Magnite (NASDAQ:MGNI) Shares Up 4.4% – Time to Buy?

Magnite, Inc. (NASDAQ:MGNI)’s share price shot up 4.4% on Tuesday . The stock traded as high as $24.90 and last traded at $25.2620. 314,817 shares changed hands during trading, a decline of 88% from the average daily volume of 2,590,596 shares. The stock had previously closed at $24.19.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MGNI. Benchmark upped their target price on shares of Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Susquehanna boosted their price target on Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a research report on Thursday, August 6th. BTIG Research upped their price objective on Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Royal Bank Of Canada raised their price objective on Magnite from $20.00 to $27.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. Finally, Wells Fargo & Company lifted their target price on Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Friday, August 7th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Magnite has a consensus rating of “Moderate Buy” and a consensus price target of $28.30.

Magnite Trading Down 2.8%

The company has a market cap of $3.42 billion, a price-to-earnings ratio of 21.88, a PEG ratio of 1.07 and a beta of 2.26. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The business’s 50 day moving average price is $20.18 and its 200-day moving average price is $15.47.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. The business had revenue of $192.82 million for the quarter, compared to analyst estimates of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. Magnite’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.20 EPS. On average, equities analysts anticipate that Magnite, Inc. will post 0.61 EPS for the current fiscal year.

Insider Transactions at Magnite

In related news, insider Sean Patrick Buckley sold 67,179 shares of Magnite stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $24.49, for a total transaction of $1,645,213.71. Following the completion of the sale, the insider directly owned 315,805 shares of the company’s stock, valued at approximately $7,734,064.45. This trade represents a 17.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael G. Barrett sold 293,968 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $22.72, for a total value of $6,678,952.96. Following the completion of the sale, the chief executive officer owned 403,074 shares of the company’s stock, valued at $9,157,841.28. This trade represents a 42.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 935,251 shares of company stock worth $19,046,675 in the last ninety days. 3.20% of the stock is currently owned by company insiders.

Institutional Trading of Magnite

Several hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. bought a new position in shares of Magnite during the second quarter worth approximately $241,296,000. Capital Research Global Investors raised its position in shares of Magnite by 85.0% in the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after buying an additional 5,937,428 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Magnite by 67.7% in the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after buying an additional 3,484,689 shares during the period. Canada Pension Plan Investment Board bought a new stake in shares of Magnite in the second quarter valued at approximately $56,847,000. Finally, Ophir Asset Management Pty Ltd acquired a new stake in Magnite during the fourth quarter worth approximately $38,695,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

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).