Miami International (NYSE:MIAX) Hits New 52-Week Low - Time to Sell?

Key Points

• Miami International shares hit a new 52-week low of $29.06, trading well below their 50-day and 200-day moving averages. The stock has a $2.98 billion market capitalization and a beta of 1.79.
• Analyst sentiment remains mixed but leans positive, with a “Moderate Buy” consensus and an average price target of $50.00—substantially above the current share price. Recent actions ranged from a Zacks upgrade to “Strong Buy” to Morgan Stanley lowering its target to $43 and maintaining an “Equal Weight” rating.
• The company reported stronger-than-expected quarterly earnings of $0.48 per share and 34.8% year-over-year revenue growth, while institutional investors including BlackRock and Bank of America increased or initiated positions. Insiders sold approximately $20.7 million of stock over the past three months, though the reported transactions were made under pre-arranged plans.

Miami International Holdings, Inc. (NYSE:MIAX - Get Free Report)'s share price reached a new 52-week low on Wednesday. The company traded as low as $29.06 and last traded at $29.7030, with a volume of 84,788 shares changing hands. The stock had previously closed at $29.55.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Zacks Research upgraded shares of Miami International from a "hold" rating to a "strong-buy" rating in a research report on Friday, September 25th. Keefe, Bruyette & Woods upped their price target on shares of Miami International from $46.00 to $48.00 and gave the stock a "market perform" rating in a report on Friday, August 7th. Wall Street Zen cut shares of Miami International from a "buy" rating to a "hold" rating in a report on Sunday, August 23rd. Weiss Ratings reiterated a "hold (c)" rating on shares of Miami International in a research report on Friday, August 7th. Finally, Morgan Stanley decreased their target price on Miami International from $50.00 to $43.00 and set an "equal weight" rating on the stock in a research note on Friday, October 9th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $50.00.

Miami International Stock Performance

The company's 50-day simple moving average is $39.29 and its two-hundred day simple moving average is $42.24. The firm has a market cap of $2.98 billion, a PE ratio of 38.89 and a beta of 1.79.

Miami International (NYSE:MIAX - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.07. Miami International had a net margin of 9.70% and a return on equity of 16.95%. The business had revenue of $387.63 million for the quarter. During the same quarter last year, the firm earned $0.48 EPS. The business's revenue was up 34.8% on a year-over-year basis. On average, analysts expect that Miami International Holdings, Inc. will post 1.67 EPS for the current year.

Insider Activity

In related news, EVP Harish Jayabalan sold 20,000 shares of the company's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $45.90, for a total value of $918,000.00. Following the transaction, the executive vice president owned 78,065 shares in the company, valued at $3,583,183.50. The trade was a 20.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Thomas Gallagher sold 149,700 shares of the firm's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $41.13, for a total transaction of $6,157,161.00. Following the sale, the chief executive officer owned 1,423,275 shares of the company's stock, valued at approximately $58,539,300.75. This represents a 9.52% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 497,415 shares of company stock valued at $20,696,726. 15.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in Miami International during the second quarter valued at approximately $188,466,000. J Digital 6 LLC purchased a new position in Miami International during the second quarter valued at $67,157,000. Allspring Global Investments Holdings LLC grew its holdings in 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 valued at $43,790,000 after purchasing an additional 180,208 shares during the period. Bank of America Corp DE lifted its position in shares of Miami International by 196.5% during the 1st quarter. Bank of America Corp DE now owns 900,882 shares of the company's stock valued at $35,062,000 after buying an additional 597,021 shares in the last quarter. Finally, NewEdge Advisors LLC grew its stake in shares of Miami International by 1,646.6% during the 2nd quarter. NewEdge Advisors LLC now owns 681,610 shares of the company's stock valued at $25,329,000 after acquiring an additional 642,585 shares during the period.

About Miami International

Miami International Holdings, Inc operates financial markets and exchange platforms through its MIAX Exchange Group. The company provides electronic trading venues, market data, and related technology for options and other securities, with an emphasis on high-performance execution and competitive market structure.

Its U.S. exchange portfolio includes the MIAX, MIAX Pearl, MIAX Emerald, and MIAX Sapphire options exchanges, as well as MIAX Pearl Equities. These venues support trading in listed options and equities and are designed to serve market makers, institutional investors, broker-dealers, and other market participants.

Miami International Holdings was founded in 2007, and its flagship MIAX options exchange began operations in 2012.

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