Insider Selling: Miami International (NYSE:MIAX) EVP Sells 12,306 Shares of Company Stock

Key Points

• EVP Barbara Comly sold 12,306 MIAX shares at an average price of $35.04, totaling $431,202.24, under a pre-arranged Rule 10b5-1 trading plan. She retains 839,564 shares worth approximately $29.4 million.
• MIAX shares fell 2.4% to $33.15, well below their 50-day and 200-day moving averages. The company has a $3.29 billion market capitalization and trades at a price-to-earnings ratio of 43.06.
• Miami International exceeded quarterly EPS expectations and reported 34.8% year-over-year revenue growth. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $50, while major institutions including BlackRock recently established positions.

Miami International Holdings, Inc. (NYSE:MIAX - Get Free Report) EVP Barbara Comly sold 12,306 shares of Miami International stock in a transaction on Thursday, October 22nd. The stock was sold at an average price of $35.04, for a total transaction of $431,202.24. Following the transaction, the executive vice president directly owned 839,564 shares in the company, valued at $29,418,322.56. This represents a 1.44% decrease in their ownership of the stock. The transaction was disclosed in a legal 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.

Miami International Trading Down 2.4%

Shares of MIAX traded down $0.83 during trading hours on Monday, reaching $33.15. 1,069,276 shares of the stock traded hands, compared to its average volume of 1,564,388. The stock has a fifty day simple moving average of $37.39 and a 200 day simple moving average of $41.85. Miami International Holdings, Inc. has a 52 week low of $29.06 and a 52 week high of $57.14. The company has a market cap of $3.29 billion, a price-to-earnings ratio of 43.06 and a beta of 1.79.

Miami International (NYSE:MIAX - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.41 by $0.07. The business had revenue of $387.63 million during the quarter. Miami International had a net margin of 9.70% and a return on equity of 16.95%. The company's revenue for the quarter was up 34.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.48 earnings per share. Analysts predict that Miami International Holdings, Inc. will post 1.67 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

MIAX has been the subject of several recent analyst reports. Rosenblatt Securities reaffirmed a "buy" rating and issued a $62.00 target price on shares of Miami International in a report on Friday, October 2nd. Weiss Ratings reiterated a "hold (c)" rating on shares of Miami International in a report on Friday, August 7th. Wall Street Zen cut Miami International from a "buy" rating to a "hold" rating in a research report on Sunday, August 23rd. Zacks Research upgraded Miami International from a "hold" rating to a "strong-buy" rating in a research note on Friday, September 25th. Finally, Morgan Stanley reduced their price objective on Miami International from $50.00 to $43.00 and set an "equal weight" rating for the company in a research note on Friday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $50.00.

Institutional Trading of Miami International

A number of large investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Miami International in the second quarter worth about $188,466,000. J Digital 6 LLC bought a new stake in shares of Miami International in the second quarter valued at approximately $67,157,000. Bank of America Corp DE purchased a new stake in shares of Miami International during the 2nd quarter valued at approximately $31,845,000. NewEdge Advisors LLC lifted its stake in shares of Miami International by 1,646.6% during the 2nd quarter. NewEdge Advisors LLC now owns 681,610 shares of the company's stock valued at $25,329,000 after buying an additional 642,585 shares in the last quarter. Finally, Caldwell Investment Management Ltd. bought a new position in Miami International in the 2nd quarter worth approximately $22,279,000.

About Miami International

Miami International Holdings, Inc NYSE: MIAX is a financial exchange operator that owns and manages regulated marketplaces for the trading of options and other securities. Through its exchange platforms, the company provides electronic trading, order matching, market data and related services to brokers, market makers, institutional investors and other market participants.

The company operates the MIAX exchange family, which includes MIAX, MIAX Pearl and MIAX Emerald, as well as related equities and options trading venues.

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