HighTower Advisors LLC Buys 83,547 Shares of Miami International Holdings, Inc. $MIAX

Key Points

• HighTower Advisors increased its MIAX stake by 290.6% in the second quarter, adding 83,547 shares to own 112,298 shares valued at approximately $4.17 million.
• Analyst sentiment is mixed but leans cautious: Miami International has a consensus “Hold” rating and an average price target of $51.40, with recent downgrades from Morgan Stanley, Wall Street Zen and Zacks Research.
• MIAX reported quarterly earnings of $0.48 per share, exceeding estimates of $0.41, while revenue rose 34.8% year over year to $387.63 million. Shares opened at $41.55, down 2.3%, and insiders sold 735,448 shares worth about $31.1 million over the last quarter.

HighTower Advisors LLC boosted its stake in shares of Miami International Holdings, Inc. (NYSE:MIAX - Free Report) by 290.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 112,298 shares of the company's stock after acquiring an additional 83,547 shares during the quarter. HighTower Advisors LLC owned 0.11% of Miami International worth $4,173,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. State of Wyoming acquired a new stake in shares of Miami International in the 4th quarter valued at $26,000. National Bank of Canada FI acquired a new stake in shares of Miami International during the 3rd quarter worth about $29,000. Comerica Bank lifted its holdings in Miami International by 295.6% during the 4th quarter. Comerica Bank now owns 1,254 shares of the company's stock valued at $56,000 after purchasing an additional 937 shares during the last quarter. Fifth Third Bancorp acquired a new position in Miami International in the first quarter valued at about $61,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in Miami International in the fourth quarter valued at about $66,000.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MIAX. Morgan Stanley cut shares of Miami International from an "overweight" rating to an "equal weight" rating and decreased their price objective for the stock from $53.00 to $50.00 in a research note on Tuesday, September 1st. Wall Street Zen cut shares of Miami International from a "buy" rating to a "hold" rating in a research note on Sunday, August 23rd. Rosenblatt Securities raised their price target on Miami International from $61.00 to $62.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Zacks Research cut Miami International from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 23rd. Finally, Keefe, Bruyette & Woods lifted their price objective on Miami International from $46.00 to $48.00 and gave the company a "market perform" rating in a research report on Friday, August 7th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Miami International currently has a consensus rating of "Hold" and a consensus target price of $51.40.

Insiders Place Their Bets

In other Miami International news, Director Judson Teekell sold 3,000 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $40.89, for a total value of $122,670.00. Following the transaction, the director directly owned 69,251 shares in the company, valued at approximately $2,831,673.39. This trade represents a 4.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Edward Deitzel sold 11,000 shares of Miami International stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $42.21, for a total value of $464,310.00. Following the completion of the sale, the executive vice president directly owned 119,601 shares of the company's stock, valued at $5,048,358.21. This trade represents a 8.42% 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. Insiders have sold a total of 735,448 shares of company stock valued at $31,085,386 over the last quarter. Company insiders own 15.60% of the company's stock.

Miami International Stock Down 2.3%

Shares of NYSE:MIAX opened at $41.55 on Friday. The firm has a market cap of $4.12 billion and a P/E ratio of 53.97. Miami International Holdings, Inc. has a 12 month low of $35.43 and a 12 month high of $57.14. The company's 50-day moving average price is $43.18 and its two-hundred day moving average price is $43.11.

Miami International (NYSE:MIAX - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $0.48 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.07. Miami International had a net margin of 9.70% and a return on equity of 16.95%. The company had revenue of $387.63 million during the quarter. During the same period in the prior year, the firm posted $0.48 earnings per share. The company's revenue was up 34.8% on a year-over-year basis. As a group, equities analysts predict that Miami International Holdings, Inc. will post 1.7 earnings per share for the current fiscal year.

Miami International Company Profile

Miami International Holdings, Inc NYSE: MIAX operates a global exchange group focused on financial markets and trading infrastructure. Its business includes the MIAX Exchange Group, which operates electronic options and equities exchanges serving institutional, professional and other market participants.

The company's exchange platforms include MIAX, MIAX Pearl and MIAX Emerald for listed options, as well as MIAX Sapphire for equities. Miami International Holdings also provides exchange-related services such as market data, connectivity and trading technology designed to support efficient order execution and liquidity across its marketplaces.

Founded in 2007, the company has expanded beyond its U.S.

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