Raymond James has initiated coverage on Miami International Holdings Inc (MIAX) with a Market Perform rating, marking the firm's first assessment of the company since its IPO on August 14, 2025. This rating reflects an analysis of the company's investment merit, taking into account its business model, industry dynamics, and growth potential.
Miami International Holdings, headquartered in Princeton, New Jersey, specializes in trading technology solutions and operates regulated financial marketplaces across various asset classes. The company’s offerings include MIAX, MIAX Options, MIAX PRIME, MIAX Technologies, MIAX Pearl, and MIAX Emerald. Its proprietary MIAX Exchange Technology Platform supports options and cash equities trading, with segments that encompass Options, Equities, and Futures.
As of November 8, 2025, MIAX holds a market capitalization of $3.9 billion. The company recently reported earnings for Q3 2025, delivering an EPS of $0.42, surpassing estimates by 36.5%.
Upcoming earnings are expected on November 5, 2025, with an EPS estimate of $0.31 and revenue projected at $107.3 million. Analyst consensus indicates a Buy rating, with 3 Strong Buy, 5 Buy, and 4 Hold ratings among 12 total analysts. This update provides insight into the evolving landscape of analyst sentiment towards MIAX, particularly as various firms have initiated ratings in early September 2025.
The move underscores the importance of considering multiple factors, such as company fundamentals and market trends, when evaluating investment opportunities. Analyst ratings, while informative, should serve as one of many inputs in the decision-making process.