Miami International (NYSE:MIAX) Shares Gap Up on Earnings Beat

Miami International Holdings, Inc. (NYSE:MIAX) shares gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $31.44, but opened at $33.43. Miami International shares last traded at $33.1430, with a volume of 104,236 shares traded.

The company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.36 by $0.09. The company had revenue of $376.18 million for the quarter. Miami International had a return on equity of 16.95% and a net margin of 9.70%. The company’s revenue for the quarter was up 243.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.42 earnings per share.

Analyst Ratings Changes

MIAX has been the subject of a number of recent research reports. Zacks Research cut Miami International from a “strong-buy” rating to a “hold” rating in a research note on Monday. Weiss Ratings downgraded shares of Miami International from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday. Rosenblatt Securities reduced their target price on Miami International from $62.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday. Keefe, Bruyette & Woods raised their target price on Miami International from $46.00 to $48.00 and gave the company a “market perform” rating in a report on Friday, August 7th. Finally, Wall Street Zen downgraded shares of Miami International from a “buy” rating to a “hold” rating in a research report on Sunday, August 23rd. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Miami International presently has an average rating of “Hold” and a consensus price target of $49.60.

Insider Buying and Selling

In other Miami International news, CEO Thomas P. Gallagher sold 47,000 shares of the company’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $42.43, for a total value of $1,994,210.00. Following the sale, the chief executive officer directly owned 1,423,275 shares in the company, valued at $60,389,558.25. This represents a 3.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Edward Deitzel sold 11,000 shares of Miami International stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $42.21, for a total transaction of $464,310.00. Following the completion of the transaction, the executive vice president owned 119,601 shares of the company’s stock, valued at $5,048,358.21. This trade represents a 8.42% decrease in their position. 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 517,721 shares of company stock valued at $21,408,408 in the last ninety days. Company insiders own 15.60% of the company’s stock.

Institutional Investors Weigh In On Miami International

Several institutional investors have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in shares of Miami International in the 2nd quarter valued at approximately $188,466,000. J Digital 6 LLC acquired a new stake in Miami International during the second quarter worth approximately $67,157,000. Allspring Global Investments Holdings LLC increased its position in Miami International by 19.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,112,261 shares of the company’s stock worth $43,790,000 after acquiring an additional 180,208 shares during the period. Bank of America Corp DE raised its stake in Miami International by 196.5% in the 1st 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 boosted its stake in shares of Miami International by 1,646.6% in the second 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 period.

Miami International Price Performance

The company has a market cap of $3.28 billion, a P/E ratio of 42.97 and a beta of 1.79. The stock has a 50-day moving average of $36.62 and a 200 day moving average of $41.36.

About Miami International

Miami International Holdings, Inc (NYSE: MIAX) is a financial exchange operator that owns and manages regulated marketplaces for the trading of options and other securities. Through its exchange platforms, the company provides electronic trading, order matching, market data and related services to brokers, market makers, institutional investors and other market participants.

The company operates the MIAX exchange family, which includes MIAX, MIAX Pearl and MIAX Emerald, as well as related equities and options trading venues.