Miami International (NYSE:MIAX) Downgraded by Zacks Research to Hold

Miami International (NYSE:MIAX) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other research analysts also recently weighed in on the stock. Keefe, Bruyette & Woods increased their target price on shares of Miami International from $40.00 to $48.00 and gave the company a “market perform” rating in a research report on Friday, May 8th. JPMorgan Chase & Co. lifted their price target on shares of Miami International from $41.00 to $45.00 and gave the stock a “neutral” rating in a report on Thursday, May 7th. Morgan Stanley upped their price objective on Miami International from $48.00 to $50.00 and gave the company an “overweight” rating in a research note on Friday, April 10th. Weiss Ratings raised Miami International from a “sell (d+)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Finally, Rosenblatt Securities boosted their target price on Miami International from $59.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Four analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $51.20.

Miami International Stock Performance

Shares of NYSE:MIAX opened at $36.52 on Tuesday. The company’s 50-day moving average is $45.74 and its 200 day moving average is $43.33. The company has a market capitalization of $3.47 billion and a P/E ratio of 38.04. Miami International has a fifty-two week low of $28.63 and a fifty-two week high of $57.14.

Miami International (NYSE:MIAX) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.06. The company had revenue of $369.69 million for the quarter, compared to the consensus estimate of $122.74 million. Miami International’s quarterly revenue was up 40.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.38 EPS. As a group, research analysts predict that Miami International will post 1.53 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Judson Gray Teekell sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $42.78, for a total transaction of $128,340.00. Following the sale, the director directly owned 71,014 shares in the company, valued at approximately $3,037,978.92. This represents a 4.05% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Cynthia Schwarzkopf sold 19,500 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $41.73, for a total transaction of $813,735.00. Following the completion of the transaction, the director directly owned 81,308 shares of the company’s stock, valued at approximately $3,392,982.84. This trade represents a 19.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 710,022 shares of company stock valued at $31,615,730. Corporate insiders own 15.60% of the company’s stock.

Hedge Funds Weigh In On Miami International

A number of large investors have recently made changes to their positions in MIAX. Vanguard Group Inc. bought a new stake in shares of Miami International during the 3rd quarter valued at $55,660,000. Alyeska Investment Group L.P. bought a new position in Miami International in the 3rd quarter worth about $50,959,000. Invesco Ltd. boosted its stake in Miami International by 178.8% in the 4th quarter. Invesco Ltd. now owns 1,278,966 shares of the company’s stock worth $56,761,000 after purchasing an additional 820,246 shares during the period. JPMorgan Chase & Co. purchased a new position in Miami International during the 3rd quarter valued at about $32,679,000. Finally, North Reef Capital Management LP bought a new stake in shares of Miami International during the third quarter valued at about $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.