Miami International (NYSE:MIAX) Share Price Crosses Above 50-Day Moving Average - Should You Sell?

Key Points

• MIAX moved above its 50-day moving average, trading at about $35.73, but remained below its 200-day average of $41.02.
• Analyst sentiment is mostly neutral: five analysts rate the stock Hold and one rates it Buy. The average price target is $49; recent target changes ranged from a cut to $43 by Morgan Stanley to an increase to $48 by Keefe, Bruyette & Woods.
• Latest quarterly results beat expectations, with EPS of $0.45 versus a $0.36 consensus and revenue up 243.6% year over year. Insiders sold a combined 517,574 shares over the past three months.

Miami International Holdings, Inc. (NYSE:MIAX - Get Free Report)'s stock price passed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $35.26 and traded as high as $35.88. Miami International shares last traded at $35.7290, with a volume of 775,858 shares trading hands.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Keefe, Bruyette & Woods raised their price target on Miami International from $46.00 to $48.00 and gave the company a "market perform" rating in a research note on Friday, August 7th. Wall Street Zen downgraded Miami International from a "buy" rating to a "hold" rating in a report on Sunday, August 23rd. Weiss Ratings cut Miami International from a "hold (c)" rating to a "hold (c-)" rating in a research report on Wednesday, October 28th. Zacks Research downgraded Miami International from a "strong-buy" rating to a "hold" rating in a report on Monday, October 26th. Finally, Morgan Stanley dropped their price objective on Miami International from $50.00 to $43.00 and set an "equal weight" rating on the stock in a report on Friday, October 9th. One equities research analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Miami International presently has an average rating of "Hold" and an average price target of $49.00.

Miami International Trading Up 1.7%

The firm's fifty day moving average price is $35.26 and its 200-day moving average price is $41.02. The firm has a market cap of $3.58 billion, a price-to-earnings ratio of 13.23 and a beta of 1.73.

Miami International (NYSE:MIAX - Get Free Report) last announced its quarterly earnings results on Thursday, October 29th. The company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.36 by $0.09. Miami International had a net margin of 19.75% and a return on equity of 19.06%. The firm had revenue of $376.18 million for the quarter. During the same quarter in the prior year, the business earned $0.42 earnings per share. Miami International's revenue was up 243.6% compared to the same quarter last year. On average, sell-side analysts expect that Miami International Holdings, Inc. will post 1.76 earnings per share for the current year.

Insider Buying and Selling at Miami International

In related news, EVP Shelly Brown sold 21,217 shares of the company's stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $38.61, for a total value of $819,188.37. Following the completion of the sale, the executive vice president directly owned 316,490 shares of the company's stock, valued at $12,219,678.90. This represents a 6.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Thomas P. Gallagher sold 47,000 shares of the firm's stock in a transaction that occurred 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 transaction, the chief executive officer owned 1,423,275 shares in the company, valued at $60,389,558.25. This represents a 3.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 517,574 shares of company stock valued at $20,002,691. 15.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Miami International

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Miami International in the 2nd quarter valued at $188,466,000. J Digital 6 LLC acquired a new stake in Miami International during the 2nd quarter worth $67,157,000. Allspring Global Investments Holdings LLC boosted its stake in 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 worth $43,790,000 after purchasing an additional 180,208 shares during the period. Bank of America Corp DE boosted its stake in Miami International by 196.5% during 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 during the period. Finally, NewEdge Advisors LLC grew its position in Miami International by 1,646.6% during the 2nd quarter. NewEdge Advisors LLC now owns 681,610 shares of the company's stock worth $25,329,000 after purchasing an additional 642,585 shares during the last quarter.

About Miami International

Miami International Holdings, Inc. (MIAX) operates financial exchanges and provides trading technology and related services. Its U.S. platforms include options exchanges and an equities exchange, serving market participants such as broker-dealers, institutional investors and trading firms. The company also operates MIAX Futures, which offers futures and options contracts, and owns the Bermuda Stock Exchange. Its businesses serve U.S. markets as well as participants in Bermuda and other international markets.

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