MIAX CLUSTER SEC Filing Analysis

Latest settled — T+20d

MIAX ▲ +13.05% at T+20d

NEUTRAL call ✓ call won +13.05% · α vs SPY +5.63% · entry $39.08 → $44.18

Next anchor: T+60d in 3d

Currently $43.29 · +10.77% from $39.08 entry

Entry anchored
Mar 20, 03:59 PM ET
via Databento tick

T+1d

+0.97%

call +0.97% · α +1.33%

$39.46

settled 3mo ago

T+5d

-4.04%

call -4.04% · α -0.48%

$37.50

settled 3mo ago

T+20d

+13.05%

call +13.05% · α +5.63%

$44.18

settled 8w ago

T+60d

—

call — · α —

—

in 3d

Price Chart

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Executive Summary

Two insiders at MIAX sold a combined $1.03M in shares over a 7-day window, including a $1.02M sale by EVP Shelly Brown. The CEO and other executives also surrendered shares for tax withholding totaling $1.17M, but these were non-cash transactions. The open-market selling is modest relative to MIAX's $3.6B market cap (0.03%), suggesting routine activity rather than a strong negative signal.

Key Financial Metrics

Direction

selling

Total Value

$1.0M

Insiders

2

Actionable Insight

The selling is within normal range for a company of this size and does not indicate material concern. Monitor for additional selling in next 30 days — sustained outflows would increase bearish risk.

Key Facts

EVP Shelly Brown sold $1.02M in shares (25.9K shares at $39.33) on 2026-03-23
Director Judson Teekell sold $12K in shares (300 shares at $40.00) on 2026-03-25
CEO Thomas Gallagher and three other executives surrendered shares for tax withholding totaling $1.17M, all non-cash events
Total open-market selling: $1.03M (0.03% of $3.6B market cap)
No open-market purchases detected

Financial Impact

$1.03M in open-market sales, representing 0.03% of market cap

insider ownershipmarket sentiment

Risk Factors

Concentrated selling by an executive (Brown) could signal reduced confidence
Lack of offsetting insider buying may reflect limited near-term upside conviction

Market Snapshot

Exchange

NYSE

Sector

Security Brokers, Dealers & Flotation Companies

Documents Analyzed

This report is based on 1 SEC document filed with EDGAR.

Document	Accession Number
CLUSTER Data (Synthetic)	cluster-MIAX-1775076170552

21 reports for MIAX

T+1T+5T+20T+60

100% Hit rate 5 of 5 directional calls best @ T+5▲ +10.93%May 6, 2026

Filters

Reports for MIAX — sortable, filterable
	Type				Now
Jun 12, 2026 today	Insider Cluster NEUTRAL ★ 3/10	$43.34 awaiting T+20	awaiting T+20	—	$43.29 (−0.12%)
Jun 11, 2026 2d ago	Institutional Cluster BULLISH ★ 4/10	$40.78 awaiting T+20	awaiting T+20	—	$43.29 (+6.15%)
Jun 11, 2026 2d ago	Institutional Cluster NEUTRAL ★ 3/10	$40.78 awaiting T+20	awaiting T+20	—	$43.29 (+6.15%)
Jun 4, 2026 8d ago	Insider Cluster NEUTRAL ★ 4/10	$39.80 awaiting T+20	awaiting T+20	—	$43.29 (+8.77%)
Jun 4, 2026 8d ago	Insider Cluster BEARISH ★ 5/10	$39.80 awaiting T+20	awaiting T+20	—	$43.29 (−8.77%)
Jun 4, 2026 8d ago	Insider Cluster NEUTRAL ★ 4/10	$39.80 awaiting T+20	awaiting T+20	—	$43.29 (+8.77%)
Jun 4, 2026 8d ago	Insider Cluster NEUTRAL ★ 3/10	$39.80 awaiting T+20	awaiting T+20	—	$43.29 (+8.77%)
May 6, 2026 5w ago	8-K BULLISH ★ 7/10	$49.77 $40.33	▼ −18.97%	▼ −22.10%	$43.29 (−13.02%)
May 4, 2026 5w ago	Insider Cluster NEUTRAL ★ 4/10	$47.31 $46.10	▼ −2.56%	▼ −8.20%	$43.29 (−8.50%)
May 4, 2026 5w ago	Insider Cluster BEARISH ★ 6/10	$47.31 $46.10	▲ +2.56%	▲ +8.20%	$43.29 (+8.50%)

US Market Status

Market Closed — Opens Mon (49h 29m)

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