Magnite (NASDAQ:MGNI) Trading 7.3% Higher – Here’s What Happened

Magnite, Inc. (NASDAQ:MGNI)’s stock price shot up 7.3% during mid-day trading on Friday . The company traded as high as $18.39 and last traded at $18.5810. 447,070 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 2,515,798 shares. The stock had previously closed at $17.32.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Royal Bank Of Canada reissued an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. BTIG Research started coverage on Magnite in a report on Tuesday, June 9th. They issued a “buy” rating and a $20.00 price target on the stock. Weiss Ratings upgraded Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Evercore restated an “outperform” rating and set a $21.00 price objective on shares of Magnite in a report on Thursday, May 7th. Finally, Wells Fargo & Company upped their price objective on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Friday, May 8th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Magnite currently has an average rating of “Moderate Buy” and an average price target of $23.89.

Magnite Stock Performance

The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $2.68 billion, a PE ratio of 18.01, a PEG ratio of 0.95 and a beta of 2.32. The firm’s 50-day simple moving average is $14.64 and its 200-day simple moving average is $14.11.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The business had revenue of $164.37 million for the quarter, compared to analyst estimates of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same period last year, the company posted $0.12 earnings per share. On average, research analysts predict that Magnite, Inc. will post 0.55 earnings per share for the current year.

Insider Buying and Selling at Magnite

In related news, Director Douglas S. Knopper sold 37,337 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $18.10, for a total value of $675,799.70. Following the completion of the sale, the director directly owned 125,810 shares of the company’s stock, valued at $2,277,161. This represents a 22.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO David Buonasera sold 1,409 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $19.00, for a total transaction of $26,771.00. Following the transaction, the chief technology officer owned 279,085 shares in the company, valued at approximately $5,302,615. The trade was a 0.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 381,806 shares of company stock worth $6,493,340 over the last quarter. Insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Magnite

Hedge funds and other institutional investors have recently modified their holdings of the business. Neo Ivy Capital Management purchased a new position in Magnite in the third quarter valued at about $27,000. US Bancorp DE grew its position in shares of Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after buying an additional 688 shares during the last quarter. Central Pacific Bank Trust Division purchased a new position in shares of Magnite in the 4th quarter worth approximately $41,000. Strategic Advocates LLC bought a new position in shares of Magnite during the 3rd quarter worth approximately $42,000. Finally, PNC Financial Services Group Inc. raised its stake in shares of Magnite by 106.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock worth $45,000 after acquiring an additional 1,949 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).