Magnite (NASDAQ:MGNI) Trading 7.1% Higher – Time to Buy?

Magnite, Inc. (NASDAQ:MGNI) shares were up 7.1% during mid-day trading on Wednesday . The company traded as high as $24.61 and last traded at $24.5130. Approximately 2,069,000 shares traded hands during trading, a decline of 19% from the average session volume of 2,555,330 shares. The stock had previously closed at $22.89.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. BTIG Research increased their target price on shares of Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Rosenblatt Securities boosted their price target on shares of Magnite from $39.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Susquehanna upped their price objective on shares of Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a research report on Thursday, August 6th. Wells Fargo & Company increased their price objective on shares of Magnite from $21.00 to $22.00 and gave the company an “equal weight” rating in a research note on Friday, August 7th. Finally, Scotiabank reissued an “outperform” rating and set a $27.00 target price on shares of Magnite in a research report on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $28.30.

Magnite Stock Up 7.1%

The company has a market cap of $3.52 billion, a PE ratio of 22.50, a price-to-earnings-growth ratio of 1.02 and a beta of 2.30. The company has a fifty day moving average of $21.25 and a two-hundred day moving average of $16.18. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02.

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

Insider Transactions at Magnite

In related news, insider Sean Patrick Buckley sold 67,179 shares of the firm’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $24.49, for a total value of $1,645,213.71. Following the completion of the transaction, the insider owned 315,805 shares in the company, valued at $7,734,064.45. This trade represents a 17.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sarah Patricia Harden sold 30,550 shares of the stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $23.31, for a total transaction of $712,120.50. Following the completion of the sale, the director owned 133,187 shares in the company, valued at $3,104,588.97. The trade was a 18.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 982,828 shares of company stock worth $20,180,124 over the last 90 days. Insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Magnite

Large investors have recently added to or reduced their stakes in the stock. Nykredit A S acquired a new stake in Magnite in the 2nd quarter worth about $25,000. EFG International AG purchased a new stake in shares of Magnite in the 2nd quarter valued at approximately $28,000. Allworth Financial LP acquired a new position in shares of Magnite in the 2nd quarter valued at $30,000. US Bancorp DE boosted its stake in Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after buying an additional 688 shares during the period. Finally, PNC Financial Services Group Inc. boosted its stake in Magnite by 106.3% during the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock worth $45,000 after buying an additional 1,949 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

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).