Magnite (NASDAQ:MGNI) Sees Unusually-High Trading Volume – Still a Buy?

Magnite, Inc. (NASDAQ:MGNI) shares saw unusually-high trading volume on Friday . Approximately 4,113,645 shares changed hands during mid-day trading, an increase of 136% from the previous session’s volume of 1,743,958 shares.The stock last traded at $20.87 and had previously closed at $19.14.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MGNI. Wolfe Research raised their price target on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Needham & Company LLC reissued a “buy” rating and set a $20.00 price target on shares of Magnite in a report on Friday, January 17th. Scotiabank began coverage on Magnite in a report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target on the stock. Royal Bank of Canada raised their price target on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Finally, Macquarie reissued an “outperform” rating and set a $18.00 price target on shares of Magnite in a report on Friday, November 8th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $18.35.

Magnite Price Performance

The stock has a market capitalization of $2.98 billion, a price-to-earnings ratio of 352.83, a price-to-earnings-growth ratio of 0.90 and a beta of 2.52. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The stock has a 50-day simple moving average of $16.65 and a 200 day simple moving average of $14.65.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.09). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The company had revenue of $162.00 million during the quarter, compared to the consensus estimate of $147.94 million. During the same period in the previous year, the business posted $0.02 earnings per share. On average, equities research analysts forecast that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Brian Gephart sold 2,156 shares of the business’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $15.00, for a total value of $32,340.00. Following the sale, the chief accounting officer now owns 116,982 shares of the company’s stock, valued at $1,754,730. The trade was a 1.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Sean Patrick Buckley sold 10,001 shares of the business’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $15.60, for a total value of $156,015.60. Following the completion of the transaction, the executive now directly owns 303,743 shares in the company, valued at approximately $4,738,390.80. This represents a 3.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 360,985 shares of company stock valued at $6,096,135 in the last three months. Company insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. bought a new stake in shares of Magnite in the fourth quarter worth about $25,000. Larson Financial Group LLC boosted its position in shares of Magnite by 179.2% during the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock worth $58,000 after buying an additional 2,341 shares during the period. Quarry LP boosted its position in Magnite by 446.8% during the third quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after purchasing an additional 4,508 shares during the last quarter. Jones Financial Companies Lllp boosted its position in Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after purchasing an additional 1,000 shares during the last quarter. Finally, KBC Group NV boosted its position in Magnite by 66.5% during the fourth quarter. KBC Group NV now owns 5,943 shares of the company’s stock valued at $95,000 after purchasing an additional 2,374 shares during the last quarter. Institutional investors own 73.40% of the company’s stock.

Magnite Company Profile

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel 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 applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.