Magnite (NASDAQ:MGNI) Stock Price Up 12.2% – Time to Buy?

Magnite, Inc. (NASDAQ:MGNI)’s stock price shot up 12.2% during trading on Thursday . The company traded as high as $10.21 and last traded at $11.10. 807,416 shares were traded during mid-day trading, a decline of 69% from the average session volume of 2,595,130 shares. The stock had previously closed at $9.90.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on MGNI. Needham & Company LLC reiterated a “buy” rating and issued a $14.00 price objective on shares of Magnite in a research note on Tuesday. Wolfe Research raised their price objective on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Royal Bank of Canada raised their price target on shares of Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Wells Fargo & Company increased their target price on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Finally, Benchmark reissued a “buy” rating and issued a $25.00 price target on shares of Magnite in a report on Monday, March 10th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.81.

Magnite Price Performance

The stock has a market capitalization of $1.61 billion, a P/E ratio of 187.10, a PEG ratio of 1.00 and a beta of 2.69. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The company’s 50 day simple moving average is $13.86 and its two-hundred day simple moving average is $14.83.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). The business had revenue of $180.20 million for the quarter, compared to analyst estimates of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. As a group, equities analysts expect that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Activity at Magnite

In other Magnite news, CAO Brian Gephart sold 6,250 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $16.00, for a total value of $100,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 132,909 shares of the company’s stock, valued at approximately $2,126,544. The trade was a 4.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Sean Patrick Buckley sold 18,693 shares of the stock in a transaction on Friday, February 7th. The shares were sold at an average price of $20.00, for a total value of $373,860.00. Following the completion of the transaction, the insider now owns 408,529 shares in the company, valued at $8,170,580. The trade was a 4.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 244,905 shares of company stock valued at $4,718,855 over the last ninety days. 4.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Magnite

A number of institutional investors and hedge funds have recently modified their holdings of MGNI. Stifel Financial Corp grew its holdings in Magnite by 85.8% during the 3rd quarter. Stifel Financial Corp now owns 46,502 shares of the company’s stock worth $644,000 after acquiring an additional 21,472 shares during the period. XTX Topco Ltd acquired a new position in Magnite during the third quarter valued at approximately $220,000. Barclays PLC increased its stake in Magnite by 352.9% in the third quarter. Barclays PLC now owns 210,598 shares of the company’s stock valued at $2,917,000 after purchasing an additional 164,093 shares in the last quarter. Geode Capital Management LLC raised its holdings in Magnite by 2.2% in the third quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock worth $41,118,000 after purchasing an additional 63,545 shares during the period. Finally, Tidal Investments LLC boosted its position in shares of Magnite by 22.2% during the third quarter. Tidal Investments LLC now owns 130,580 shares of the company’s stock worth $1,809,000 after purchasing an additional 23,688 shares in the last quarter. 73.40% of the stock is 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.