosenblatt Securities in a research report issued to clients and investors on Friday, Benzinga reports. They currently have a $62.00 price objective on the stock. Rosenblatt Securities’ price target would suggest a potential upside of 83.75% from the stock’s current price.

A number of other brokerages also recently commented on MIAX. Zacks Research raised Miami International from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 25th. Morgan Stanley downgraded Miami International from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $53.00 to $50.00 in a research report on Tuesday, September 1st. Weiss Ratings reissued a “hold (c)” rating on shares of Miami International in a research report on Friday, August 7th. Keefe, Bruyette & Woods upped their target price on 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, Wall Street Zen lowered Miami International from a “buy” rating to a “hold” rating in a research report on Sunday, August 23rd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $51.40.

Miami International Price Performance

Miami International stock opened at $33.74 on Friday. Miami International has a 1-year low of $33.49 and a 1-year high of $57.14. The company has a market cap of $3.35 billion, a PE ratio of 43.82 and a beta of 1.80. The stock’s 50 day moving average price is $41.58 and its 200 day moving average price is $42.70.

Miami International (NYSE:MIAX) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.07. The firm had revenue of $387.63 million during the quarter. Miami International had a return on equity of 16.95% and a net margin of 9.70%.The business’s revenue for the quarter was up 34.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.48 earnings per share. On average, equities research analysts anticipate that Miami International will post 1.7 EPS for the current fiscal year.

Insider Activity

In other news, EVP Barbara J. Comly sold 44,445 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $45.69, for a total value of $2,030,692.05. Following the transaction, the executive vice president owned 882,984 shares of the company’s stock, valued at approximately $40,343,538.96. This trade represents a 4.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Thomas P. Gallagher sold 149,700 shares of the company’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $41.13, for a total transaction of $6,157,161.00. Following the sale, 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 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 672,415 shares of company stock worth $28,445,267. Insiders own 15.60% of the company’s stock.

Institutional Investors Weigh In On Miami International

A number of hedge funds have recently modified their holdings of the business. BlueCrest Capital Management Ltd acquired a new stake in shares of Miami International during the second quarter worth about $7,432,000. NewEdge Advisors LLC boosted its stake in Miami International by 1,646.6% in the 2nd quarter. NewEdge Advisors LLC now owns 681,610 shares of the company’s stock worth $25,329,000 after purchasing an additional 642,585 shares during the period. One Charles Private Wealth Services LLC acquired a new position in Miami International in the 2nd quarter worth $4,400,000. Allianz Asset Management GmbH acquired a new position in shares of Miami International during the 2nd quarter worth about $13,350,000. Finally, HighTower Advisors LLC boosted its stake in shares of Miami International by 290.6% during the 2nd quarter. HighTower Advisors LLC now owns 112,298 shares of the company’s stock worth $4,173,000 after buying an additional 83,547 shares during the last quarter.

About Miami International

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.