Miami International (NYSE:MIAX) Sets New 52-Week Low - What's Next?

Key Points

• MIAX shares hit a new 52-week low of $35.33 and last traded near $35.60, well below their 50-day and 200-day moving averages of approximately $42.52 and $42.93.
• Analyst sentiment is largely cautious: the stock has an average “Hold” rating and a consensus price target of $51.40, although targets range from $48 to $62.
• Miami International exceeded quarterly EPS expectations, reporting $0.48 versus $0.41 expected, while revenue rose 34.8% year over year. Insiders have nevertheless sold roughly $31.9 million of shares over the past 90 days, primarily under pre-arranged trading plans.

Miami International Holdings, Inc. (NYSE:MIAX - Get Free Report)'s stock price hit a new 52-week low on Thursday . The company traded as low as $35.33 and last traded at $35.5950, with a volume of 770747 shares traded. The stock had previously closed at $35.89.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MIAX. Keefe, Bruyette & Woods upped their price target on Miami International from $46.00 to $48.00 and gave the company a "market perform" rating in a research report on Friday, August 7th. Zacks Research downgraded Miami International from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 23rd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Miami International in a research note on Friday, August 7th. Rosenblatt Securities lifted their target price on shares of Miami International from $61.00 to $62.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Finally, Morgan Stanley cut 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. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Miami International has an average rating of "Hold" and a consensus price target of $51.40.

Miami International Stock Performance

The business has a 50-day moving average price of $42.52 and a 200 day moving average price of $42.93. The stock has a market capitalization of $3.53 billion and a P/E ratio of 46.23.

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 (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.07. The firm had revenue of $387.63 million during the quarter. Miami International had a return on equity of 16.95% and a net margin of 9.70%.Miami International's revenue for the quarter was up 34.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.48 EPS. As a group, research analysts forecast that Miami International Holdings, Inc. will post 1.7 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Douglas Schafer, Jr. sold 48,000 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $41.22, for a total transaction of $1,978,560.00. Following the sale, the executive vice president directly owned 387,414 shares of the company's stock, valued at $15,969,205.08. This trade represents a 11.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 directly owned 1,423,275 shares in the company, valued at approximately $58,539,300.75. The trade was a 9.52% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 756,665 shares of company stock valued at $31,904,575 over the last ninety days. 15.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Miami International

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MIAX. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Miami International in the 4th quarter worth $66,000. Fifth Third Bancorp purchased a new position in shares of Miami International in the first quarter worth $61,000. New York State Teachers Retirement System purchased a new stake in Miami International in the 1st quarter worth $84,000. SG Americas Securities LLC grew its holdings in Miami International by 48.9% during the 1st quarter. SG Americas Securities LLC now owns 3,537 shares of the company's stock valued at $138,000 after buying an additional 1,162 shares in the last quarter. Finally, State of Wyoming increased 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 worth $177,000 after purchasing an additional 3,948 shares during 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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