Miami International Holdings, Inc. (NYSE:MIAX) Short Interest Down 33.8% in April

Key Points

• Short interest fell 33.8% — as of April 15 short interest declined to 2,246,370 shares (about 2.5% of the stock) with a days-to-cover ratio of 1.6 based on average daily volume.
• Heavy insider selling — insiders sold 521,321 shares worth roughly $21.8M over the past 90 days, including sales by a director and the EVP executed under pre-arranged Rule 10b5-1 plans.
• Analyst view and recent beat — MIAX has an average analyst rating of "Moderate Buy" with a $47.60 target, and recently beat quarterly estimates (EPS $0.52 vs $0.41; revenue $369.4M vs $121.1M), with the stock trading around $47.35.

Miami International Holdings, Inc. (NYSE:MIAX - Get Free Report) saw a large decrease in short interest in April. As of April 15th, there was short interest totaling 2,246,370 shares, a decrease of 33.8% from the March 31st total of 3,394,120 shares. Based on an average daily trading volume, of 1,385,158 shares, the days-to-cover ratio is presently 1.6 days. Currently, 2.5% of the company's stock are short sold.

Insider Activity at Miami International

In related news, Director Judson Gray Teekell sold 2,700 shares of Miami International stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $40.00, for a total transaction of $108,000.00. Following the completion of the sale, the director owned 59,338 shares of the company's stock, valued at approximately $2,373,520. This trade represents a 4.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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, EVP Shelly Brown sold 16,434 shares of the business'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 completion of the transaction, the executive vice president owned 325,047 shares in the company, valued at $13,677,977.76. This trade represents a 4.81% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 521,321 shares of company stock worth $21,837,057.

Institutional Trading of Miami International

Several institutional investors have recently modified their holdings of MIAX. State of Wyoming acquired a new position in shares of Miami International in the fourth quarter valued at $26,000. National Bank of Canada FI acquired a new stake in Miami International during the third quarter worth $29,000. Comerica Bank increased its holdings in 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 buying an additional 937 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in Miami International in the 4th quarter valued at $66,000. Finally, New York State Teachers Retirement System acquired a new position in shares of Miami International in the 1st quarter valued at $84,000.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on MIAX shares. Weiss Ratings reiterated a "sell (d+)" rating on shares of Miami International in a report on Friday, March 27th. Rosenblatt Securities reaffirmed a "buy" rating and set a $59.00 price objective on shares of Miami International in a research report on Tuesday, April 7th. Keefe, Bruyette & Woods began coverage on shares of Miami International in a research note on Wednesday, April 8th. They issued a "market perform" rating and a $40.00 target price for the company. Morgan Stanley boosted their target price on shares of Miami International from $48.00 to $50.00 and gave the stock an "overweight" rating in a research report on Friday, April 10th. Finally, Wall Street Zen lowered shares of Miami International from a "buy" rating to a "hold" rating in a research note on Saturday, March 28th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $47.60.

Miami International Stock Performance

NYSE MIAX traded up $0.63 during trading on Tuesday, hitting $47.35. The company's stock had a trading volume of 1,310,612 shares, compared to its average volume of 1,110,404. Miami International has a 52 week low of $28.63 and a 52 week high of $51.38. The firm has a 50 day moving average price of $41.34 and a 200 day moving average price of $43.07.

Miami International (NYSE:MIAX - Get Free Report) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.52 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $0.11. The company had revenue of $369.43 million for the quarter, compared to analyst estimates of $121.13 million. The firm's quarterly revenue was up 14.0% compared to the same quarter last year. On average, equities analysts expect that Miami International will post 1.45 EPS for the current year.

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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