Morgan Stanley Has Lowered Expectations for Miami International (NYSE:MIAX) Stock Price

Key Points

• Morgan Stanley cut Miami International’s price target from $50 to $43 while maintaining an “equal weight” rating, implying nearly 40% upside from the stock’s $30.72 price. The broader analyst consensus remains “Moderate Buy” with a $50 target.
• Miami International reported strong quarterly results, with EPS of $0.48 beating estimates of $0.41 and revenue rising 34.8% year over year to $387.63 million.
• Company insiders sold approximately $24.8 million worth of shares over the past 90 days, while several institutional investors—including Allianz Asset Management and BlueCrest Capital—established or expanded positions.

Miami International (NYSE:MIAX - Get Free Report) had its price objective cut by equities researchers at Morgan Stanley from $50.00 to $43.00 in a report released on Friday, Benzinga reports. The firm presently has an "equal weight" rating on the stock. Morgan Stanley's target price would suggest a potential upside of 39.96% from the stock's current price.

MIAX has been the subject of a number of other research reports. Zacks Research raised Miami International from a "hold" rating to a "strong-buy" rating in a report on Friday, September 25th. Keefe, Bruyette & Woods boosted their price objective on shares of Miami International from $46.00 to $48.00 and gave the company a "market perform" rating in a research note on Friday, August 7th. Wall Street Zen cut shares of Miami International from a "buy" rating to a "hold" rating in a research note on Sunday, August 23rd. Weiss Ratings restated a "hold (c)" rating on shares of Miami International in a research report on Friday, August 7th. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $62.00 price objective on shares of Miami International in a research report on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $50.00.

Miami International Trading Up 1.8%

Miami International stock opened at $30.72 on Friday. The firm has a 50 day simple moving average of $40.27 and a 200 day simple moving average of $42.43. Miami International has a 1-year low of $29.21 and a 1-year high of $57.14. The firm has a market capitalization of $3.05 billion, a price-to-earnings ratio of 39.90 and a beta of 1.79.

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

Insider Activity at Miami International

In other news, EVP Douglas Schafer, Jr. sold 48,000 shares of Miami International stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $45.71, for a total transaction of $2,194,080.00. Following the completion of the sale, the executive vice president directly owned 387,414 shares of the company's stock, valued at approximately $17,708,693.94. The trade was a 11.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Thomas Gallagher sold 149,700 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $41.13, for a total value of $6,157,161.00. Following the completion of the transaction, the chief executive officer directly owned 1,423,275 shares in the company, valued at approximately $58,539,300.75. This represents a 9.52% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 595,415 shares of company stock worth $24,848,566 in the last 90 days. 15.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Miami International

Hedge funds have recently made changes to their positions in the business. BlueCrest Capital Management Ltd bought a new position in shares of Miami International during the 2nd quarter valued at $7,432,000. NewEdge Advisors LLC grew its stake 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. One Charles Private Wealth Services LLC bought a new stake in shares of Miami International in the 2nd quarter valued at about $4,400,000. Allianz Asset Management GmbH purchased a new stake in Miami International during the 2nd quarter valued at about $13,350,000. Finally, HighTower Advisors LLC grew its position in 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 acquiring 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.

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