Miami International Holdings, I (MIAX) Stock Analysis
Financial Services · Capital Markets
Sell if holding. At $40.24, A.R:R 0.8:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Leverage penalty (D/E 2.1): -1.5; Below 200-day MA.
Miami International Holdings operates four U.S. options exchanges, a U.S. equities platform, MIAX Futures exchange and clearing house, and international listing venues including the Bermuda Stock Exchange and TISE in Guernsey. In 2025, multi-listed U.S. options volume reached... Read more
Sell if holding. At $40.24, A.R:R 0.8:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Leverage penalty (D/E 2.1): -1.5; Below 200-day MA. Chart setup: No clear chart pattern; technical signals are mixed. Score 5.9/10, moderate confidence.
Passes 6/9 gates (positive momentum, clean insider activity, news events none recent, earnings proximity 50d clear, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio. Suitability: aggressive.
About Miami International Holdings, I
About Miami International Holdings, I
Miami International Holdings' MIAX Exchanges processed 2.4 billion multi-listed U.S. options contracts in 2025 — a 41.1% increase over 2024 — capturing a 17.1% market share and ranking as the 13th largest global derivatives exchange operator by FIA contract count as of December 31, 2025. Net transaction and clearing fees represented 60.6% of revenues less cost of revenues in 2025, with non-transaction fees including market data and access fees accounting for 39.4%.
The company generates fee revenue across four models: transaction and clearing fees from four U.S. options exchanges (MIAX Options, Pearl, Emerald, and Sapphire), MIAX Pearl Equities, and MIAX Futures; market data subscriptions; membership and access fees; and international listing fees from BSX and TISE. Each exchange uses a distinct allocation and pricing model — Pro-Rata, Maker-Taker, and Taker-Maker structures — to attract different order-flow segments. Dorman Trading, the company's FCM subsidiary, competes on price and execution quality with larger, better-capitalized FCMs. A ten-year exclusive license with Bloomberg Index Services, signed in July 2024, covers the Bloomberg 500, Bloomberg US Large Cap Volatility, and Bloomberg US 100 indices; certain Bloomberg Products were planned for launch in the second quarter of 2026, representing a new proprietary product pipeline not available to competing venues in North and South America.
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The company's non-transaction fees — including market data and connectivity fees — are subject to SEC review on the MIAX Exchanges, and ongoing industry challenges to the Consolidated Audit Trail (CAT) funding model mean that SROs, including the MIAX Exchanges, may continue to incur significant CAT costs without reimbursement. The company's January 2026 sale of 90% of MIAXdx to a Robinhood-SIG joint venture reduced its CFTC-regulated crypto derivatives exposure, retaining only a 10% stake in the renamed Rothera Exchange and Clearing LLC.
See also: Financial Services · Capital Markets
From Miami International Holdings, I's most recent 10-K filing, extracted June 11, 2026.
Recent developments
updated 2026-06-17Recent Developments — Miami International Holdings, I
Latest news
- NEWS MIAX Exchange Reports May ADV Of 10.8M Contracts, Up 23.7% YoY — benzinga Jun 3, 2026 positive
- NEWS Miami International Holdings Enters Clearing And Settlement Agreement With Equity Derivatives Clearing Organization The — benzinga May 20, 2026 positive
- NEWS Keefe, Bruyette & Woods Maintains Market Perform on Miami International Hldgs, Raises Price Target to $48 — benzinga May 8, 2026 neutral
- NEWS JP Morgan Maintains Neutral on Miami International Hldgs, Raises Price Target to $45 — benzinga May 7, 2026 neutral
- NEWS Rosenblatt Maintains Buy on Miami International Hldgs, Raises Price Target to $61 — benzinga May 7, 2026 positive
Generated 2026-06-17T09:12:25Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Material Events(8-K, last 90d)
- 2026-04-27Item 5.02LOWEric Sites elected as a director to the Board, effective April 24, 2026, to fill an existing vacancy until the 2026 Annual Meeting. No committee appointments. No family relationships or reportable transactions with the company cited.SEC filing →
- 2026-04-09Item 5.02MEDIUMApril 9, 2026: Board member Murray Stahl passed away. No successor named. The company expressed gratitude for his dedication and service.SEC filing →
- 2026-03-26Item 5.02LOWMarch 24, 2026: Lee Becker informed the Board he would not stand for re-election at the 2026 Annual Meeting; no disagreement cited. Jill E. Sommers elected to fill an existing vacancy, effective March 25, 2026, until the 2026 Annual Meeting.SEC filing →
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
1 floor-breaker
Ranks in the bottom of its industry peers on the composite signal. Better names in the same sector exist.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. At $40.24, A.R:R 0.8:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Leverage penalty (D/E 2.1): -1.5; Below 200-day MA. Chart setup: No clear chart pattern; technical signals are mixed. Prior stop was $37.42. Score 5.9/10, moderate confidence.
Take-profit target: $44.54 (+10.7% upside). Prior stop was $37.42. Stop-loss: $37.42.
Leverage penalty (D/E 2.1): -1.5; Below 200-day MA.
Miami International Holdings, I trades at a P/E of 34.2 (forward 24.2). TrendMatrix value score: 5.8/10. Verdict: Sell.
12 analysts cover MIAX with a consensus score of 3.9/5. Average price target: $51.
What does Miami International Holdings, I do?Miami International Holdings operates four U.S. options exchanges, a U.S. equities platform, MIAX Futures exchange and...
Miami International Holdings operates four U.S. options exchanges, a U.S. equities platform, MIAX Futures exchange and clearing house, and international listing venues including the Bermuda Stock Exchange and TISE in Guernsey. In 2025, multi-listed U.S. options volume reached 2.4 billion contracts (41.1% increase from 2024), with net transaction and clearing fees representing 60.6% of revenues less cost of revenues.