Magnite (NASDAQ:MGNI) Trading Up 5.8%

Magnite, Inc. (NASDAQ:MGNI)’s stock price was up 5.8% during trading on Friday . The company traded as high as $9.35 and last traded at $9.31. Approximately 184,601 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 1,114,905 shares. The stock had previously closed at $8.80.

Analyst Ratings Changes

A number of equities research analysts recently commented on MGNI shares. Bank of America raised their price objective on shares of Magnite from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Thursday, February 29th. Needham & Company LLC restated a “buy” rating and issued a $15.00 price objective on shares of Magnite in a research report on Thursday, March 21st. Benchmark restated a “buy” rating and issued a $18.00 price objective on shares of Magnite in a research report on Monday, March 25th. Susquehanna raised their price objective on shares of Magnite from $11.00 to $14.00 and gave the company a “positive” rating in a research report on Thursday, February 29th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $15.00 price objective on shares of Magnite in a research report on Thursday, March 7th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Magnite has a consensus rating of “Moderate Buy” and an average price target of $14.39.

Magnite Price Performance

The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.09 and a current ratio of 1.09. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of -7.41, a P/E/G ratio of 0.64 and a beta of 2.25. The company has a 50-day moving average of $10.25 and a 200-day moving average of $9.08.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, February 28th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.13. Magnite had a positive return on equity of 2.52% and a negative net margin of 25.69%. The firm had revenue of $165.28 million during the quarter, compared to the consensus estimate of $160.24 million. As a group, equities research analysts expect that Magnite, Inc. will post 0.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Michael G. Barrett sold 75,000 shares of Magnite stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $11.21, for a total transaction of $840,750.00. Following the completion of the transaction, the chief executive officer now directly owns 1,234,662 shares in the company, valued at approximately $13,840,561.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

Several hedge funds and other institutional investors have recently bought and sold shares of the company. NBC Securities Inc. grew its stake in Magnite by 4.2% in the 4th quarter. NBC Securities Inc. now owns 27,485 shares of the company’s stock worth $256,000 after acquiring an additional 1,108 shares during the period. Fulton Bank N.A. grew its stake in Magnite by 8.1% in the 1st quarter. Fulton Bank N.A. now owns 22,003 shares of the company’s stock worth $237,000 after acquiring an additional 1,653 shares during the period. Guinness Atkinson Asset Management Inc grew its stake in Magnite by 59.1% in the 3rd quarter. Guinness Atkinson Asset Management Inc now owns 4,824 shares of the company’s stock worth $36,000 after acquiring an additional 1,792 shares during the period. Advisory Services Network LLC grew its stake in Magnite by 1.9% in the 4th quarter. Advisory Services Network LLC now owns 127,106 shares of the company’s stock worth $1,187,000 after acquiring an additional 2,377 shares during the period. Finally, Principal Financial Group Inc. grew its stake in Magnite by 17.0% in the 3rd quarter. Principal Financial Group Inc. now owns 17,424 shares of the company’s stock worth $131,000 after acquiring an additional 2,526 shares during the period. 73.40% of the stock is owned by hedge funds and other institutional investors.

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.