The simultaneous sale by the CEO and four EVPs on the same day, all following option exercises, suggests a coordinated exit that may signal insider concern about near-term valuation. Monitor for upcoming earnings or material news that could explain the timing.
Price Chart
Executive Summary
Five MIAX insiders, including the Chairman & CEO and multiple EVPs, collectively sold $7.58M in open-market shares on June 2, 2026, all at prices between $42.12 and $42.85. The sales were preceded by derivative exercises at $12/share, indicating a coordinated cash-out of vested options. While the dollar amount is modest relative to the $3.8B market cap (~0.2%), the cluster involves the CEO and four senior executives selling on the same day, which is notable.
Key Financial Metrics
Key Facts
- Chairman & CEO Thomas P. Gallagher sold 70,000 shares for $2.97M
- EVP & CIO Douglas M. Schafer Jr. sold 48,000 shares for $2.06M
- EVP, GC & Corporate Secretary Barbara J. Comly sold 28,000 shares for $1.20M
- EVP, Chief Strategy Officer Shelly Brown sold 16,000 shares for $674K
- EVP, CRO, CCO MIAX Exchanges Edward Deitzel sold 11,000 shares for $464K
- Director Kurt M. Eckert sold 5,250 shares for $224K
- All sales occurred on June 2, 2026, with derivative exercises at $12/share
- Total open-market sales: $7.58M, representing ~0.2% of market cap
- No open-market purchases were made by any insider in this cluster
Financial Impact
Insider sales of $7.58M, approximately 0.2% of MIAX's $3.8B market cap
Risk Factors
- Insider sales cluster may indicate management sees limited near-term upside
- All sales were open-market, not 10b5-1 plan-driven, increasing informational content
- CEO selling $2.97M in a single day is a strong negative signal
- No insider buying to offset the selling pressure
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-1780606376882 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | Insider Cluster | — | awaiting T+1 | — | — |
Oct 1, 2026 25d ago | Press Release | $33.75 $33.01 | ▼ −2.19% | ▼ −2.93% | $33.16 (−1.75%) |
Sep 4, 2026 7w ago | Insider Cluster | $43.46 $42.89 | ▼ −1.31% | ▼ −0.85% | $33.16 (−23.70%) |
Sep 4, 2026 7w ago | Insider Cluster | $43.46 $42.89 | ▼ −1.31% | ▼ −0.85% | $33.16 (−23.70%) |
Aug 19, 2026 9w ago | Insider Cluster | $41.32 $42.59 | ▲ +3.07% | ▲ +2.66% | $33.16 (−19.75%) |
Aug 19, 2026 9w ago | Insider Cluster | $41.32 $42.59 | ▼ −3.07% | ▼ −2.66% | $33.16 (+19.75%) |
Aug 6, 2026 11w ago | Insider Cluster | $44.23 $43.59 | ▲ +1.45% | ▲ +1.42% | $33.16 (+25.03%) |
Jul 16, 2026 14w ago | Insider Cluster | $42.33 $42.04 | ▼ −0.69% | ▼ −0.52% | $33.16 (−21.66%) |
Jul 14, 2026 14w ago | Insider Cluster | $42.43 $42.89 | ▲ +1.08% | ▲ +1.63% | $33.16 (−21.85%) |
Jul 7, 2026 15w ago | Insider Cluster | $41.86 $42.99 | ▲ +2.70% | ▲ +1.85% | $33.16 (−20.78%) |
US Market Status
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