Rosenblatt Securities Reaffirms "Buy" Rating for Miami International (NYSE:MIAX)

Key Points

• Rosenblatt Securities reaffirmed its “Buy” rating on Miami International with a $62 price target, implying 83.75% upside from the prior close. Analysts overall rate the stock “Moderate Buy,” with a consensus target of $51.40.
• Miami International reported quarterly EPS of $0.48, exceeding the $0.41 consensus estimate, while revenue rose 34.8% year over year to $387.63 million.
• Company insiders sold 672,415 shares worth approximately $28.4 million over the last quarter, while major investors including BlackRock initiated or expanded positions during the second quarter.

Miami International (NYSE:MIAX - Get Free Report)'s stock had its "buy" rating restated by analysts at Rosenblatt Securities in a report issued on Friday, Benzinga reports. They presently have a $62.00 price objective on the stock. Rosenblatt Securities' price objective would indicate a potential upside of 83.75% from the stock's previous close.

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

Miami International Stock Performance

Shares of NYSE MIAX opened at $33.74 on Friday. Miami International has a fifty-two week low of $33.49 and a fifty-two week high of $57.14. The company has a market cap of $3.35 billion, a price-to-earnings ratio of 43.82 and a beta of 1.80. The business's 50 day moving average price is $41.58 and its 200-day moving average price is $42.70.

Miami International (NYSE:MIAX - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.41 by $0.07. Miami International had a return on equity of 16.95% and a net margin of 9.70%.The company had revenue of $387.63 million for the quarter. During the same period last year, the company earned $0.48 EPS. The business's revenue was up 34.8% compared to the same quarter last year. Sell-side analysts predict that Miami International will post 1.7 earnings per share for the current year.

Insider Buying and Selling

In other Miami International news, EVP Shelly Brown sold 21,217 shares of the stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $38.61, for a total transaction of $819,188.37. Following the transaction, the executive vice president directly owned 316,490 shares in the company, valued at $12,219,678.90. This represents a 6.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Edward Deitzel sold 11,000 shares of the firm's stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $42.21, for a total transaction of $464,310.00. Following the transaction, the executive vice president directly owned 119,601 shares in the company, valued at $5,048,358.21. This trade represents a 8.42% 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 sold 672,415 shares of company stock valued at $28,445,267 over the last quarter. 15.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Miami International

Large investors have recently bought and sold shares of the business. BlackRock Inc. bought a new stake in Miami International during the second quarter valued at about $188,466,000. J Digital 6 LLC bought a new position in Miami International in the second quarter worth about $67,157,000. Bank of America Corp DE purchased a new stake in shares of Miami International during the second quarter valued at about $31,845,000. NewEdge Advisors LLC lifted its position in shares of Miami International by 1,646.6% during the second quarter. NewEdge Advisors LLC now owns 681,610 shares of the company's stock valued at $25,329,000 after buying an additional 642,585 shares during the last quarter. Finally, Caldwell Investment Management Ltd. bought a new stake in shares of Miami International in the 2nd quarter valued at about $22,279,000.

Miami International Company Profile

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.