Miami International (NYSE:MIAX) Stock Gets Downgrade from Zacks Research

Miami International (NYSE:MIAX) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday, Zacks reports.

Several other analysts also recently issued reports on MIAX. Weiss Ratings reissued a “hold (c)” rating on shares of Miami International in a research note on Friday, August 7th. Keefe, Bruyette & Woods boosted their price target on Miami International from $46.00 to $48.00 and gave the company a “market perform” rating in a report on Friday, August 7th. Rosenblatt Securities reduced their price objective on Miami International from $62.00 to $60.00 and set a “buy” rating for the company in a research report on Tuesday. Wall Street Zen downgraded Miami International from a “buy” rating to a “hold” rating in a report on Sunday, August 23rd. Finally, Morgan Stanley dropped their target price on Miami International from $50.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Friday, October 9th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $49.60.

Miami International Stock Down 2.0%

Shares of MIAX stock opened at $32.50 on Monday. The firm has a fifty day moving average of $37.01 and a 200-day moving average of $41.47. Miami International has a 12-month low of $29.06 and a 12-month high of $57.14. The company has a market capitalization of $3.22 billion, a price-to-earnings ratio of 42.20 and a beta of 1.79.

Miami International (NYSE:MIAX) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.48 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.07. The company had revenue of $387.63 million for the quarter. The firm’s revenue for the quarter was up 34.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.48 EPS. On average, equities analysts expect that Miami International will post 1.67 EPS for the current year.

Insider Buying and Selling

In related news, EVP Barbara Comly sold 44,445 shares of Miami International stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $40.49, for a total value of $1,799,578.05. Following the sale, the executive vice president owned 839,564 shares of the company’s stock, valued at approximately $33,993,946.36. The trade was a 5.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Douglas Schafer, Jr. sold 48,000 shares of Miami International stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $40.48, for a total value of $1,943,040.00. Following the completion of the sale, the executive vice president directly owned 387,414 shares in the company, valued at approximately $15,682,518.72. This represents a 11.02% 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. Insiders have sold 517,721 shares of company stock worth $21,408,408 over the last three months. Company insiders own 15.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Mad River Investors increased its position in shares of Miami International by 2.8% during the 3rd quarter. Mad River Investors now owns 297,157 shares of the company’s stock worth $9,955,000 after purchasing an additional 8,157 shares during the last quarter. Capelight Capital Asset Management LP boosted its holdings in shares of Miami International by 35.3% in the 3rd quarter. Capelight Capital Asset Management LP now owns 40,600 shares of the company’s stock valued at $1,360,000 after buying an additional 10,600 shares during the last quarter. Sterling Capital Management LLC boosted its holdings in shares of Miami International by 857.2% in the 3rd quarter. Sterling Capital Management LLC now owns 2,575 shares of the company’s stock valued at $86,000 after buying an additional 2,306 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Miami International by 42.3% in the third quarter. Nisa Investment Advisors LLC now owns 2,641 shares of the company’s stock valued at $88,000 after buying an additional 785 shares in the last quarter. Finally, State of Alaska Department of Revenue bought a new position in shares of Miami International in the third quarter valued at $108,000.

About Miami International

Miami International Holdings, Inc (NYSE: MIAX) is a financial exchange operator that owns and manages regulated marketplaces for the trading of options and other securities. Through its exchange platforms, the company provides electronic trading, order matching, market data and related services to brokers, market makers, institutional investors and other market participants.

The company operates the MIAX exchange family, which includes MIAX, MIAX Pearl and MIAX Emerald, as well as related equities and options trading venues.