Miami International (NYSE:MIAX) Downgraded to “Hold” Rating by Wall Street Zen

Wall Street Zen downgraded shares of Miami International (NYSE:MIAX) from a buy rating to a hold rating in a report released on Saturday morning.

MIAX has been the subject of several other research reports. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Miami International in a research note on Monday, December 29th. Rosenblatt Securities reiterated a “buy” rating and issued a $59.00 price target on shares of Miami International in a research report on Thursday, March 5th. Finally, Zacks Research downgraded shares of Miami International from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 1st. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Miami International currently has a consensus rating of “Hold” and an average target price of $48.00.

Miami International Price Performance

Shares of NYSE:MIAX opened at $37.30 on Friday. The stock has a market cap of $3.42 billion and a price-to-earnings ratio of 69.06. Miami International has a 12 month low of $28.63 and a 12 month high of $51.38. The stock’s 50 day moving average price is $40.94 and its 200 day moving average price is $42.66.

Miami International (NYSE:MIAX) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.11. The firm had revenue of $369.43 million for the quarter, compared to the consensus estimate of $121.13 million. The firm’s quarterly revenue was up 14.0% on a year-over-year basis.

Insider Buying and Selling

In other Miami International news, EVP Shelly Brown sold 25,932 shares of the firm’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $39.33, for a total value of $1,019,905.56. Following the completion of the transaction, the executive vice president directly owned 299,197 shares in the company, valued at $11,767,418.01. This trade represents a 7.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Kurt M. Eckert sold 37,917 shares of Miami International stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $39.00, for a total transaction of $1,478,763.00. Following the completion of the transaction, the director directly owned 142,375 shares in the company, valued at approximately $5,552,625. This trade represents a 21.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 232,903 shares of company stock worth $9,359,718.

Hedge Funds Weigh In On Miami International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. acquired a new stake in Miami International during the 3rd quarter valued at $55,660,000. Alyeska Investment Group L.P. acquired a new stake in shares of Miami International in the third quarter worth $50,959,000. Invesco Ltd. grew its holdings in shares of Miami International by 178.8% during the fourth quarter. Invesco Ltd. now owns 1,278,966 shares of the company’s stock valued at $56,761,000 after buying an additional 820,246 shares in the last quarter. JPMorgan Chase & Co. purchased a new position in shares of Miami International during the third quarter valued at $32,679,000. Finally, North Reef Capital Management LP acquired a new position in Miami International during the third quarter valued at $29,221,000.

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.