Miami International (NYSE:MIAX) CEO Sells $2,562,862.54 in Stock

Key Points

• CEO Thomas Gallagher sold 54,229 shares on May 4 at an average price of $47.26 for $2,562,862.54 under a Rule 10b5-1 plan, reducing his holding by 3.05% to 1,723,275 shares (about $81.44M).
• Company performance and stock move: MIAX beat quarterly EPS expectations ($0.52 vs. $0.41) with revenue of $369.43M (up 14% YoY), and the stock traded up 1.6% to $48.07; market cap is ~$4.56B with a P/E of ~89.
• Analyst sentiment: The consensus rating is a "Moderate Buy" with a consensus target price of $47.60, and individual analyst ratings range from Strong Buy to Sell.

Miami International Holdings, Inc. (NYSE:MIAX - Get Free Report) CEO Thomas Gallagher sold 54,229 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $47.26, for a total transaction of $2,562,862.54. Following the sale, the chief executive officer owned 1,723,275 shares in the company, valued at $81,441,976.50. This represents a 3.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Miami International Trading Up 1.6%

NYSE:MIAX traded up $0.76 on Tuesday, hitting $48.07. The company had a trading volume of 1,035,198 shares, compared to its average volume of 1,267,720. The stock has a market capitalization of $4.56 billion and a price-to-earnings ratio of 89.08. The firm has a 50 day moving average of $41.61 and a two-hundred day moving average of $43.13. Miami International Holdings, Inc. has a 52 week low of $28.63 and a 52 week high of $51.38.

Miami International (NYSE:MIAX - Get Free Report) last issued its quarterly earnings data on Wednesday, February 25th. The company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.41 by $0.11. The company had revenue of $369.43 million during the quarter, compared to the consensus estimate of $121.13 million. Miami International's revenue for the quarter was up 14.0% on a year-over-year basis. As a group, equities analysts forecast that Miami International Holdings, Inc. will post 1.45 EPS for the current year.

Hedge Funds Weigh In On Miami International

Several large investors have recently modified their holdings of the business. Mad River Investors raised its stake in shares of Miami International by 0.6% during the fourth quarter. Mad River Investors now owns 75,050 shares of the company's stock valued at $3,331,000 after acquiring an additional 450 shares during the last quarter. State of Wyoming bought a new position in Miami International during the fourth quarter worth $26,000. National Bank of Canada FI bought a new position in Miami International during the third quarter worth $29,000. First Trust Advisors LP raised its stake in Miami International by 3.5% during the fourth quarter. First Trust Advisors LP now owns 21,671 shares of the company's stock worth $962,000 after buying an additional 733 shares during the last quarter. Finally, Coastal Bridge Advisors LLC raised its stake in Miami International by 1.1% during the fourth quarter. Coastal Bridge Advisors LLC now owns 77,415 shares of the company's stock worth $3,436,000 after buying an additional 850 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on MIAX shares. Morgan Stanley increased their price objective on shares of Miami International from $48.00 to $50.00 and gave the company an "overweight" rating in a research note on Friday, April 10th. Keefe, Bruyette & Woods initiated coverage on shares of Miami International in a research note on Wednesday, April 8th. They issued a "market perform" rating and a $40.00 price objective for the company. Rosenblatt Securities reaffirmed a "buy" rating and set a $59.00 price target on shares of Miami International in a research note on Tuesday, April 7th. Wall Street Zen downgraded shares of Miami International from a "buy" rating to a "hold" rating in a research note on Saturday, March 28th. Finally, Zacks Research raised shares of Miami International from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $47.60.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.