Miami International (NYSE:MIAX) Stock Rating Reaffirmed as “Buy” by Rosenblatt Securities

Miami International (NYSE:MIAX)‘s stock had its “buy” rating reiterated by research analysts at Rosenblatt Securities in a research report issued to clients and investors on Friday, Benzinga reports. They presently have a $62.00 price objective on the stock. Rosenblatt Securities’ price target would suggest a potential upside of 84.11% from the stock’s previous close.

A number of other research firms have also weighed in on MIAX. Morgan Stanley lowered Miami International from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $53.00 to $50.00 in a research report on Tuesday, September 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of Miami International in a research report on Friday, August 7th. Keefe, Bruyette & Woods increased their price objective 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. Zacks Research raised Miami International from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 25th. Finally, Wall Street Zen downgraded Miami International from a “buy” rating to a “hold” rating in a research note on Sunday, August 23rd. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Miami International currently has an average rating of “Moderate Buy” and an average target price of $51.40.

Miami International Stock Performance

Shares of NYSE:MIAX traded down $0.07 during midday trading on Friday, reaching $33.68. The company had a trading volume of 192,414 shares, compared to its average volume of 1,527,473. Miami International has a 1-year low of $33.42 and a 1-year high of $57.14. The firm has a market cap of $3.34 billion, a price-to-earnings ratio of 43.74 and a beta of 1.80. The company has a fifty day simple moving average of $41.58 and a two-hundred day simple moving average of $42.70.

Miami International (NYSE:MIAX) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.48 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.07. Miami International had a return on equity of 16.95% and a net margin of 9.70%.The business had revenue of $387.63 million during the quarter. During the same quarter last year, the business earned $0.48 EPS. The company’s revenue for the quarter was up 34.8% compared to the same quarter last year. Analysts expect that Miami International will post 1.7 EPS for the current year.

Insider Activity at Miami International

In related news, EVP Barbara Comly sold 44,445 shares of the firm’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $40.49, for a total value of $1,799,578.05. Following the transaction, the executive vice president directly owned 839,564 shares of the company’s stock, valued at approximately $33,993,946.36. This trade represents a 5.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Douglas Schafer, Jr. sold 48,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $40.48, for a total value of $1,943,040.00. Following the completion of the transaction, the executive vice president directly owned 387,414 shares in the company, valued at $15,682,518.72. The trade was a 11.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 672,415 shares of company stock worth $28,445,267. 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 the business. BlueCrest Capital Management Ltd acquired a new stake in Miami International in the 2nd quarter valued at approximately $7,432,000. NewEdge Advisors LLC grew its holdings in Miami International by 1,646.6% in the 2nd quarter. NewEdge Advisors LLC now owns 681,610 shares of the company’s stock valued at $25,329,000 after buying an additional 642,585 shares during the last quarter. One Charles Private Wealth Services LLC acquired a new stake in Miami International in the 2nd quarter valued at approximately $4,400,000. Allianz Asset Management GmbH acquired a new stake in Miami International in the 2nd quarter valued at approximately $13,350,000. Finally, HighTower Advisors LLC grew its holdings in Miami International by 290.6% in the 2nd quarter. HighTower Advisors LLC now owns 112,298 shares of the company’s stock valued at $4,173,000 after buying an additional 83,547 shares during the last quarter.

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.