Miami International (NYSE:MIAX) Earns “Buy” Rating from Rosenblatt Securities

Miami International (NYSE:MIAX)‘s stock had its “buy” rating reissued by equities research analysts at Rosenblatt Securities in a report issued on Friday, Benzinga reports. They presently have a $62.00 target price on the stock. Rosenblatt Securities’ price objective indicates a potential upside of 85.71% from the stock’s current price.

A number of other research firms have also weighed in on MIAX. Zacks Research raised shares of Miami International from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 25th. Morgan Stanley cut shares of Miami International from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $53.00 to $50.00 in a research note on Tuesday, September 1st. Weiss Ratings restated a “hold (c)” rating on shares of Miami International in a research report on Friday, August 7th. Keefe, Bruyette & Woods increased their price target on shares of Miami International from $46.00 to $48.00 and gave the company a “market perform” rating in a research note on Friday, August 7th. Finally, Wall Street Zen lowered shares of Miami International from a “buy” rating to a “hold” rating in a report on Sunday, August 23rd. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $51.40.

Miami International Stock Down 1.1%

Shares of NYSE:MIAX traded down $0.37 during trading on Friday, reaching $33.39. 379,132 shares of the company traded hands, compared to its average volume of 1,528,444. Miami International has a 1-year low of $33.15 and a 1-year high of $57.14. The firm has a fifty day simple moving average of $41.58 and a 200 day simple moving average of $42.70. The firm has a market cap of $3.31 billion, a P/E ratio of 43.38 and a beta of 1.80.

Miami International (NYSE:MIAX) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.48 earnings per share (EPS) 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 business had revenue of $387.63 million during the quarter. During the same period in the previous year, the firm posted $0.48 EPS. The firm’s revenue for the quarter was up 34.8% on a year-over-year basis. As a group, research analysts anticipate that Miami International will post 1.7 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Shelly Brown sold 21,217 shares of the business’s stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $38.61, for a total value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Barbara J. Comly sold 44,445 shares of the business’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 transaction of $1,799,578.05. Following the sale, the executive vice president directly owned 839,564 shares in the company, valued at $33,993,946.36. The trade was a 5.03% 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 ninety days, insiders have sold 672,415 shares of company stock worth $28,445,267. 15.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MIAX. BlueCrest Capital Management Ltd acquired a new position in shares of Miami International during the 2nd quarter valued at $7,432,000. NewEdge Advisors LLC lifted its position in shares of Miami International by 1,646.6% during the 2nd quarter. NewEdge Advisors LLC now owns 681,610 shares of the company’s stock valued at $25,329,000 after acquiring an additional 642,585 shares during the period. One Charles Private Wealth Services LLC acquired a new position in shares of Miami International during the 2nd quarter valued at $4,400,000. Allianz Asset Management GmbH acquired a new position in shares of Miami International during the 2nd quarter valued at $13,350,000. Finally, HighTower Advisors LLC lifted its position in shares of Miami International by 290.6% during the 2nd quarter. HighTower Advisors LLC now owns 112,298 shares of the company’s stock valued at $4,173,000 after acquiring an additional 83,547 shares during the period.

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.