Magnite (NASDAQ:MGNI) Shares Gap Up to $8.90

Magnite, Inc. (NASDAQ:MGNI)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $8.90, but opened at $10.80. Magnite shares last traded at $10.28, with a volume of 496,353 shares.

Analyst Upgrades and Downgrades

MGNI has been the subject of several analyst reports. Benchmark reiterated a “buy” rating and set a $18.00 price target on shares of Magnite in a report on Monday, March 25th. Bank of America lifted their price target on Magnite from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Thursday, February 29th. Susquehanna raised their target price on Magnite from $11.00 to $14.00 and gave the stock a “positive” rating in a research report on Thursday, February 29th. B. Riley assumed coverage on Magnite in a report on Friday, April 19th. They issued a “buy” rating and a $14.50 price target for the company. Finally, Needham & Company LLC restated a “buy” rating and set a $15.00 price objective on shares of Magnite in a research report on Thursday, March 21st. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $14.39.

Magnite Price Performance

The company has a 50-day moving average of $10.14 and a 200-day moving average of $9.19. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.09 and a current ratio of 1.09. The stock has a market cap of $1.36 billion, a price-to-earnings ratio of -8.24, a PEG ratio of 0.67 and a beta of 2.29.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, February 28th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.03 by $0.13. Magnite had a positive return on equity of 2.52% and a negative net margin of 25.69%. The business had revenue of $165.28 million during the quarter, compared to analysts’ expectations of $160.24 million. As a group, equities research analysts predict that Magnite, Inc. will post 0.41 earnings per share for the current year.

Insider Activity

In related news, CEO Michael G. Barrett sold 75,000 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $11.21, for a total transaction of $840,750.00. Following the completion of the transaction, the chief executive officer now directly owns 1,234,662 shares of the company’s stock, valued at $13,840,561.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 modified their holdings of MGNI. Burgundy Asset Management Ltd. acquired a new stake in Magnite in the third quarter valued at $17,759,000. Rubric Capital Management LP grew its stake in Magnite by 80.7% in the 3rd quarter. Rubric Capital Management LP now owns 4,000,000 shares of the company’s stock valued at $30,160,000 after acquiring an additional 1,785,978 shares during the last quarter. Norges Bank purchased a new position in Magnite during the 4th quarter valued at about $8,164,000. Grizzlyrock Capital LLC acquired a new position in Magnite during the fourth quarter worth about $6,656,000. Finally, Roumell Asset Management LLC purchased a new stake in shares of Magnite in the third quarter valued at about $4,091,000. 73.40% of the stock is currently 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.