Magnite (NASDAQ:MGNI) Shares Gap Up – Should You Buy?

Magnite, Inc. (NASDAQ:MGNI) gapped up before the market opened on Wednesday . The stock had previously closed at $12.07, but opened at $13.04. Magnite shares last traded at $12.64, with a volume of 475,774 shares.

Analyst Ratings Changes

MGNI has been the subject of a number of recent analyst reports. Craig Hallum restated a “buy” rating and set a $20.00 price target on shares of Magnite in a report on Wednesday, August 21st. Bank of America raised their price target on shares of Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Lake Street Capital initiated coverage on shares of Magnite in a report on Thursday, July 25th. They set a “buy” rating and a $21.00 price target for the company. Wolfe Research initiated coverage on shares of Magnite in a report on Tuesday, July 16th. They set an “outperform” rating and a $16.00 price target for the company. Finally, Needham & Company LLC restated a “buy” rating and set a $15.00 price target on shares of Magnite in a report on Wednesday, October 2nd. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Magnite presently has an average rating of “Buy” and an average price target of $17.25.

Magnite Price Performance

The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.77. The company’s fifty day moving average is $12.98 and its two-hundred day moving average is $12.38. The stock has a market cap of $1.74 billion, a price-to-earnings ratio of -112.00, a P/E/G ratio of 1.05 and a beta of 2.41.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.01). Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The business had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $144.04 million. During the same period in the prior year, the business earned ($0.04) EPS. The business’s quarterly revenue was up 6.8% on a year-over-year basis. As a group, research analysts predict that Magnite, Inc. will post 0.31 earnings per share for the current year.

Insider Buying and Selling at Magnite

In other Magnite news, CTO David Buonasera sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $12.65, for a total value of $126,500.00. Following the completion of the transaction, the chief technology officer now owns 258,102 shares of the company’s stock, valued at $3,264,990.30. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In other Magnite news, CRO Sean Patrick Buckley sold 2,623 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $12.53, for a total value of $32,866.19. Following the completion of the transaction, the executive now owns 331,742 shares of the company’s stock, valued at $4,156,727.26. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CTO David Buonasera sold 10,000 shares of Magnite stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $12.65, for a total transaction of $126,500.00. Following the sale, the chief technology officer now directly owns 258,102 shares of the company’s stock, valued at approximately $3,264,990.30. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 95,533 shares of company stock valued at $1,206,203 in the last 90 days. Company insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

Institutional investors have recently modified their holdings of the company. New Century Financial Group LLC purchased a new stake in shares of Magnite during the 2nd quarter worth $640,000. Commonwealth Equity Services LLC lifted its position in shares of Magnite by 668.3% during the 2nd quarter. Commonwealth Equity Services LLC now owns 81,573 shares of the company’s stock worth $1,084,000 after purchasing an additional 70,956 shares during the last quarter. Tidal Investments LLC lifted its position in shares of Magnite by 212.8% during the 1st quarter. Tidal Investments LLC now owns 69,388 shares of the company’s stock worth $746,000 after purchasing an additional 47,205 shares during the last quarter. Baader Bank Aktiengesellschaft purchased a new stake in shares of Magnite during the 2nd quarter worth $671,000. Finally, Lisanti Capital Growth LLC purchased a new stake in shares of Magnite during the 1st quarter worth $3,063,000. 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.