Magnite (NASDAQ:MGNI) Shares Up 5.6% – Here’s Why

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

Analyst Upgrades and Downgrades

Several analysts recently weighed in on MGNI shares. Wells Fargo & Company cut their price target on 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 reissued a “buy” rating and issued 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. Benchmark reiterated a “buy” rating on shares of Magnite in a research note on Monday, January 12th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a report on Wednesday, October 8th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $27.00.

Magnite Stock Performance

The business’s fifty day moving average price is $15.41 and its 200-day moving average price is $19.50. The stock has a market cap of $2.23 billion, a PE ratio of 40.93, a P/E/G ratio of 0.78 and a beta of 2.35. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.01 and a current ratio of 1.01.

Magnite (NASDAQ:MGNI) last issued 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 last year, the company posted $0.17 earnings per share. As a group, equities research analysts forecast that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Buying and Selling at Magnite

In other Magnite news, insider Adam Lee Soroca sold 16,656 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $17.00, for a total value of $283,152.00. Following the transaction, the insider directly owned 326,114 shares of the company’s stock, valued at approximately $5,543,938. This trade represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Sean Patrick Buckley sold 4,426 shares of the company’s stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $13.36, for a total transaction of $59,131.36. Following the sale, the insider directly owned 271,125 shares of the company’s stock, valued at $3,622,230. The trade was a 1.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 44,439 shares of company stock valued at $663,671. 3.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Magnite

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Dilation Capital Management LP purchased a new position in shares of Magnite in the second quarter worth $8,074,000. Lisanti Capital Growth LLC boosted its holdings in shares of Magnite by 155.8% during the 2nd quarter. Lisanti Capital Growth LLC now owns 368,015 shares of the company’s stock valued at $8,877,000 after purchasing an additional 224,160 shares during the last quarter. Maestria Partners LLC grew its position in shares of Magnite by 36.3% during the second quarter. Maestria Partners LLC now owns 1,434,317 shares of the company’s stock valued at $34,596,000 after purchasing an additional 382,000 shares in the last quarter. Nippon Life Global Investors Americas Inc. bought a new stake in shares of Magnite in the third quarter worth about $2,621,000. Finally, Envestnet Asset Management Inc. lifted its position in shares of Magnite by 9.7% in the second quarter. Envestnet Asset Management Inc. now owns 241,938 shares of the company’s stock worth $5,836,000 after buying an additional 21,394 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

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).