Magnite (NASDAQ:MGNI) Sets New 1-Year Low – Here’s Why

Shares of Magnite, Inc. (NASDAQ:MGNI) reached a new 52-week low during trading on Monday . The company traded as low as $8.22 and last traded at $8.28, with a volume of 240989 shares traded. The stock had previously closed at $9.08.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on MGNI shares. Wells Fargo & Company raised their price objective on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Wolfe Research boosted their price target on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Benchmark reissued a “buy” rating and set a $25.00 target price on shares of Magnite in a report on Monday, March 10th. Needham & Company LLC restated a “buy” rating and issued a $20.00 price target on shares of Magnite in a research report on Wednesday, April 2nd. Finally, 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 research note on Friday, January 3rd. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.27.

Magnite Price Performance

The business has a 50-day moving average of $15.50 and a 200 day moving average of $15.10. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $1.27 billion, a P/E ratio of 149.08, a price-to-earnings-growth ratio of 1.00 and a beta of 2.69.

Magnite (NASDAQ:MGNI) last posted its 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). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The company had revenue of $180.20 million during the quarter, compared to the consensus estimate of $183.90 million. On average, sell-side analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Insider Transactions at Magnite

In other Magnite news, insider Adam Lee Soroca sold 15,499 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $15.75, for a total transaction of $244,109.25. Following the transaction, the insider now directly owns 458,386 shares in the company, valued at $7,219,579.50. This trade represents a 3.27 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sean Patrick Buckley sold 18,693 shares of Magnite stock in a transaction dated Friday, February 7th. The stock was 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 approximately $8,170,580. This represents a 4.38 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 244,905 shares of company stock valued at $4,718,855. 4.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Magnite

Institutional investors have recently modified their holdings of the stock. SBI Securities Co. Ltd. purchased a new stake in Magnite during the 4th quarter valued at about $25,000. Larson Financial Group LLC boosted its stake in shares of Magnite by 179.2% in the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock worth $58,000 after buying an additional 2,341 shares during the last quarter. Quarry LP increased its position in Magnite by 446.8% during the third quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after acquiring an additional 4,508 shares during the last quarter. Quantbot Technologies LP purchased a new position in Magnite in the fourth quarter worth about $87,000. Finally, Jones Financial Companies Lllp grew its stake in shares of Magnite by 20.6% during the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after purchasing an additional 1,000 shares during the period. 73.40% of the stock is owned by hedge funds and other institutional investors.

About Magnite

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.