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

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

Analyst Upgrades and Downgrades

MGNI has been the topic of several recent research reports. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Evercore reissued an “outperform” rating and issued a $21.00 price target on shares of Magnite in a research report on Thursday, May 7th. Benchmark lowered their price target on shares of Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Weiss Ratings upgraded shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Finally, BTIG Research initiated coverage on shares of Magnite in a report on Tuesday, June 9th. They issued a “buy” rating and a $20.00 price objective for the company. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $23.89.

Magnite Stock Up 7.2%

The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a market capitalization of $2.66 billion, a PE ratio of 17.83, a PEG ratio of 0.93 and a beta of 2.32. The company’s 50 day simple moving average is $14.53 and its 200-day simple moving average is $14.08.

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

Insider Buying and Selling at Magnite

In other news, insider Sean Patrick Buckley sold 19,233 shares of Magnite stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $19.00, for a total transaction of $365,427.00. Following the completion of the sale, the insider owned 373,514 shares in the company, valued at approximately $7,096,766. This trade represents a 4.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael G. Barrett sold 178,596 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $16.59, for a total value of $2,962,907.64. Following the transaction, the chief executive officer directly owned 403,074 shares of the company’s stock, valued at $6,686,997.66. The trade was a 30.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 381,806 shares of company stock valued at $6,493,340 over the last 90 days. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Magnite

Several hedge funds have recently bought and sold shares of MGNI. Neo Ivy Capital Management bought a new position in shares of Magnite in the 3rd quarter worth $27,000. US Bancorp DE lifted its holdings in shares of Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after acquiring an additional 688 shares during the last quarter. Central Pacific Bank Trust Division purchased a new position in Magnite in the fourth quarter worth $41,000. Strategic Advocates LLC purchased a new position in Magnite in the third quarter worth $42,000. Finally, PNC Financial Services Group Inc. increased its stake in Magnite by 106.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock valued at $45,000 after acquiring an additional 1,949 shares during 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).