Morgan Stanley Raises Miami International (NYSE:MIAX) Price Target to $53.00

Key Points

• Morgan Stanley raised its price target on Miami International (NYSE: MIAX) from $50 to $53 and maintained an overweight rating, implying about 20.6% upside from the prior close.
• Analyst sentiment remains mixed: while some firms recently cut ratings, the stock’s overall consensus is still Hold, with an average target price of $51.80.
• Miami International recently beat earnings expectations, reporting $0.42 EPS versus $0.36 expected and revenue of $369.69 million, up 40% year over year.

Miami International (NYSE:MIAX - Get Free Report) had its target price increased by research analysts at Morgan Stanley from $50.00 to $53.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Morgan Stanley's price objective indicates a potential upside of 20.60% from the stock's previous close.

Other equities analysts have also recently issued research reports about the stock. Zacks Research cut shares of Miami International from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 23rd. Keefe, Bruyette & Woods increased their target price on shares of Miami International from $40.00 to $48.00 and gave the company a "market perform" rating in a research note on Friday, May 8th. Wall Street Zen cut shares of Miami International from a "buy" rating to a "hold" rating in a report on Sunday, May 17th. Rosenblatt Securities upped their price target on Miami International from $59.00 to $61.00 and gave the company a "buy" rating in a report on Thursday, May 7th. Finally, Weiss Ratings upgraded Miami International from a "sell (d+)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Four analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Miami International currently has a consensus rating of "Hold" and an average target price of $51.80.

Miami International Stock Up 2.2%

Shares of MIAX stock opened at $43.95 on Friday. The stock has a 50-day simple moving average of $44.59 and a 200 day simple moving average of $43.03. Miami International has a fifty-two week low of $28.63 and a fifty-two week high of $57.14. The stock has a market capitalization of $4.17 billion and a P/E ratio of 45.73.

Miami International (NYSE:MIAX - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.36 by $0.06. The business had revenue of $369.69 million during the quarter, compared to the consensus estimate of $122.74 million. During the same quarter last year, the firm posted $0.38 earnings per share. Miami International's revenue was up 40.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Miami International will post 1.53 earnings per share for the current year.

Insider Activity at Miami International

In other news, EVP Shelly Brown sold 16,000 shares of Miami International stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $42.13, for a total transaction of $674,080.00. Following the completion of the sale, the executive vice president directly owned 353,990 shares in the company, valued at $14,913,598.70. The trade was a 4.32% decrease in their position. The sale was disclosed in a filing 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, Director Judson Gray Teekell sold 3,000 shares of Miami International stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the sale, the director owned 75,251 shares of the company's stock, valued at $3,010,040. This trade represents a 3.83% 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. Over the last three months, insiders sold 876,546 shares of company stock worth $38,552,360. 15.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Miami International

Several large investors have recently made changes to their positions in the stock. Vanguard Group Inc. acquired a new stake in Miami International in the 3rd quarter worth approximately $55,660,000. First Trust Advisors LP bought a new position in shares of Miami International during the 3rd quarter worth about $843,000. Legal & General Group Plc acquired a new position in Miami International in the 3rd quarter valued at approximately $302,000. Franklin Resources Inc. acquired a new position in shares of Miami International in the third quarter valued at $17,403,000. Finally, Sei Investments Co. acquired a new position in shares of Miami International in the 3rd quarter valued at $4,074,000.

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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