Traders Purchase Large Volume of Call Options on Magnite (NASDAQ:MGNI)

Magnite, Inc. (NASDAQ:MGNI) was the recipient of unusually large options trading activity on Tuesday. Traders bought 15,465 call options on the company. This represents an increase of 366% compared to the average volume of 3,318 call options.

Magnite Trading Up 1.0%

Shares of NASDAQ MGNI opened at $16.70 on Thursday. Magnite has a 1-year low of $8.22 and a 1-year high of $26.65. The business has a fifty day moving average price of $16.21 and a 200 day moving average price of $20.15. The stock has a market capitalization of $2.40 billion, a P/E ratio of 43.95, a price-to-earnings-growth ratio of 1.26 and a beta of 2.49. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.01 and a quick ratio of 1.01.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, November 5th. The company reported $0.20 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.20. The company had revenue of $179.49 million for the quarter, compared to analyst estimates of $163.29 million. Magnite had a return on equity of 8.74% and a net margin of 8.25%.The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.17 earnings per share. Equities research analysts expect that Magnite will post 0.33 EPS for the current fiscal year.

Insider Transactions at Magnite

In other news, insider Adam Lee Soroca sold 10,857 shares of the firm’s stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $13.23, for a total transaction of $143,638.11. Following the transaction, the insider directly owned 326,114 shares of the company’s stock, valued at approximately $4,314,488.22. This trade represents a 3.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Aaron Saltz sold 8,522 shares of Magnite stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $24.50, for a total transaction of $208,789.00. Following the sale, the insider directly owned 215,079 shares of the company’s stock, valued at $5,269,435.50. This represents a 3.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 48,805 shares of company stock valued at $876,808. Company insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Magnite by 8.1% during the third quarter. Vanguard Group Inc. now owns 14,654,432 shares of the company’s stock worth $319,174,000 after purchasing an additional 1,092,147 shares in the last quarter. Boston Partners grew its stake in Magnite by 5.7% during the 2nd quarter. Boston Partners now owns 5,574,604 shares of the company’s stock worth $133,037,000 after buying an additional 298,248 shares during the last quarter. American Century Companies Inc. grew its stake in Magnite by 63.1% during the 2nd quarter. American Century Companies Inc. now owns 4,829,197 shares of the company’s stock worth $116,480,000 after buying an additional 1,868,188 shares during the last quarter. Granahan Investment Management LLC increased its position in Magnite by 6.3% during the 3rd quarter. Granahan Investment Management LLC now owns 3,873,179 shares of the company’s stock valued at $84,358,000 after buying an additional 230,393 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in Magnite by 6.0% during the 2nd quarter. Geode Capital Management LLC now owns 3,216,842 shares of the company’s stock valued at $77,597,000 after buying an additional 183,414 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on MGNI. Wells Fargo & Company lowered their target price on Magnite from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Friday, November 7th. Wall Street Zen downgraded Magnite from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research note on Wednesday, October 8th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $39.00 target price on shares of Magnite in a research report on Thursday, November 6th. Nine research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $26.20.

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.