Vanguard Group Inc. Raises Stock Holdings in Miami International Holdings, Inc. $MIAX

Key Points

• Vanguard Group boosted its stake in Miami International Holdings by 39.5% in the fourth quarter, adding 545,770 shares to reach 1,928,286 shares worth about $85.6 million.
• Miami International reported stronger-than-expected earnings, posting $0.42 EPS versus the $0.36 consensus estimate and revenue of $369.69 million, up 40% year over year.
• Despite the earnings beat, insider selling has been notable, with directors and executives selling shares in recent weeks and 687,175 shares sold over the last 90 days.

Vanguard Group Inc. increased its stake in shares of Miami International Holdings, Inc. (NYSE:MIAX - Free Report) by 39.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,928,286 shares of the company's stock after purchasing an additional 545,770 shares during the quarter. Vanguard Group Inc. owned approximately 2.37% of Miami International worth $85,577,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Alyeska Investment Group L.P. purchased a new stake in Miami International in the third quarter valued at about $50,959,000. JPMorgan Chase & Co. purchased a new stake in Miami International in the third quarter valued at about $32,679,000. North Reef Capital Management LP purchased a new stake in Miami International in the third quarter valued at about $29,221,000. Caldwell Investment Management Ltd. purchased a new stake in Miami International in the third quarter valued at about $27,056,000. Finally, Wellington Management Group LLP purchased a new stake in Miami International in the third quarter valued at about $23,476,000.

Miami International Stock Up 5.2%

Shares of NYSE:MIAX opened at $55.21 on Thursday. The stock has a market cap of $5.24 billion and a price-to-earnings ratio of 102.24. Miami International Holdings, Inc. has a 52-week low of $28.63 and a 52-week high of $55.90. The business has a 50-day moving average price of $43.00 and a 200-day moving average price of $43.55.

Miami International (NYSE:MIAX - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.36 by $0.06. The company had revenue of $369.69 million for the quarter, compared to analyst estimates of $122.74 million. The firm's revenue was up 40.0% on a year-over-year basis. During the same period last year, the business earned $0.38 earnings per share. As a group, equities analysts anticipate that Miami International Holdings, Inc. will post 1.53 EPS for the current fiscal year.

Insider Activity

In related news, Director Judson Gray Teekell sold 3,000 shares of the firm's stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $47.30, for a total transaction of $141,900.00. Following the sale, the director directly owned 56,338 shares of the company's stock, valued at $2,664,787.40. This trade represents a 5.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Douglas M. Schafer, Jr. sold 48,000 shares of the firm's stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $47.25, for a total value of $2,268,000.00. Following the completion of the sale, the executive vice president directly owned 396,681 shares in the company, valued at approximately $18,743,177.25. The trade was a 10.79% 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 687,175 shares of company stock valued at $29,675,666 over the last 90 days.

Analyst Upgrades and Downgrades

MIAX has been the subject of a number of research analyst reports. Morgan Stanley increased their price target on Miami International from $48.00 to $50.00 and gave the company an "overweight" rating in a research note on Friday, April 10th. Weiss Ratings upgraded Miami International from a "sell (d+)" rating to a "hold (c)" rating in a research note on Monday. Keefe, Bruyette & Woods increased their price target on Miami International from $40.00 to $48.00 and gave the company a "market perform" rating in a research note on Friday, May 8th. Rosenblatt Securities increased their price target on Miami International from $59.00 to $61.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. Finally, JPMorgan Chase & Co. increased their price target on Miami International from $41.00 to $45.00 and gave the company a "neutral" rating in a research note on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, Miami International has an average rating of "Moderate Buy" and a consensus target price of $51.20.

About Miami International

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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