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

Miami International (NYSE:MIAX)‘s stock had its “buy” rating reiterated by analysts at Rosenblatt Securities in a report issued on Friday, Benzinga reports. They currently have a $62.00 price target on the stock. Rosenblatt Securities’ price target indicates a potential upside of 101.02% from the company’s current price.

Other analysts have also recently issued reports about the stock. Zacks Research upgraded shares of Miami International from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 25th. Morgan Stanley lowered shares of Miami International from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $53.00 to $50.00 in a research report on Tuesday, September 1st. Keefe, Bruyette & Woods raised their price target on Miami International from $46.00 to $48.00 and gave the company a “market perform” rating in a research report on Friday, August 7th. Wall Street Zen cut Miami International from a “buy” rating to a “hold” rating in a research report on Sunday, August 23rd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Miami International in a report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Miami International has a consensus rating of “Moderate Buy” and an average target price of $51.40.

Miami International Stock Down 10.1%

MIAX stock opened at $30.84 on Friday. The firm has a 50 day moving average of $40.90 and a two-hundred day moving average of $42.55. Miami International has a 12 month low of $30.69 and a 12 month high of $57.14. The company has a market capitalization of $3.06 billion, a price-to-earnings ratio of 40.06 and a beta of 1.79.

Miami International (NYSE:MIAX) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.07. The business had revenue of $387.63 million during the quarter. Miami International had a net margin of 9.70% and a return on equity of 16.95%. The firm’s revenue for the quarter was up 34.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.48 EPS. On average, research analysts expect that Miami International will post 1.71 EPS for the current fiscal year.

Insider Buying and Selling

In other Miami International news, EVP Douglas M. Schafer, Jr. sold 48,000 shares of Miami International stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $45.71, for a total transaction of $2,194,080.00. Following the completion of the transaction, the executive vice president directly owned 387,414 shares of the company’s stock, valued at approximately $17,708,693.94. This trade represents a 11.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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. Also, CEO Thomas P. Gallagher sold 149,700 shares of the business’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 completion of the sale, the chief executive officer owned 1,423,275 shares in the company, valued at $58,539,300.75. This represents a 9.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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. In the last quarter, insiders sold 595,415 shares of company stock valued at $24,848,566. 15.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Miami International

Institutional investors have recently added to or reduced their stakes in the company. BlueCrest Capital Management Ltd bought a new stake in Miami International during the 2nd quarter worth about $7,432,000. NewEdge Advisors LLC grew its position in Miami International by 1,646.6% in the second quarter. NewEdge Advisors LLC now owns 681,610 shares of the company’s stock valued at $25,329,000 after purchasing an additional 642,585 shares in the last quarter. One Charles Private Wealth Services LLC acquired a new stake in Miami International in the 2nd quarter valued at $4,400,000. Allianz Asset Management GmbH bought a new stake in 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.