Miami International (NYSE:MIAX) Rating Lowered to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded Miami International to “Hold” from “Buy,” following a similar Zacks Research downgrade. MarketBeat’s consensus is now “Hold,” with a $52 average price target based on four Buy and five Hold ratings.
• Miami International reported quarterly EPS of $0.48, beating estimates of $0.41, while revenue rose 34.8% year over year to $387.63 million. The stock opened at $42.58, with a market capitalization of approximately $4.23 billion.
• Insiders sold 797,208 shares worth about $33.9 million over the past quarter, although several hedge funds—including Vanguard and Renaissance Technologies—recently increased their positions.

Miami International (NYSE:MIAX - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Sunday.

Other research analysts also recently issued research reports about the stock. Zacks Research downgraded shares of Miami International from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 23rd. Morgan Stanley boosted their target price on shares of Miami International from $50.00 to $53.00 and gave the company an "overweight" rating in a report on Friday, July 10th. Rosenblatt Securities upped their price target on shares of Miami International from $61.00 to $62.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. JPMorgan Chase & Co. lifted their target price on Miami International from $41.00 to $45.00 and gave the company a "neutral" rating in a report on Thursday, May 7th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Miami International from $46.00 to $48.00 and gave the company a "market perform" rating in a research note on Friday, August 7th. Four research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $52.00.

Miami International Stock Performance

MIAX opened at $42.58 on Friday. The business's fifty day moving average is $41.83 and its two-hundred day moving average is $42.94. The company has a market cap of $4.23 billion and a price-to-earnings ratio of 55.30. Miami International has a one year low of $32.19 and a one year high of $57.14.

Miami International (NYSE:MIAX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.48 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 business's quarterly revenue was up 34.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.48 earnings per share. On average, analysts predict that Miami International will post 1.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Judson Gray Teekell sold 3,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $45.79, for a total value of $137,370.00. Following the completion of the sale, the director directly owned 72,251 shares of the company's stock, valued at $3,308,373.29. This represents a 3.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Harish Jayabalan sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $45.90, for a total transaction of $918,000.00. Following the sale, the executive vice president owned 78,065 shares of the company's stock, valued at approximately $3,583,183.50. This represents a 20.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 797,208 shares of company stock valued at $33,858,199 over the last quarter. 15.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Miami International

Hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets acquired a new position in Miami International in the 4th quarter worth about $8,477,000. Vanguard Group Inc. grew its stake in shares of Miami International by 39.5% in the 4th quarter. Vanguard Group Inc. now owns 1,928,286 shares of the company's stock valued at $85,577,000 after buying an additional 545,770 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in Miami International in the first quarter worth approximately $5,834,000. Renaissance Technologies LLC increased its holdings in Miami International by 39.2% in the first quarter. Renaissance Technologies LLC now owns 271,500 shares of the company's stock worth $10,567,000 after buying an additional 76,401 shares during the last quarter. Finally, Seven Grand Managers LLC raised its position in Miami International by 33.3% during the fourth quarter. Seven Grand Managers LLC now owns 400,000 shares of the company's stock valued at $17,752,000 after acquiring an additional 100,000 shares in the last quarter.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source