Magnite (NASDAQ:MGNI) Sees Unusually-High Trading Volume – Still a Buy?

Magnite, Inc. (NASDAQ:MGNI) shares saw an uptick in trading volume on Friday . 4,113,645 shares changed hands during mid-day trading, an increase of 136% from the previous session’s volume of 1,743,958 shares.The stock last traded at $20.87 and had previously closed at $19.14.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on MGNI. Needham & Company LLC reissued a “buy” rating and issued a $20.00 target price on shares of Magnite in a research note on Friday, January 17th. Wells Fargo & Company lifted their price target on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. Royal Bank of Canada lifted their price target on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Scotiabank started coverage on Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price target for the company. Finally, Wolfe Research lifted their price target on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $18.35.

Magnite Stock Up 10.6 %

The firm has a 50-day moving average of $16.65 and a 200 day moving average of $14.65. The stock has a market capitalization of $2.98 billion, a price-to-earnings ratio of 352.83, a price-to-earnings-growth ratio of 0.90 and a beta of 2.52. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.07 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.09). Magnite had a return on equity of 4.64% and a net margin of 2.62%. The company had revenue of $162.00 million for the quarter, compared to analyst estimates of $147.94 million. During the same period last year, the firm posted $0.02 earnings per share. On average, sell-side analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current year.

Insider Buying and Selling at Magnite

In other Magnite news, CRO Sean Patrick Buckley sold 10,001 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $15.60, for a total value of $156,015.60. Following the transaction, the executive now directly owns 303,743 shares of the company’s stock, valued at $4,738,390.80. This represents a 3.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Brian Gephart sold 2,156 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $15.00, for a total value of $32,340.00. Following the transaction, the chief accounting officer now owns 116,982 shares in the company, valued at $1,754,730. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 360,985 shares of company stock valued at $6,096,135 in the last three months. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Magnite

Several large investors have recently added to or reduced their stakes in MGNI. SBI Securities Co. Ltd. bought a new position in Magnite during the fourth quarter worth $25,000. Larson Financial Group LLC lifted its stake in Magnite by 179.2% during the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock worth $58,000 after purchasing an additional 2,341 shares during the last quarter. Quarry LP lifted its stake in Magnite by 446.8% during the third quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after purchasing an additional 4,508 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock worth $93,000 after purchasing an additional 1,000 shares during the last quarter. Finally, KBC Group NV lifted its stake in Magnite by 66.5% during the fourth quarter. KBC Group NV now owns 5,943 shares of the company’s stock worth $95,000 after purchasing an additional 2,374 shares during the last quarter. 73.40% of the stock is currently owned by 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.