Miami International (NYSE:MIAX) Sets New 12-Month Low - Time to Sell?

Key Points

• Miami International shares hit a new 52-week low, trading as low as $32.74, well below their 50-day and 200-day moving averages of $41.20 and $42.62, respectively.
• Despite the decline, analysts maintain a generally positive outlook: the stock has a consensus “Moderate Buy” rating and an average price target of $51.40, while recent quarterly earnings of $0.48 per share beat estimates.
• Insiders have sold 555,415 shares worth approximately $23.5 million over the past three months, though the transactions were conducted under pre-arranged Rule 10b5-1 trading plans.

Miami International Holdings, Inc. (NYSE:MIAX - Get Free Report) reached a new 52-week low on Tuesday. The stock traded as low as $32.74 and last traded at $34.2690, with a volume of 1678389 shares changing hands. The stock had previously closed at $33.01.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Rosenblatt Securities reissued a "buy" rating and set a $62.00 target price on shares of Miami International in a research note on Friday. Zacks Research upgraded Miami International from a "hold" rating to a "strong-buy" rating in a report on Friday, September 25th. Keefe, Bruyette & Woods raised their target price on Miami International from $46.00 to $48.00 and gave the stock a "market perform" rating in a research report on Friday, August 7th. Morgan Stanley lowered Miami International from an "overweight" rating to an "equal weight" rating and dropped their price objective for the stock from $53.00 to $50.00 in a report on Tuesday, September 1st. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Miami International in a research note on Friday, August 7th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $51.40.

Miami International Price Performance

The company has a 50-day simple moving average of $41.20 and a 200-day simple moving average of $42.62. The stock has a market cap of $3.40 billion, a PE ratio of 44.51 and a beta of 1.79.

Miami International (NYSE:MIAX - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.48 earnings per share for the quarter, topping analysts' consensus estimates of $0.41 by $0.07. The business had revenue of $387.63 million for the quarter. Miami International had a net margin of 9.70% and a return on equity of 16.95%. The business's revenue for the quarter was up 34.8% compared to the same quarter last year. During the same period last year, the company earned $0.48 earnings per share. On average, equities analysts expect that Miami International Holdings, Inc. will post 1.71 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Thomas Gallagher sold 47,000 shares of the firm's stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $42.43, for a total value of $1,994,210.00. Following the completion of the transaction, the chief executive officer owned 1,423,275 shares in the company, valued at $60,389,558.25. This trade represents a 3.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Shelly Brown sold 21,217 shares of the stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $38.61, for a total transaction of $819,188.37. Following the completion of the sale, the executive vice president directly owned 316,490 shares in the company, valued at approximately $12,219,678.90. The trade was a 6.28% 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 555,415 shares of company stock valued at $23,514,966 in the last three months. 15.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Miami International

Hedge funds and other institutional investors have recently modified their holdings of the company. Fifth Third Bancorp purchased a new stake in Miami International in the 1st quarter worth approximately $61,000. Caitong International Asset Management Co. Ltd purchased a new stake in Miami International during the fourth quarter valued at about $66,000. New York State Teachers Retirement System acquired a new stake in Miami International during the 1st quarter worth approximately $84,000. SG Americas Securities LLC increased its position in shares of Miami International by 48.9% in the first quarter. SG Americas Securities LLC now owns 3,537 shares of the company's stock worth $138,000 after acquiring an additional 1,162 shares in the last quarter. Finally, State of Wyoming raised its position in Miami International by 664.6% in the first quarter. State of Wyoming now owns 4,542 shares of the company's stock valued at $177,000 after purchasing an additional 3,948 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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