Miami International (NYSE:MIAX) Shares Gap Up After Earnings Beat

Key Points

• Miami International shares jumped after the company reported quarterly EPS of $0.45, beating the $0.36 consensus estimate. Revenue reached $376.18 million, up 243.6% year over year.
• Analyst sentiment remains cautious, with a consensus “Hold” rating from seven analysts and an average price target of $49.60, despite some firms maintaining Buy ratings.
• Insiders sold 517,721 shares worth approximately $21.4 million over the past 90 days, while several institutional investors increased their positions in the company.

Miami International Holdings, Inc. (NYSE:MIAX - Get Free Report) shares gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $31.44, but opened at $33.43. Miami International shares last traded at $33.1430, with a volume of 104,236 shares trading hands.

The company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.36 by $0.09. The firm had revenue of $376.18 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 was up 243.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.42 EPS.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MIAX. Weiss Ratings downgraded Miami International from a "hold (c)" rating to a "hold (c-)" rating in a research note on Wednesday. Rosenblatt Securities decreased their price objective on shares of Miami International from $62.00 to $60.00 and set a "buy" rating on the stock in a report on Tuesday. Keefe, Bruyette & Woods increased their target price on Miami International from $46.00 to $48.00 and gave the stock a "market perform" rating in a research note on Friday, August 7th. Wall Street Zen cut Miami International from a "buy" rating to a "hold" rating in a research report on Sunday, August 23rd. Finally, Morgan Stanley decreased their price target on shares of Miami International from $50.00 to $43.00 and set an "equal weight" rating on the stock in a research note on Friday, October 9th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $49.60.

Insider Transactions at Miami International

In related news, CEO Thomas P. Gallagher sold 149,700 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $41.13, for a total transaction of $6,157,161.00. Following the transaction, the chief executive officer directly owned 1,423,275 shares of the company's stock, valued at approximately $58,539,300.75. This represents a 9.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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. Also, EVP Shelly Brown sold 21,217 shares of the firm's 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 transaction, 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 position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 517,721 shares of company stock worth $21,408,408. Company insiders own 15.60% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MIAX. Nisa Investment Advisors LLC boosted its holdings in Miami International by 42.3% during the 3rd quarter. Nisa Investment Advisors LLC now owns 2,641 shares of the company's stock valued at $88,000 after acquiring an additional 785 shares during the period. SG Americas Securities LLC raised its holdings in Miami International by 48.9% in the 1st 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 during the last quarter. State of Wyoming lifted its stake in Miami International by 15.5% during the 3rd quarter. State of Wyoming now owns 10,755 shares of the company's stock valued at $360,000 after acquiring an additional 1,442 shares during the period. Fifth Third Bancorp purchased a new position in Miami International in the first quarter worth about $61,000. Finally, Swiss National Bank increased its stake in shares of Miami International by 6.3% in the 1st quarter. Swiss National Bank now owns 33,800 shares of the company's stock worth $1,315,000 after purchasing an additional 2,000 shares in the last quarter.

Miami International Price Performance

The firm has a market capitalization of $3.28 billion, a P/E ratio of 42.97 and a beta of 1.79. The stock's 50-day simple moving average is $36.62 and its two-hundred day simple moving average is $41.36.

Miami International Company Profile

Miami International Holdings, Inc NYSE: MIAX is a financial exchange operator that owns and manages regulated marketplaces for the trading of options and other securities. Through its exchange platforms, the company provides electronic trading, order matching, market data and related services to brokers, market makers, institutional investors and other market participants.

The company operates the MIAX exchange family, which includes MIAX, MIAX Pearl and MIAX Emerald, as well as related equities and options trading venues.

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