Miami International (NYSE:MIAX) Sets New 1-Year Low - Here's What Happened

Key Points

• Miami International shares hit a new 52-week low of $33.52, with the stock last trading near $33.77. Its market capitalization is approximately $3.35 billion.
• Despite the decline, analysts maintain a “Moderate Buy” consensus with an average price target of $51.40; the company recently beat quarterly earnings expectations, reporting $0.48 EPS versus the $0.41 consensus and 34.8% year-over-year revenue growth.
• Insiders have sold 756,665 shares worth roughly $31.9 million over the past 90 days, while institutional investors—including BlackRock—have established or expanded significant positions.

Miami International Holdings, Inc. (NYSE:MIAX - Get Free Report) reached a new 52-week low on Wednesday. The company traded as low as $33.52 and last traded at $33.7730, with a volume of 1451891 shares changing hands. The stock had previously closed at $33.91.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MIAX. Wall Street Zen cut Miami International from a "buy" rating to a "hold" rating in a research note on Sunday, August 23rd. Zacks Research upgraded shares of Miami International from a "hold" rating to a "strong-buy" rating in a report on Friday, September 25th. Morgan Stanley downgraded shares of Miami International from an "overweight" rating to an "equal weight" rating and decreased their target price for the stock from $53.00 to $50.00 in a research note on Tuesday, September 1st. Keefe, Bruyette & Woods upped 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. Finally, Rosenblatt Securities lifted their price target on shares of Miami International from $61.00 to $62.00 and gave the company a "buy" rating in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Miami International presently has a consensus rating of "Moderate Buy" and a consensus target price of $51.40.

Miami International Trading Down 0.4%

The company has a market capitalization of $3.35 billion and a PE ratio of 43.86. The business's fifty day moving average is $41.91 and its two-hundred day moving average is $42.77.

Miami International (NYSE:MIAX - Get Free Report) last posted its 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. Miami International had a return on equity of 16.95% and a net margin of 9.70%.The business had revenue of $387.63 million during the quarter. During the same period in the previous year, the business posted $0.48 EPS. The firm's revenue for the quarter was up 34.8% on a year-over-year basis. As a group, equities research analysts anticipate that Miami International Holdings, Inc. will post 1.7 EPS for the current year.

Insider Activity

In related news, EVP Douglas M. Schafer, Jr. sold 48,000 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $40.48, for a total transaction of $1,943,040.00. Following the transaction, the executive vice president owned 387,414 shares in the company, valued at $15,682,518.72. This represents a 11.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Barbara J. Comly sold 44,445 shares of the firm's stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $40.49, for a total transaction of $1,799,578.05. Following the completion of the sale, the executive vice president owned 839,564 shares in the company, valued at $33,993,946.36. This represents a 5.03% decrease in their position. 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 90 days, insiders have sold 756,665 shares of company stock worth $31,904,575. 15.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Miami International

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in Miami International during the second quarter valued at approximately $188,466,000. Horizon Kinetics Asset Management LLC boosted its stake in shares of Miami International by 31.6% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 1,819,798 shares of the company's stock worth $80,763,000 after acquiring an additional 437,395 shares during the last quarter. J Digital 6 LLC purchased a new position in shares of Miami International during the 2nd quarter worth $67,157,000. Allspring Global Investments Holdings LLC grew its position in shares of Miami International by 19.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,112,261 shares of the company's stock valued at $43,790,000 after acquiring an additional 180,208 shares during the period. Finally, Bank of America Corp DE increased its stake in shares of Miami International by 196.5% in the 1st quarter. Bank of America Corp DE now owns 900,882 shares of the company's stock worth $35,062,000 after purchasing an additional 597,021 shares in the last quarter.

Miami International Company Profile

Miami International Holdings, Inc NYSE: MIAX operates a global exchange group focused on financial markets and trading infrastructure. Its business includes the MIAX Exchange Group, which operates electronic options and equities exchanges serving institutional, professional and other market participants.

The company's exchange platforms include MIAX, MIAX Pearl and MIAX Emerald for listed options, as well as MIAX Sapphire for equities. Miami International Holdings also provides exchange-related services such as market data, connectivity and trading technology designed to support efficient order execution and liquidity across its marketplaces.

Founded in 2007, the company has expanded beyond its U.S.

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