Miami International Holdings, Inc. (MIAX) - Stock Analysis
Last updated: Jan 13, 2026
Research Idea
Research content for general circulation. Not individualized advice. Methodology & Disclosures
Post‑IPO momentum and strong initial trading make MIAX a classic short‑term momentum candidate for next‑week continuation—elevated attention, product listings and high intraday volatility can drive quick returns, though fundamentals and coverage are thin so downside risk is material.
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AI Analyst Overview
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Valuation Metrics
Fundamental Analysis
Key Financial Insights: • Profits collapsed • Strong liquidity • Low leverage MIAX shows materially stronger liquidity and very low leverage but a sharp collapse in profitability (net loss $102.1M, EBITDA -$91.3M) despite positive cash generation.
Price Behavior
Key Price Behavior Insights: • Support breach • Short-term downtrend • Prior strong rally Support Level: $42.00–$41.50 Resistance Level: $44.00–$47.39 Over the last month MIAX has slipped from a late-December peak (~$47.39) through a breach of $44–$45 support into sub-$42.50 territory, signaling short-term downtrend risk unless it reclaims $44–$45.
Sentiment & News
Key News Insights: • Record volumes • Successful offering • TISE MOU MIAX delivered record 2025 trading volumes and a fully‑subscribed secondary offering while pushing international expansion via TISE, but shares were hit by an analyst downgrade.
AI Summary
MIAX has shifted from a cash‑burning growth story to a monetization- and cash‑generation engine evidenced by rising adjusted EBITDA and free cash flow, but persistent GAAP one‑offs, a high SG&A base and recent dilution make upside contingent on disciplined redeployment of proceeds and margin normalization. Investors should be tactical—require consecutive quarters showing GAAP-adjusted convergence and declining SG&A as a percentage of revenue (or clear, high‑ROI use of sale/secondary proceeds) before increasing exposure.
Description
Miami International Holdings operates a group of trading venues that handle options, futures and U.S. cash equities, as well as select international listings. The company provides execution and clearing services for futures and options and owns Dorman Trading, a futures commission merchant serving retail, institutional and professional clients. Founded in 2007, the firm is headquartered in Princeton, New Jersey.
Idea History
| Date | Close | Ticker | Company | Summary | Status | P/L |
|---|---|---|---|---|---|---|
| Aug 18 | Aug 25 | MIAX | Miami International Holdings, Inc. | Post‑IPO momentum and strong initial trading make MIAX a classic short‑term momentum candidate for next‑week continuation—elevated attention, product listings and high intraday volatility can drive quick returns, though fundamentals and coverage are thin so downside risk is material. | Closed | +1.9% |