Magnite (NASDAQ:MGNI) Trading Up 12.2% – What’s Next?

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

Analyst Upgrades and Downgrades

MGNI has been the topic of a number of research analyst reports. Susquehanna raised their price objective on shares of Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research note on Thursday, February 27th. Royal Bank of Canada upped their price objective on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Benchmark reiterated a “buy” rating and set a $25.00 price target on shares of Magnite in a report on Monday, March 10th. Wolfe Research upped their price objective on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Finally, Wells Fargo & Company upped their target price on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.81.

Magnite Price Performance

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 stock has a market cap of $1.59 billion, a price-to-earnings ratio of 185.50, a price-to-earnings-growth ratio of 1.00 and a beta of 2.69. The stock has a fifty day simple moving average of $13.49 and a 200-day simple moving average of $14.80.

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

Insiders Place Their Bets

In other news, Director Paul Caine sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $20.35, for a total transaction of $101,750.00. Following the completion of the sale, the director now owns 182,837 shares of the company’s stock, valued at approximately $3,720,732.95. This trade represents a 2.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Sean Patrick Buckley sold 18,693 shares of the business’s stock in a transaction that occurred on 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 directly 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 a total of 244,905 shares of company stock worth $4,718,855 over the last quarter. Company insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

A number of hedge funds and other institutional investors have recently bought and sold shares of MGNI. Vanguard Group Inc. grew its stake in shares of Magnite by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company’s stock valued at $216,593,000 after purchasing an additional 257,032 shares during the last quarter. Capital Research Global Investors bought a new position in Magnite during the 4th quarter worth approximately $122,986,000. Wellington Management Group LLP boosted its position in shares of Magnite by 6.8% during the fourth quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company’s stock worth $111,918,000 after purchasing an additional 450,341 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Magnite by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company’s stock valued at $87,957,000 after acquiring an additional 170,532 shares during the period. Finally, Boston Partners increased its stake in Magnite by 39.1% during the 4th quarter. Boston Partners now owns 4,756,323 shares of the company’s stock worth $76,061,000 after purchasing an additional 1,336,458 shares in the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

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.