Investors Purchase High Volume of Magnite Call Options (NASDAQ:MGNI)

Magnite, Inc. (NASDAQ:MGNI) was the target of some unusual options trading on Tuesday. Investors bought 17,039 call options on the company. This is an increase of approximately 747% compared to the average daily volume of 2,012 call options.

Insiders Place Their Bets

In other news, Director Douglas S. Knopper sold 37,337 shares of Magnite stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $18.10, for a total value of $675,799.70. Following the completion of the sale, the director owned 125,810 shares of the company’s stock, valued at $2,277,161. The trade was a 22.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert F. Spillane sold 10,000 shares of Magnite stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $13.33, for a total value of $133,300.00. Following the completion of the sale, the director directly owned 43,917 shares of the company’s stock, valued at approximately $585,413.61. This represents a 18.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 362,573 shares of company stock valued at $6,127,913. 3.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Magnite

Several hedge funds and other institutional investors have recently made changes to their positions in MGNI. Neo Ivy Capital Management acquired a new stake in Magnite in the third quarter worth approximately $27,000. US Bancorp DE lifted its position in Magnite by 75.8% in the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after purchasing an additional 688 shares during the period. Central Pacific Bank Trust Division acquired a new stake in Magnite in the fourth quarter worth approximately $41,000. Strategic Advocates LLC acquired a new stake in Magnite in the third quarter worth approximately $42,000. Finally, PNC Financial Services Group Inc. lifted its position in Magnite by 106.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock worth $45,000 after purchasing an additional 1,949 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Magnite Stock Down 1.7%

Shares of Magnite stock opened at $18.24 on Thursday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The firm has a market cap of $2.61 billion, a P/E ratio of 17.54, a P/E/G ratio of 0.88 and a beta of 2.32. Magnite has a fifty-two week low of $10.82 and a fifty-two week high of $26.65. The business has a 50-day moving average price of $13.85 and a 200 day moving average price of $13.94.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. The firm had revenue of $164.37 million during the quarter, compared to analyst estimates of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.Magnite’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.12 earnings per share. On average, sell-side analysts forecast that Magnite will post 0.6 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

MGNI has been the topic of a number of recent research reports. Weiss Ratings upgraded Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Needham & Company LLC restated a “buy” rating and set a $25.00 price objective on shares of Magnite in a research note on Thursday, April 16th. Royal Bank Of Canada restated an “outperform” rating on shares of Magnite in a research note on Thursday, May 28th. Benchmark reduced their price objective on Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Finally, Evercore restated an “outperform” rating and set a $21.00 price objective on shares of Magnite in a research note on Thursday, May 7th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Magnite currently has an average rating of “Moderate Buy” and an average price target of $23.89.

More Magnite News

Here are the key news stories impacting Magnite this week:

• Positive Sentiment: Magnite announced a new partnership with Viasat Aviation to bring programmatic advertising to in-flight screens, expanding its reach into a new, high-engagement advertising channel and potentially opening another revenue stream. Magnite and Viasat Aviation Partner to Bring Programmatic Advertising to In-Flight Screens
• Positive Sentiment: Trading activity has been unusually strong, including a surge in call option buying, suggesting traders are positioning for more upside in MGNI after its recent rally. Unusual options trading in Magnite
• Neutral Sentiment: Recent coverage noted MGNI had already posted a sharp one-day gain on heavier volume, but also warned that earnings estimate revisions may limit near-term follow-through. Magnite (MGNI) Moves 10.8% Higher: Will This Strength Last?
• Negative Sentiment: CEO Michael G. Barrett, CTO David Buonasera, and Director Douglas S. Knopper all sold shares this week, which can create concern about insider confidence even if the sales were disclosed and may have been planned. SEC insider filings for Magnite

Magnite Company Profile

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).