Insider Cluster (3 insiders) ·Filed Jun 17, 2026
Insider cluster: 3 insiders, $1.4M total
Actionable Insight • Neutral
No actionable signal — this is routine insider selling at negligible scale relative to market cap. Monitor for any material change in business fundamentals, but the cluster alone does not warrant a position adjustment.
Final — all horizons settled through T+60d ⚠ clustered
MIAX ▲ +10.94% at T+60d
NEUTRAL call +10.94% · α vs SPY +9.05% · entry $37.65 → $41.77
T+1d
-2.66%
call -2.66% · α -2.34%
$36.65
settled 4mo ago
T+5d
-2.42%
call -2.42% · α -0.75%
$36.74
settled 4mo ago
T+20d
+13.92%
call +13.92% · α +13.38%
$42.89
settled 3mo ago
T+60d
+10.94%
call +10.94% · α +9.05%
$41.77
settled 6w ago
Price Chart
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Executive Summary
Three MIAX insiders sold a combined $1.41M in open-market sales over a one-week window. Total sales represent less than 0.04% of the company's $3.8B market cap — a trivial, routine amount that provides no material signal.
Key Financial Metrics
Direction
selling
Total Value
$1.4M
Insiders
3
Key Facts
- Three insiders sold shares: Director Cynthia Schwarzkopf ($814K), EVP & Chief Strategy Officer Shelly Brown ($209K), and EVP & CISO/CRO Harish Jayabalan ($392K).
- Total open-market sales: $1.41M, which is 0.037% of MIAX's $3.8B market cap.
- All sales were open-market transactions; no pattern suggesting 10b5-1 plans or systematic de-risking.
- Multiple non-cash grants and tax-withholding transactions (value $0) occurred in the same window, unrelated to the sales.
Financial Impact
Insider sales of $1.41M represent 0.037% of market cap — immaterial.
insider ownership
Risk Factors
- No material risk identified from this filing alone. Broader risk factors include potential regulatory or competitive headwinds in the exchange/clearing sector.
Market Snapshot
Exchange
NYSE
Sector
Security Brokers, Dealers & Flotation Companies
Analyst Consensus
67% bullish (12 analysts)
Investment Themes
Traditional Finance
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-MIAX-1781728089950 |
42 reports for MIAX
67% Hit rate @ T+1 Went positive at some point 9 of 9 best @ T+5▲ +10.93%
Filters
Rows
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | Insider Cluster | $33.16 | awaiting T+1 | — | $32.42 (−2.22%) |
Oct 1, 2026 26d ago | Press Release | $33.75 $33.01 | ▼ −2.19% | ▼ −2.93% | $32.42 (−3.93%) |
Sep 4, 2026 7w ago | Insider Cluster | $43.46 $42.89 | ▼ −1.31% | ▼ −0.85% | $32.42 (−25.39%) |
Sep 4, 2026 7w ago | Insider Cluster | $43.46 $42.89 | ▼ −1.31% | ▼ −0.85% | $32.42 (−25.39%) |
Aug 19, 2026 9w ago | Insider Cluster | $41.32 $42.59 | ▲ +3.07% | ▲ +2.66% | $32.42 (−21.53%) |
Aug 19, 2026 9w ago | Insider Cluster | $41.32 $42.59 | ▼ −3.07% | ▼ −2.66% | $32.42 (+21.53%) |
Aug 6, 2026 11w ago | Insider Cluster | $44.23 $43.59 | ▲ +1.45% | ▲ +1.42% | $32.42 (+26.69%) |
Jul 16, 2026 14w ago | Insider Cluster | $42.33 $42.04 | ▼ −0.69% | ▼ −0.52% | $32.42 (−23.40%) |
Jul 14, 2026 14w ago | Insider Cluster | $42.43 $42.89 | ▲ +1.08% | ▲ +1.63% | $32.42 (−23.58%) |
Jul 7, 2026 15w ago | Insider Cluster | $41.86 $42.99 | ▲ +2.70% | ▲ +1.85% | $32.42 (−22.54%) |
Showing 10 of 42
US Market Status
Market Open — Closes in 5h 22m
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