This cluster is routine and non-informative — all sales are tied to option exercises, not open-market disposals. No bearish read-through. Monitor for any open-market selling by the CEO outside of option-exercise windows, which would carry more signal.
Price Chart
Executive Summary
Chairman & CEO Thomas Gallagher and EVP Shelly Brown sold a combined $3.64M in MIAX stock on June 2, 2026, all tied to same-day derivative exercises. The sales represent ~0.1% of MIAX's $3.8B market cap, a trivial amount. The cluster is driven by option exercises and vesting — a routine liquidity pattern, not a bearish signal.
Key Financial Metrics
Key Facts
- Chairman & CEO Gallagher sold 70,000 shares at $42.36 for $2.97M, after exercising options at $0 and $12 per share.
- EVP Brown sold 16,000 shares at $42.12 for $674K, after exercising options at $0 and $12 per share.
- Total cluster value of $3.64M is ~0.1% of MIAX's $3.8B market cap — below the materiality threshold.
- All sales occurred on the same day and are directly linked to derivative exercises, consistent with tax-covering or routine diversification.
- No open-market purchases were made by any insider in the cluster window.
Financial Impact
Total insider sales of $3.64M, representing ~0.1% of market cap — immaterial relative to company size.
Risk Factors
- Insider sales tied to option exercises can occasionally precede broader selling, but this pattern alone is not predictive.
- The CEO's $2.97M sale is his largest single-day disposition in the filing window, but is mechanically linked to the option exercise.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-MIAX-1780605517810 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | Insider Cluster | $33.16 | awaiting T+1 | — | $32.54 (−1.85%) |
Oct 1, 2026 26d ago | Press Release | $33.75 $33.01 | ▼ −2.19% | ▼ −2.93% | $32.54 (−3.57%) |
Sep 4, 2026 7w ago | Insider Cluster | $43.46 $42.89 | ▼ −1.31% | ▼ −0.85% | $32.54 (−25.12%) |
Sep 4, 2026 7w ago | Insider Cluster | $43.46 $42.89 | ▼ −1.31% | ▼ −0.85% | $32.54 (−25.12%) |
Aug 19, 2026 9w ago | Insider Cluster | $41.32 $42.59 | ▲ +3.07% | ▲ +2.66% | $32.54 (−21.24%) |
Aug 19, 2026 9w ago | Insider Cluster | $41.32 $42.59 | ▼ −3.07% | ▼ −2.66% | $32.54 (+21.24%) |
Aug 6, 2026 11w ago | Insider Cluster | $44.23 $43.59 | ▲ +1.45% | ▲ +1.42% | $32.54 (+26.42%) |
Jul 16, 2026 14w ago | Insider Cluster | $42.33 $42.04 | ▼ −0.69% | ▼ −0.52% | $32.54 (−23.12%) |
Jul 14, 2026 15w ago | Insider Cluster | $42.43 $42.89 | ▲ +1.08% | ▲ +1.63% | $32.54 (−23.30%) |
Jul 7, 2026 15w ago | Insider Cluster | $41.86 $42.99 | ▲ +2.70% | ▲ +1.85% | $32.54 (−22.25%) |
US Market Status
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