Stock Traders Buy Large Volume of Call Options on Magnite (NASDAQ:MGNI)

Magnite, Inc. (NASDAQ:MGNI) was the recipient of unusually large options trading on Tuesday. Traders acquired 21,482 call options on the stock. This represents an increase of approximately 657% compared to the average volume of 2,837 call options.

Insider Transactions at Magnite

In other Magnite news, Director Paul Caine sold 5,000 shares of Magnite stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $20.00, for a total value of $100,000.00. Following the completion of the sale, the director owned 153,603 shares in the company, valued at $3,072,060. The trade was a 3.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert F. Spillane sold 12,500 shares of the stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $14.22, for a total transaction of $177,750.00. Following the transaction, the director owned 53,917 shares in the company, valued at approximately $766,699.74. The trade was a 18.82% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 49,439 shares of company stock worth $763,671 over the last quarter. 4.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MGNI. Neo Ivy Capital Management bought a new stake in shares of Magnite in the 3rd quarter valued at $27,000. US Bancorp DE boosted its position in Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after acquiring an additional 688 shares during the last quarter. GAMMA Investing LLC grew its holdings in Magnite by 355.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,517 shares of the company’s stock worth $37,000 after acquiring an additional 1,184 shares during the period. State of Wyoming bought a new position in shares of Magnite in the 3rd quarter worth about $39,000. Finally, USA Financial Formulas bought a new position in shares of Magnite in the 3rd quarter worth about $40,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Price Performance

Magnite stock traded up $0.19 during mid-day trading on Tuesday, reaching $14.57. The company had a trading volume of 877,745 shares, compared to its average volume of 2,260,221. The business has a fifty day simple moving average of $15.39 and a 200 day simple moving average of $19.64. The company has a market cap of $2.09 billion, a P/E ratio of 38.36, a P/E/G ratio of 0.78 and a beta of 2.35. Magnite has a fifty-two week low of $8.22 and a fifty-two week high of $26.65. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.20 EPS for the quarter, meeting analysts’ consensus estimates of $0.20. The company had revenue of $179.49 million during the quarter, compared to analysts’ expectations of $163.29 million. Magnite had a return on equity of 8.74% and a net margin of 8.25%.Magnite’s revenue was up 11.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.17 EPS. On average, equities research analysts predict that Magnite will post 0.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MGNI. Benchmark restated a “buy” rating on shares of Magnite in a research report on Monday, January 12th. Wells Fargo & Company decreased their price objective on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Friday, November 7th. Rosenblatt Securities restated a “buy” rating and set a $39.00 target price on shares of Magnite in a research note on Thursday, November 6th. Wall Street Zen downgraded Magnite from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a report on Wednesday, October 8th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $27.00.

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).