Massachusetts Financial Services Co. MA Has $12.16 Million Stock Holdings in Miami International Holdings, Inc. $MIAX

Key Points

• Massachusetts Financial Services cut its stake in Miami International (NYSE:MIAX) by 8.0%, selling 23,806 shares and ending the quarter with 273,908 shares valued at about $12.16 million.
• Miami International topped estimates in its latest quarter with $0.52 EPS vs. $0.41 expected and reported revenue of $369.43 million (up 14% year-over-year), well above consensus revenue estimates.
• Insider selling has been notable recently — executives and directors sold a total of 267,629 shares (~$10.8 million) over the past 90 days, including recent sales by EVP Shelly Brown and Director Kurt M. Eckert.

Massachusetts Financial Services Co. MA lessened its stake in shares of Miami International Holdings, Inc. (NYSE:MIAX - Free Report) by 8.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 273,908 shares of the company's stock after selling 23,806 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.34% of Miami International worth $12,156,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. National Bank of Canada FI acquired a new stake in shares of Miami International during the 3rd quarter worth about $29,000. Emerald Mutual Fund Advisers Trust acquired a new stake in shares of Miami International during the 3rd quarter worth about $101,000. SG Americas Securities LLC acquired a new stake in shares of Miami International during the 4th quarter worth about $105,000. Texas Yale Capital Corp. acquired a new stake in shares of Miami International during the 3rd quarter worth about $201,000. Finally, Sandia Investment Management LP acquired a new stake in shares of Miami International during the 3rd quarter worth about $266,000.

Miami International Stock Up 1.5%

Shares of Miami International stock opened at $44.87 on Friday. Miami International Holdings, Inc. has a twelve month low of $28.63 and a twelve month high of $51.38. The company has a 50-day simple moving average of $40.69 and a two-hundred day simple moving average of $42.87. The stock has a market capitalization of $4.11 billion and a price-to-earnings ratio of 83.10.

Miami International (NYSE:MIAX - Get Free Report) last issued its quarterly earnings data on Wednesday, February 25th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.11. The business had revenue of $369.43 million during the quarter, compared to analyst estimates of $121.13 million. The company's revenue for the quarter was up 14.0% on a year-over-year basis.

Insiders Place Their Bets

In other Miami International news, EVP Shelly Brown sold 16,434 shares of the firm's stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $42.08, for a total value of $691,542.72. Following the transaction, the executive vice president directly owned 325,047 shares of the company's stock, valued at $13,677,977.76. This trade represents a 4.81% decrease in their position. The transaction was disclosed in a 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, Director Kurt M. Eckert sold 37,917 shares of the firm's stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $39.00, for a total transaction of $1,478,763.00. Following the completion of the transaction, the director directly owned 142,375 shares in the company, valued at approximately $5,552,625. This represents a 21.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 267,629 shares of company stock worth $10,812,697.

Analyst Upgrades and Downgrades

MIAX has been the subject of a number of research reports. Wall Street Zen cut shares of Miami International from a "buy" rating to a "hold" rating in a research note on Saturday, March 28th. Keefe, Bruyette & Woods initiated coverage on shares of Miami International in a research note on Wednesday, April 8th. They set a "market perform" rating and a $40.00 target price for the company. Zacks Research cut shares of Miami International from a "strong-buy" rating to a "hold" rating in a research note on Thursday, January 1st. Morgan Stanley raised their target price on shares of Miami International from $48.00 to $50.00 and gave the stock an "overweight" rating in a research note on Friday, April 10th. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $59.00 price objective on shares of Miami International in a research note on Tuesday, April 7th. Four equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $47.60.

Miami International Profile

Miami International NYSE: MIAX is a U.S. exchange holding company that operates electronic trading venues and provides market infrastructure for listed options and related products. Its primary business activities include operating regulated exchanges, delivering market data feeds, and offering trading technology and connectivity services designed for professional traders, broker-dealers, and market makers. The company focuses on low-latency execution, order matching, and the operational controls required to support high-volume, automated trading strategies in listed derivatives.

Products and services provided by Miami International include fully electronic order matching engines, transmittable market data and feed products, colocation and connectivity solutions, and tools for risk management and regulatory compliance.

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