Miami International (NYSE:MIAX) Reaches New 52-Week Low – Here’s What Happened

Miami International Holdings, Inc. (NYSE:MIAX)’s share price hit a new 52-week low on Wednesday. The stock traded as low as $29.06 and last traded at $29.7030, with a volume of 84,788 shares. The stock had previously closed at $29.55.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MIAX. Wall Street Zen cut Miami International from a “buy” rating to a “hold” rating in a research report on Sunday, August 23rd. Morgan Stanley reduced their price objective on shares of Miami International from $50.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Friday, October 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of Miami International 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, Rosenblatt Securities reaffirmed a “buy” rating and set a $62.00 price objective on shares of Miami International in a report on Friday, October 2nd. One 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $50.00.

Miami International Price Performance

The firm has a market capitalization of $2.98 billion, a PE ratio of 38.89 and a beta of 1.79. The business has a 50-day simple moving average of $39.29 and a 200-day simple moving average of $42.24.

Miami International (NYSE:MIAX) last released its 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 return on equity of 16.95% and a net margin of 9.70%. The firm had revenue of $387.63 million for the quarter. During the same period in the prior year, the firm posted $0.48 EPS. The business’s revenue for the quarter was up 34.8% compared to the same quarter last year. On average, research analysts expect that Miami International Holdings, Inc. will post 1.67 earnings per share for the current year.

Insider Activity at Miami International

In other news, EVP Shelly Brown sold 21,217 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $38.61, for a total value of $819,188.37. Following the sale, the executive vice president directly owned 316,490 shares in the company, valued at approximately $12,219,678.90. This represents a 6.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 stock was sold at an average price of $40.48, for a total value of $1,943,040.00. Following the sale, the executive vice president directly owned 387,414 shares of the company’s stock, valued at $15,682,518.72. This represents 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. Insiders sold 497,415 shares of company stock valued at $20,696,726 over the last three months. Corporate insiders own 15.60% of the company’s stock.

Hedge Funds Weigh In On Miami International

A number of institutional investors have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in shares of Miami International during the second quarter valued at approximately $188,466,000. J Digital 6 LLC bought a new position in Miami International in the second quarter worth approximately $67,157,000. Allspring Global Investments Holdings LLC grew its stake in Miami International by 19.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,112,261 shares of the company’s stock worth $43,790,000 after purchasing an additional 180,208 shares in the last quarter. Bank of America Corp DE grew its stake in Miami International by 196.5% in the first quarter. Bank of America Corp DE now owns 900,882 shares of the company’s stock worth $35,062,000 after purchasing an additional 597,021 shares in the last quarter. Finally, NewEdge Advisors LLC increased its holdings in Miami International by 1,646.6% during the 2nd quarter. NewEdge Advisors LLC now owns 681,610 shares of the company’s stock worth $25,329,000 after purchasing an additional 642,585 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.