Magnite (NASDAQ:MGNI) Sets New 52-Week Low – Should You Sell?

Magnite, Inc. (NASDAQ:MGNI) reached a new 52-week low during trading on Monday . The company traded as low as $8.22 and last traded at $8.28, with a volume of 240989 shares. The stock had previously closed at $9.08.

Wall Street Analyst Weigh In

MGNI has been the subject of a number of recent analyst reports. Wolfe Research upped their price target on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Benchmark reiterated a “buy” rating and issued a $25.00 price target on shares of Magnite in a report on Monday, March 10th. Royal Bank of Canada increased their price objective on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Wells Fargo & Company increased their price target on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Magnite in a research note on Wednesday, April 2nd. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.27.

Magnite Stock Down 2.2 %

The stock has a market capitalization of $1.27 billion, a PE ratio of 149.08, a price-to-earnings-growth ratio of 1.00 and a beta of 2.69. 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 company’s 50-day moving average is $15.50 and its 200 day moving average is $15.10.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). Magnite had a return on equity of 4.64% and a net margin of 2.62%. The firm had revenue of $180.20 million for the quarter, compared to analyst estimates of $183.90 million. As a group, analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current year.

Insider Buying and Selling

In related news, insider Adam Lee Soroca sold 15,499 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $15.75, for a total value of $244,109.25. Following the completion of the sale, the insider now owns 458,386 shares of the company’s stock, valued at approximately $7,219,579.50. The trade was a 3.27 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Brian Gephart sold 6,250 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $16.00, for a total transaction of $100,000.00. Following the transaction, the chief accounting officer now directly owns 132,909 shares in the company, valued at approximately $2,126,544. The trade was a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 244,905 shares of company stock valued at $4,718,855 over the last 90 days. Insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

A number of institutional investors have recently made changes to their positions in the company. SBI Securities Co. Ltd. purchased a new stake in shares of Magnite during the fourth quarter worth $25,000. Larson Financial Group LLC boosted its holdings in shares of Magnite by 179.2% during the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock worth $58,000 after purchasing an additional 2,341 shares during the last quarter. Quarry LP boosted its stake in Magnite by 446.8% during the third quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after buying an additional 4,508 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of Magnite in the 4th quarter worth $87,000. Finally, Jones Financial Companies Lllp increased 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 worth $93,000 after purchasing an additional 1,000 shares during the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

About Magnite

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.