Magnite (NASDAQ:MGNI) Shares Up 12.2% – Here’s Why

Magnite, Inc. (NASDAQ:MGNI) shot up 12.2% during trading on Thursday . The company traded as high as $10.21 and last traded at $11.10. 807,416 shares changed hands during trading, a decline of 69% from the average session volume of 2,595,130 shares. The stock had previously closed at $9.90.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Wells Fargo & Company increased their price objective on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Royal Bank of Canada lifted their price target on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Benchmark reissued a “buy” rating and set a $25.00 price objective on shares of Magnite in a research note on Monday, March 10th. Wolfe Research increased their target price on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Finally, Susquehanna boosted their price target on Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $18.81.

Magnite Price Performance

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 $13.49 and its 200-day moving average is $14.80. The stock has a market cap of $1.59 billion, a PE ratio of 185.50, a P/E/G ratio of 1.00 and a beta of 2.69.

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 net margin of 2.62% and a return on equity of 4.64%. The business had revenue of $180.20 million during the quarter, compared to analysts’ expectations of $183.90 million. As a group, sell-side analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current year.

Insider Transactions at Magnite

In related news, insider Adam Lee Soroca sold 15,499 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was 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 directly owns 458,386 shares of the company’s stock, valued at $7,219,579.50. The trade was a 3.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Paul Caine sold 5,000 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $20.35, for a total value of $101,750.00. Following the transaction, the director now directly owns 182,837 shares in the company, valued at approximately $3,720,732.95. This represents a 2.66 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 244,905 shares of company stock valued at $4,718,855. Insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

A number of institutional investors and hedge funds have recently modified their holdings of MGNI. Arizona State Retirement System raised its stake in Magnite by 1.5% during the fourth quarter. Arizona State Retirement System now owns 36,846 shares of the company’s stock worth $587,000 after acquiring an additional 559 shares during the period. Truist Financial Corp raised its position in shares of Magnite by 2.0% during the 4th quarter. Truist Financial Corp now owns 34,242 shares of the company’s stock worth $545,000 after purchasing an additional 674 shares during the period. Summit Investment Advisors Inc. lifted its holdings in shares of Magnite by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company’s stock worth $210,000 after purchasing an additional 836 shares during the last quarter. ANTIPODES PARTNERS Ltd boosted its position in Magnite by 13.4% during the 4th quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company’s stock valued at $129,000 after purchasing an additional 956 shares during the period. Finally, Jones Financial Companies Lllp grew its stake in Magnite by 20.6% during the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock worth $93,000 after buying 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.