Miami International Holdings, Inc. $MIAX Position Cut by North Reef Capital Management LP

Key Points

• North Reef Capital Management cut its stake in Miami International Holdings by 19.8% in the first quarter, selling 250,726 shares and leaving it with 1,014,274 shares worth about $39.5 million.
• Insider selling continued, including CEO Thomas P. Gallagher’s sale of 70,000 shares and EVP Edward Deitzel’s sale of 11,000 shares, both under pre-arranged Rule 10b5-1 plans.
• Miami International reported strong quarterly results, with EPS of $0.42 beating estimates and revenue of $369.69 million, while analysts currently rate the stock a consensus Hold with an average price target of $51.80.

North Reef Capital Management LP decreased its position in shares of Miami International Holdings, Inc. (NYSE:MIAX - Free Report) by 19.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,014,274 shares of the company's stock after selling 250,726 shares during the quarter. Miami International comprises about 1.4% of North Reef Capital Management LP's investment portfolio, making the stock its 17th largest holding. North Reef Capital Management LP owned about 1.07% of Miami International worth $39,476,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. acquired a new position in Miami International during the 3rd quarter valued at about $55,660,000. Alyeska Investment Group L.P. acquired a new stake in shares of Miami International in the third quarter valued at approximately $50,959,000. Invesco Ltd. increased its stake in shares of Miami International by 178.8% in the fourth quarter. Invesco Ltd. now owns 1,278,966 shares of the company's stock valued at $56,761,000 after purchasing an additional 820,246 shares during the period. T. Rowe Price Investment Management Inc. raised its holdings in shares of Miami International by 24.5% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,025,712 shares of the company's stock valued at $134,282,000 after buying an additional 595,096 shares during the last quarter. Finally, Wellington Management Group LLP bought a new stake in shares of Miami International during the third quarter valued at approximately $23,476,000.

Insider Transactions at Miami International

In related news, CEO Thomas P. Gallagher sold 70,000 shares of the business's stock in a transaction that occurred on Monday, July 13th. The shares were sold at an average price of $42.52, for a total value of $2,976,400.00. Following the sale, the chief executive officer directly owned 1,723,275 shares in the company, valued at $73,273,653. The trade was a 3.90% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Edward Deitzel sold 11,000 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $42.04, for a total transaction of $462,440.00. Following the sale, the executive vice president directly owned 119,601 shares of the company's stock, valued at approximately $5,028,026.04. This 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 sold 720,854 shares of company stock valued at $31,679,840 in the last quarter. 15.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

MIAX has been the subject of a number of analyst reports. Weiss Ratings upgraded Miami International from a "sell (d+)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Wall Street Zen lowered Miami International from a "buy" rating to a "hold" rating in a report on Sunday, May 17th. JPMorgan Chase & Co. lifted their price objective on shares of Miami International from $41.00 to $45.00 and gave the company a "neutral" rating in a research note on Thursday, May 7th. Morgan Stanley upped their price objective on shares of Miami International from $50.00 to $53.00 and gave the stock an "overweight" rating in a report on Friday, July 10th. Finally, Zacks Research lowered shares of Miami International from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 23rd. Four investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $51.80.

Miami International Stock Performance

Shares of NYSE MIAX opened at $42.78 on Friday. Miami International Holdings, Inc. has a 1 year low of $28.63 and a 1 year high of $57.14. The firm has a market cap of $4.06 billion and a P/E ratio of 44.56. The stock has a fifty day moving average price of $42.59 and a two-hundred day moving average price of $42.76.

Miami International (NYSE:MIAX - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.06. The firm had revenue of $369.69 million during the quarter, compared to analyst estimates of $122.74 million. During the same quarter last year, the company earned $0.38 EPS. The company's quarterly revenue was up 40.0% compared to the same quarter last year. On average, research analysts predict that Miami International Holdings, Inc. will post 1.58 earnings per share for the current fiscal year.

Miami International Company 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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