Magnite (NASDAQ:MGNI) Sees Strong Trading Volume

Shares of Magnite, Inc. (NASDAQ:MGNIGet Rating) saw strong trading volume on Thursday . 27,652 shares traded hands during trading, a decline of 98% from the previous session’s volume of 1,168,796 shares.The stock last traded at $6.86 and had previously closed at $7.03.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Craig Hallum lowered their target price on Magnite from $25.00 to $16.00 in a research note on Thursday, July 14th. Truist Financial lowered their target price on Magnite from $15.00 to $13.00 and set a “buy” rating on the stock in a research note on Tuesday, August 2nd. Needham & Company LLC lowered their target price on Magnite from $25.00 to $13.00 and set a “buy” rating on the stock in a research note on Wednesday, July 6th. Susquehanna lowered their target price on Magnite from $24.00 to $13.00 and set a “positive” rating on the stock in a research note on Wednesday, August 10th. Finally, Evercore ISI lowered their price objective on Magnite to $10.00 in a research note on Monday, August 15th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $19.40.

Magnite Stock Down 5.1 %

The stock has a 50 day moving average of $8.14 and a 200-day moving average of $9.98. The firm has a market capitalization of $886.71 million, a P/E ratio of -9.51 and a beta of 2.03. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.14 and a current ratio of 1.14.

Magnite (NASDAQ:MGNIGet Rating) last announced its quarterly earnings results on Tuesday, August 9th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.04). Magnite had a negative net margin of 17.01% and a positive return on equity of 5.21%. The company had revenue of $123.26 million for the quarter, compared to the consensus estimate of $126.86 million. During the same quarter in the prior year, the company earned $0.05 earnings per share. The company’s quarterly revenue was up 22.7% on a year-over-year basis. Research analysts predict that Magnite, Inc. will post 0.34 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Magnite

Several hedge funds and other institutional investors have recently modified their holdings of MGNI. Renaissance Technologies LLC increased its position in shares of Magnite by 138.8% during the first quarter. Renaissance Technologies LLC now owns 1,964,654 shares of the company’s stock valued at $25,953,000 after buying an additional 1,141,790 shares during the period. Edenbrook Capital LLC grew its holdings in shares of Magnite by 33.9% during the second quarter. Edenbrook Capital LLC now owns 4,159,236 shares of the company’s stock worth $36,934,000 after purchasing an additional 1,052,335 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Magnite by 77.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,254,256 shares of the company’s stock worth $39,450,000 after purchasing an additional 981,296 shares in the last quarter. Granahan Investment Management LLC grew its holdings in shares of Magnite by 7.6% during the first quarter. Granahan Investment Management LLC now owns 9,128,749 shares of the company’s stock worth $120,591,000 after purchasing an additional 646,392 shares in the last quarter. Finally, BW Gestao de Investimentos Ltda. purchased a new position in shares of Magnite during the first quarter worth about $7,309,000. 65.38% of the stock is currently owned by institutional investors.

Magnite Company Profile

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Magnite, Inc operates an independent sell-side advertising platform in the United States and internationally. The company's platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties, to manage and monetize their inventory; and provides applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory.

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