Magnite (NASDAQ:MGNI) Stock Price Up 6.5% – Here’s What Happened

Magnite, Inc. (NASDAQ:MGNI) shares rose 6.5% during mid-day trading on Tuesday . The company traded as high as $17.98 and last traded at $17.8450. Approximately 2,052,703 shares were traded during mid-day trading, a decline of 15% from the average daily volume of 2,422,854 shares. The stock had previously closed at $16.75.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MGNI. BTIG Research began coverage on shares of Magnite in a report on Tuesday, June 9th. They set a “buy” rating and a $20.00 target price for the company. Scotiabank raised their target price on shares of Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a report on Thursday, May 7th. Wells Fargo & Company raised their target price on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. Needham & Company LLC restated a “buy” rating and set a $25.00 target price on shares of Magnite in a report on Thursday, April 16th. Finally, Royal Bank Of Canada restated an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $23.89.

Magnite Trading Up 8.3%

The firm has a market capitalization of $2.60 billion, a PE ratio of 17.45, a P/E/G ratio of 0.77 and a beta of 2.32. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The business’s fifty day moving average price is $13.59 and its 200 day moving average price is $13.89.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The business had revenue of $164.37 million during the quarter, compared to the consensus estimate of $159.24 million. During the same period in the previous year, the firm posted $0.12 earnings per share. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. As a group, analysts expect that Magnite, Inc. will post 0.6 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Robert F. Spillane sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $13.33, for a total value of $133,300.00. Following the sale, the director directly owned 43,917 shares of the company’s stock, valued at approximately $585,413.61. This trade represents a 18.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Douglas S. Knopper sold 10,766 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $15.73, for a total transaction of $169,349.18. Following the completion of the sale, the director directly owned 163,147 shares in the company, valued at $2,566,302.31. This represents a 6.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 32,941 shares of company stock valued at $492,272. Insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

A number of institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. lifted its position in shares of Magnite by 28.9% during the third quarter. JPMorgan Chase & Co. now owns 1,209,413 shares of the company’s stock worth $26,341,000 after purchasing an additional 271,325 shares in the last quarter. Kopion Asset Management LLC lifted its position in shares of Magnite by 149.2% during the fourth quarter. Kopion Asset Management LLC now owns 614,459 shares of the company’s stock worth $9,973,000 after purchasing an additional 367,858 shares in the last quarter. Stephens Investment Management Group LLC lifted its position in shares of Magnite by 17.0% during the fourth quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company’s stock worth $18,317,000 after purchasing an additional 164,035 shares in the last quarter. Kennedy Capital Management LLC raised its position in shares of Magnite by 39.6% in the 3rd quarter. Kennedy Capital Management LLC now owns 1,213,613 shares of the company’s stock valued at $26,432,000 after purchasing an additional 344,466 shares in the last quarter. Finally, Picton Mahoney Asset Management raised its position in shares of Magnite by 203.0% in the 3rd quarter. Picton Mahoney Asset Management now owns 387,332 shares of the company’s stock valued at $8,436,000 after purchasing an additional 259,482 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).