Miami International (NYSE:MIAX) Shares Down 4.1% on Analyst Downgrade

Key Points

• Miami International shares fell 4.1% to about $40.39 after Morgan Stanley downgraded the stock from overweight to equal weight and lowered its price target from $53 to $50.
• Analyst sentiment is broadly cautious: the stock has a consensus “Hold” rating and a consensus price target of $51.40, with three Buy ratings and six Holds.
• The company recently exceeded quarterly earnings expectations, reporting $0.48 in EPS versus $0.41 expected and 34.8% year-over-year revenue growth, though insiders have sold $26.1 million of shares over the past 90 days.

Miami International Holdings, Inc. (NYSE:MIAX - Get Free Report)'s share price was down 4.1% during mid-day trading on Wednesday after Morgan Stanley downgraded the stock from an overweight rating to an equal weight rating. Morgan Stanley now has a $50.00 price target on the stock, down from their previous price target of $53.00. Miami International traded as low as $40.00 and last traded at $40.3910. 270,002 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 1,508,443 shares. The stock had previously closed at $42.11.

Several other equities research analysts have also recently commented on the stock. Wall Street Zen cut shares of Miami International from a "buy" rating to a "hold" rating in a research report on Sunday, August 23rd. Rosenblatt Securities boosted their price objective on shares of Miami International from $61.00 to $62.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Zacks Research cut Miami International from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 23rd. Keefe, Bruyette & Woods boosted their price target on Miami International from $46.00 to $48.00 and gave the company a "market perform" rating in a report on Friday, August 7th. Finally, JPMorgan Chase & Co. increased their price objective on Miami International from $41.00 to $45.00 and gave the stock a "neutral" rating in a report on Thursday, May 7th. Three research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $51.40.

Insider Activity

In related news, Director Kurt M. Eckert sold 1,063 shares of the stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $45.80, for a total transaction of $48,685.40. Following the completion of the transaction, the director directly owned 149,612 shares of the company's stock, valued at approximately $6,852,229.60. This represents a 0.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Judson Gray Teekell sold 3,000 shares of the stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $45.79, for a total value of $137,370.00. Following the completion of the sale, the director directly owned 72,251 shares of the company's stock, valued at approximately $3,308,373.29. The trade was a 3.99% 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 ninety days, insiders sold 615,958 shares of company stock worth $26,146,369. 15.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Miami International

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. acquired a new position in Miami International during the third quarter worth approximately $55,660,000. First Trust Advisors LP bought a new stake in Miami International in the 3rd quarter valued at $843,000. Legal & General Group Plc bought a new position in Miami International during the third quarter worth $302,000. Franklin Resources Inc. acquired a new position in shares of Miami International in the third quarter valued at $17,403,000. Finally, Sei Investments Co. bought a new position in shares of Miami International in the third quarter valued at about $4,074,000.

Miami International Trading Down 4.1%

The company has a market cap of $4.01 billion and a price-to-earnings ratio of 52.54. The business's 50 day moving average price is $42.51 and its 200-day moving average price is $43.05.

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 firm had revenue of $387.63 million for the quarter. During the same period in the prior year, the company earned $0.48 earnings per share. The firm's revenue was up 34.8% compared to the same quarter last year. Equities research analysts forecast that Miami International Holdings, Inc. will post 1.69 EPS for the current fiscal year.

About Miami International

Miami International NYSE: MIAX is a U.S. exchange holding company that operates electronic trading venues and provides market infrastructure for listed options and related products. Its primary business activities include operating regulated exchanges, delivering market data feeds, and offering trading technology and connectivity services designed for professional traders, broker-dealers, and market makers. The company focuses on low-latency execution, order matching, and the operational controls required to support high-volume, automated trading strategies in listed derivatives.

Products and services provided by Miami International include fully electronic order matching engines, transmittable market data and feed products, colocation and connectivity solutions, and tools for risk management and regulatory compliance.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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