Miami International (NYSE:MIAX) Raised to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded Miami International (MIAX) from a "hold" to a "strong-buy," while overall analyst sentiment remains a "Moderate Buy" with a consensus price target of $47.60.
• The company reported a stronger-than-expected quarter, beating EPS and revenue estimates with revenue up about 14% year-over-year.
• Insiders have been selling recently — including a 121,054-share sale by Director Murray Stahl and a total of 267,629 shares sold by insiders in the past 90 days (≈$10.8M).

Miami International (NYSE:MIAX - Get Free Report) was upgraded by investment analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued on Wednesday,Zacks.com reports.

A number of other research analysts also recently issued reports on the company. Rosenblatt Securities restated a "buy" rating and set a $59.00 price target on shares of Miami International in a research note on Tuesday, April 7th. Keefe, Bruyette & Woods assumed coverage on shares of Miami International in a research report on Wednesday, April 8th. They issued a "market perform" rating and a $40.00 price objective on the stock. Wall Street Zen lowered shares of Miami International from a "buy" rating to a "hold" rating in a research report on Saturday, March 28th. Weiss Ratings reiterated a "sell (d+)" rating on shares of Miami International in a research report on Friday, March 27th. Finally, Morgan Stanley lifted 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. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.60.

Miami International Trading Up 1.5%

NYSE MIAX opened at $44.87 on Wednesday. The stock has a fifty day simple moving average of $40.69 and a 200-day simple moving average of $42.87. Miami International has a twelve month low of $28.63 and a twelve month high of $51.38. The stock has a market cap of $4.11 billion and a PE ratio of 83.10.

Miami International (NYSE:MIAX - Get Free Report) last posted its earnings results on Wednesday, February 25th. The company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.11. The firm had revenue of $369.43 million for the quarter, compared to analyst estimates of $121.13 million. Miami International's revenue for the quarter was up 14.0% on a year-over-year basis.

Insider Buying and Selling

In related news, Director Murray Stahl sold 121,054 shares of the company's stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $40.92, for a total value of $4,953,529.68. Following the completion of the transaction, the director directly owned 4,689,466 shares in the company, valued at approximately $191,892,948.72. This represents a 2.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Shelly Brown sold 25,932 shares of the company's stock in a transaction on Monday, March 23rd. The shares were sold at an average price of $39.33, for a total value of $1,019,905.56. Following the completion of the transaction, the executive vice president owned 299,197 shares of the company's stock, valued at $11,767,418.01. The trade was a 7.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 267,629 shares of company stock valued at $10,812,697.

Institutional Investors Weigh In On Miami International

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. State of Wyoming purchased a new position in Miami International in the fourth quarter valued at about $26,000. National Bank of Canada FI purchased a new position in Miami International in the third quarter valued at about $29,000. Comerica Bank boosted its holdings in Miami International by 295.6% in the fourth quarter. Comerica Bank now owns 1,254 shares of the company's stock valued at $56,000 after purchasing an additional 937 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Miami International in the fourth quarter valued at about $66,000. Finally, Emerald Mutual Fund Advisers Trust purchased a new position in Miami International in the third quarter valued at about $101,000.

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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