Magnite (NASDAQ:MGNI) Trading 5.6% Higher – Here’s What Happened

Magnite, Inc. (NASDAQ:MGNI) shares rose 5.6% during mid-day trading on Friday . The stock traded as high as $15.85 and last traded at $15.9270. Approximately 736,039 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 2,273,035 shares. The stock had previously closed at $15.08.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on MGNI shares. Wells Fargo & Company cut their price objective on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Friday, November 7th. Benchmark restated a “buy” rating on shares of Magnite in a research note on Monday, January 12th. Rosenblatt Securities reiterated a “buy” rating and set a $39.00 price target on shares of Magnite in a research report on Thursday, November 6th. Wall Street Zen cut Magnite from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a research report on Thursday. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Magnite currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.00.

Magnite Stock Up 2.2%

The firm has a market cap of $2.21 billion, a price-to-earnings ratio of 40.55, a PEG ratio of 0.84 and a beta of 2.35. The business has a fifty day simple moving average of $15.44 and a 200 day simple moving average of $19.41. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.01 and a quick ratio of 1.01.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, November 5th. The company reported $0.20 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.20. The company had revenue of $179.49 million for the quarter, compared to analysts’ expectations of $163.29 million. Magnite had a net margin of 8.25% and a return on equity of 8.74%. The firm’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.17 EPS. As a group, equities analysts forecast that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Transactions at Magnite

In other Magnite news, insider Adam Lee Soroca sold 16,656 shares of the business’s stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $17.00, for a total transaction of $283,152.00. Following the transaction, the insider owned 326,114 shares of the company’s stock, valued at approximately $5,543,938. The trade was a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Sean Patrick Buckley sold 4,426 shares of the firm’s stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $13.36, for a total value of $59,131.36. Following the completion of the sale, the insider directly owned 271,125 shares of the company’s stock, valued at $3,622,230. This trade represents a 1.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 44,439 shares of company stock worth $663,671 in the last ninety days. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Magnite

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Neo Ivy Capital Management purchased a new position in Magnite during the third quarter worth about $27,000. US Bancorp DE raised its position in shares of Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after buying an additional 688 shares during the period. GAMMA Investing LLC lifted its holdings in Magnite by 355.6% in the second quarter. GAMMA Investing LLC now owns 1,517 shares of the company’s stock valued at $37,000 after acquiring an additional 1,184 shares during the last quarter. State of Wyoming purchased a new position in Magnite in the third quarter worth approximately $39,000. Finally, USA Financial Formulas purchased a new position in Magnite in the third quarter worth approximately $40,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Magnite Company Profile

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).