MIAX

The stock is in a medium-term bullish context but is currently consolidating just above its EMAs with neutral momentum. Execution is deferred (Stalk) pending a decisive breakout above the 50-day moving average region or failure back below recent support. Patience is warranted under the COMP strategy, allowing accumulation as the EMAs slope upward and market health remains balanced.

• ↑Q2 net revenue $141M (+35% YoY) driven by options and Bloomberg Futures launch
• ↑Adjusted EBITDA margin 54% (+700bps YoY) reflecting high incremental margins
• ↓Revenue per contract could decline if volatility subsides, RPC guidance lowers