Miami International (NYSE:MIAX) Hits New 12-Month High - Should You Buy?

Key Points

• Miami International (NYSE:MIAX) reached a new 52-week high, trading as high as $55.90 amid strong volume. The move came after the stock had closed at $52.47 the prior session.
• Recent analyst actions have been mixed but generally constructive, with multiple firms raising price targets and the stock carrying an overall Moderate Buy rating. The average price target from MarketBeat data is $51.20, below the latest trading level.
• The company posted better-than-expected quarterly results, with EPS of $0.42 versus $0.36 expected and revenue of $369.69 million, up 40% year over year. That earnings beat appears to be a key driver behind the stock’s momentum.

Miami International Holdings, Inc. (NYSE:MIAX - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $55.90 and last traded at $55.2070, with a volume of 1698762 shares traded. The stock had previously closed at $52.47.

Analysts Set New Price Targets

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

Miami International Price Performance

The stock has a market capitalization of $5.24 billion and a P/E ratio of 102.24. The company has a fifty day moving average of $43.00 and a two-hundred day moving average 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, beating the consensus estimate of $0.36 by $0.06. The company had revenue of $369.69 million for the quarter, compared to the consensus estimate of $122.74 million. The firm's revenue for the quarter was up 40.0% compared to the same quarter last year. During the same period last year, the company posted $0.38 earnings per share. As a group, equities research analysts predict that Miami International Holdings, Inc. will post 1.53 EPS for the current fiscal year.

Insider Activity at Miami International

In other news, EVP Douglas M. Schafer, Jr. sold 48,000 shares of the business's stock in a transaction that occurred on Tuesday, March 17th. The stock was sold at an average price of $39.74, for a total transaction of $1,907,520.00. Following the completion of the transaction, the executive vice president directly owned 396,681 shares in the company, valued at approximately $15,764,102.94. The trade was a 10.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Kurt M. Eckert sold 37,917 shares of the business's stock in a transaction that occurred on Thursday, March 19th. The stock was sold at an average price of $39.00, for a total value of $1,478,763.00. Following the transaction, the director owned 142,375 shares of the company's stock, valued at approximately $5,552,625. This represents a 21.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 687,175 shares of company stock valued at $29,675,666.

Hedge Funds Weigh In On Miami International

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Sei Investments Co. boosted its position in shares of Miami International by 54.7% during the first quarter. Sei Investments Co. now owns 526,363 shares of the company's stock worth $20,486,000 after buying an additional 186,108 shares during the period. Walleye Capital LLC boosted its position in shares of Miami International by 307.1% during the first quarter. Walleye Capital LLC now owns 38,522 shares of the company's stock worth $1,499,000 after buying an additional 29,059 shares during the period. State of Wyoming boosted its position in shares of Miami International by 664.6% during the first quarter. State of Wyoming now owns 4,542 shares of the company's stock worth $177,000 after buying an additional 3,948 shares during the period. Swiss National Bank boosted its position in shares of Miami International by 6.3% during the first quarter. Swiss National Bank now owns 33,800 shares of the company's stock worth $1,315,000 after buying an additional 2,000 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Miami International by 19.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,112,261 shares of the company's stock worth $43,790,000 after buying an additional 180,208 shares during the period.

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.

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.