Miami International (NYSE:MIAX) Sets New 52-Week High – Should You Buy?

Miami International Holdings, Inc. (NYSE:MIAX) hit a new 52-week high during trading on Thursday . The company traded as high as $55.90 and last traded at $55.2070, with a volume of 1698762 shares traded. The stock had previously closed at $52.47.

Wall Street Analysts Forecast Growth

MIAX has been the topic of a number of analyst reports. Weiss Ratings raised shares of Miami International from a “sell (d+)” rating to a “hold (c)” rating in a research note on Monday. Zacks Research raised shares of Miami International from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 15th. Wall Street Zen raised shares of Miami International from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Keefe, Bruyette & Woods raised their price objective on shares of Miami International from $40.00 to $48.00 and gave the stock a “market perform” rating in a research note on Friday, May 8th. Finally, Morgan Stanley raised their price objective on shares of Miami International from $48.00 to $50.00 and gave the stock an “overweight” rating in a research note on Friday, April 10th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $51.20.

Miami International Trading Down 1.1%

The stock has a market cap of $5.34 billion and a PE ratio of 58.58. The business has a 50-day moving average price of $43.57 and a 200-day moving average price of $43.74.

Miami International (NYSE:MIAX) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.06. The firm had revenue of $369.69 million during the quarter, compared to analysts’ expectations of $122.74 million. The company’s revenue for the quarter was up 40.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.38 EPS. Equities analysts expect that Miami International Holdings, Inc. will post 1.53 earnings per share for the current year.

Insider Buying and Selling

In other Miami International news, EVP Barbara J. Comly sold 29,667 shares of the firm’s stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $43.64, for a total value of $1,294,667.88. Following the transaction, the executive vice president owned 843,844 shares in the company, valued at approximately $36,825,352.16. This trade represents a 3.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kurt M. Eckert sold 37,917 shares of the firm’s stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $39.00, for a total value of $1,478,763.00. Following the completion of the transaction, the director owned 142,375 shares in the company, valued at $5,552,625. The trade was a 21.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 687,175 shares of company stock worth $29,675,666 in the last ninety days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MIAX. Vanguard Group Inc. purchased a new position in Miami International in the 3rd quarter valued at $55,660,000. Alyeska Investment Group L.P. purchased a new position in Miami International in the 3rd quarter valued at $50,959,000. Invesco Ltd. lifted its holdings in Miami International by 178.8% in the 4th quarter. Invesco Ltd. now owns 1,278,966 shares of the company’s stock valued at $56,761,000 after purchasing an additional 820,246 shares in the last quarter. JPMorgan Chase & Co. purchased a new position in Miami International in the 3rd quarter valued at $32,679,000. Finally, North Reef Capital Management LP purchased a new position in Miami International in the 3rd quarter valued at $29,221,000.

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.