Penn Capital Management Company LLC Makes New $11.22 Million Investment in Miami International Holdings, Inc. $MIAX

Key Points

• Penn Capital Management disclosed a new position in Miami International Holdings worth about $11.22 million, buying 252,125 shares and ending with roughly 0.31% ownership.
• Insiders have been selling shares: CEO Thomas P. Gallagher and CFO Lance Emmons both sold stock under pre-arranged Rule 10b5-1 plans, and insiders have sold 722,175 shares valued at about $31.65 million over the last 90 days.
• Miami International recently beat earnings expectations, reporting $0.42 EPS versus $0.36 expected and revenue of $369.69 million, while analysts currently rate the stock a Moderate Buy with an average target price of $51.20.

Penn Capital Management Company LLC purchased a new position in shares of Miami International Holdings, Inc. (NYSE:MIAX - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 252,125 shares of the company's stock, valued at approximately $11,216,000. Penn Capital Management Company LLC owned approximately 0.31% of Miami International at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. National Bank of Canada FI bought a new stake in shares of Miami International in the 3rd quarter valued at about $29,000. Comerica Bank raised its holdings in shares of Miami International by 295.6% in 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 period. SG Americas Securities LLC bought a new stake in shares of Miami International in the 4th quarter valued at about $105,000. Strs Ohio bought a new stake in shares of Miami International in the 4th quarter valued at about $186,000. Finally, Arizona State Retirement System bought a new stake in shares of Miami International in the 4th quarter valued at about $201,000.

Insiders Place Their Bets

In related news, CEO Thomas P. Gallagher sold 174,125 shares of the company's stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $43.36, for a total value of $7,550,060.00. Following the transaction, the chief executive officer owned 1,723,275 shares in the company, valued at approximately $74,721,204. This represents a 9.18% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Lance Emmons sold 35,000 shares of the company's stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $56.36, for a total transaction of $1,972,600.00. Following the completion of the transaction, the chief financial officer owned 84,262 shares in the company, valued at approximately $4,749,006.32. This trade represents a 29.35% decrease in their position. 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 722,175 shares of company stock worth $31,648,266 in the last 90 days.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on MIAX shares. Zacks Research raised shares of Miami International from a "hold" rating to a "strong-buy" rating in a report on Wednesday, April 15th. Morgan Stanley upped their target price on shares of Miami International from $48.00 to $50.00 and gave the company an "overweight" rating in a report on Friday, April 10th. JPMorgan Chase & Co. upped their target price on shares of Miami International from $41.00 to $45.00 and gave the company a "neutral" rating in a report on Thursday, May 7th. Weiss Ratings raised shares of Miami International from a "sell (d+)" rating to a "hold (c)" rating in a report on Monday, May 11th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Miami International from $40.00 to $48.00 and gave the company a "market perform" rating in a report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Miami International has a consensus rating of "Moderate Buy" and an average target price of $51.20.

Miami International Stock Performance

Shares of MIAX opened at $49.30 on Wednesday. Miami International Holdings, Inc. has a 52 week low of $28.63 and a 52 week high of $57.14. The firm has a market cap of $4.68 billion and a P/E ratio of 51.35. The firm's 50-day simple moving average is $45.21 and its 200 day simple moving average is $44.11.

Miami International (NYSE:MIAX - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.42 EPS for the quarter, beating analysts' consensus estimates of $0.36 by $0.06. The company 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 posted $0.38 EPS. The firm's quarterly revenue was up 40.0% on a year-over-year basis. As a group, equities analysts forecast that Miami International Holdings, Inc. will post 1.53 earnings per share for the current 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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