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

Key Points

• Zacks Research downgraded Miami International from “strong buy” to “hold.” Overall, analysts have a consensus “hold” rating, with two buys and five holds, and an average price target of $49.60.
• MIAX shares opened at $32.50, well below their 50-day and 200-day moving averages of $37.01 and $41.47, respectively. The stock has traded between $29.06 and $57.14 over the past year.
• The company reported quarterly EPS of $0.48, beating estimates by $0.07, while revenue rose 34.8% year over year to $387.63 million. Insiders sold more than 517,000 shares worth approximately $21.4 million during the last quarter.

Miami International (NYSE:MIAX - Get Free Report) was downgraded by equities researchers at Zacks Research from a "strong-buy" rating to a "hold" rating in a report issued on Monday, Zacks reports.

Several other research analysts have also recently commented on the company. Rosenblatt Securities reduced their price target on Miami International from $62.00 to $60.00 and set a "buy" rating for the company in a research report on Tuesday. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Miami International in a research report on Friday, August 7th. Morgan Stanley lowered their price target 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. Keefe, Bruyette & Woods upped their price objective on Miami International from $46.00 to $48.00 and gave the stock a "market perform" rating in a research note on Friday, August 7th. Finally, Wall Street Zen downgraded Miami International from a "buy" rating to a "hold" rating in a report on Sunday, August 23rd. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Miami International currently has an average rating of "Hold" and an average price target of $49.60.

Miami International Price Performance

Shares of NYSE:MIAX opened at $32.50 on Monday. The company's 50-day moving average price is $37.01 and its two-hundred day moving average price is $41.47. Miami International has a one year low of $29.06 and a one year high of $57.14. The stock has a market capitalization of $3.22 billion, a PE ratio of 42.20 and a beta of 1.79.

Miami International (NYSE:MIAX - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.07. The company had revenue of $387.63 million during the quarter. Miami International's quarterly revenue was up 34.8% compared to the same quarter last year. During the same period last year, the firm earned $0.48 EPS. On average, analysts anticipate that Miami International will post 1.67 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Shelly Brown sold 21,217 shares of the firm's stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $38.61, for a total value of $819,188.37. Following the completion of the sale, the executive vice president directly owned 316,490 shares of the company's stock, valued at $12,219,678.90. This trade represents a 6.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Barbara J. Comly sold 44,445 shares of the firm's stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $40.49, for a total value of $1,799,578.05. Following the completion of the sale, the executive vice president directly 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 517,721 shares of company stock valued at $21,408,408. 15.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Mad River Investors grew its position in shares of Miami International by 2.8% in the third quarter. Mad River Investors now owns 297,157 shares of the company's stock valued at $9,955,000 after purchasing an additional 8,157 shares during the last quarter. Capelight Capital Asset Management LP increased its stake in shares of Miami International by 35.3% during the third quarter. Capelight Capital Asset Management LP now owns 40,600 shares of the company's stock worth $1,360,000 after purchasing an additional 10,600 shares during the period. Sterling Capital Management LLC lifted its holdings in Miami International by 857.2% during the 3rd quarter. Sterling Capital Management LLC now owns 2,575 shares of the company's stock worth $86,000 after purchasing an additional 2,306 shares during the last quarter. Nisa Investment Advisors LLC lifted its holdings in Miami International by 42.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 2,641 shares of the company's stock worth $88,000 after purchasing an additional 785 shares during the last quarter. Finally, State of Alaska Department of Revenue acquired a new stake in Miami International during the 3rd quarter worth approximately $108,000.

Miami International Company Profile

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.

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