Douglas M. Jr Schafer

EVP/CIO Schafer sells 48,000 MIAX shares ($2.1M) via pre-arranged 10b5-1 plan; holds 396,681 shares post-trade plus 6,000 options

Douglas M. Jr Schafer, EVP and CIO, sold 48,000 shares of MIAX at $42.84 on 2026-06-02 as part of a 10b5-1 trading plan adopted on 2025-12-16, making this a scheduled transaction rather than a discretionary move. His non-derivative holdings declined from 444,681 shares to 396,681 shares, representing a -10.8% reduction, though he retains 6,000 nonqualified stock options, preserving material upside exposure. This is his second consecutive monthly sale at MIAX (prior sell on 2026-05-04), suggesting systematic portfolio rebalancing via the pre-arranged plan rather than reactive selling. The company reported $369.7M in latest-quarter revenue and $170.2M net income, but was unprofitable over its most recent full fiscal year, providing mixed fundamental context for insider activity.

EVP and CIO sells 48k shares while purchasing same quantity; net liquidation reflects timing strategy amid operational losses.

Douglas M. Schafer Jr., the company's EVP and CIO, executed a same-day buy-sell transaction: purchasing 48,000 shares at a lower price while immediately selling the same volume at a much higher price. This pattern suggests a deliberate liquidity or tax-optimization strategy rather than a conviction-driven insider move. More significantly, the timing is notable: Schafer is selling into strength—the stock is up sharply over recent months and trading modestly below its highs—while the company is burning cash with consecutive quarterly losses and unprofitable fundamentals. An insider liquidation during a period of operational pressure and rapid share appreciation, even if driven by tax planning, suggests caution about valuation at these elevated levels. The overall transaction is modest in size relative to his holdings, but the asymmetry between the buy and sell prices and the unprofitable baseline warrant a closer look at his broader trading pattern.

EVP/CIO Schafer sells 48,000 shares of MIAX at $39.74; holds 396,681 post-sale amid -22.4% 52-week decline, company unprofitable.

Douglas M. Schafer Jr., EVP and CIO, sold 48,000 shares at $39.74 on 2026-03-17, reducing his holdings by 10.8% to 396,681 shares and generating $1,907,520.00 in proceeds. The sale occurs in a deteriorated price environment: MIAX is trading at $39.55, down 22.4% from its 52-week high of $50.96 and down 6.2% over the past 30 days. More significantly, the company reported net income of -$102,080,000.00 in its latest quarter despite revenue of $339,778,000.00, and was unprofitable over its most recent full fiscal year. The combination of a seasoned insider divesting a material portion of his holdings while the company operates in negative earnings territory warrants investor attention to cash burn trajectory and management's capital allocation priorities.