Magnite (NASDAQ:MGNI) Shares Gap Down to $13.80

Magnite, Inc. (NASDAQ:MGNI) shares gapped down before the market opened on Friday . The stock had previously closed at $13.80, but opened at $13.33. Magnite shares last traded at $13.65, with a volume of 26,904 shares.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Lake Street Capital started coverage on Magnite in a report on Thursday, July 25th. They set a “buy” rating and a $21.00 price target for the company. Evercore ISI increased their price target on shares of Magnite from $13.00 to $15.00 and gave the stock an “outperform” rating in a research note on Monday, June 3rd. Wolfe Research started coverage on shares of Magnite in a report on Tuesday, July 16th. They issued an “outperform” rating and a $16.00 price objective for the company. Craig Hallum reaffirmed a “buy” rating and issued a $20.00 price target on shares of Magnite in a research report on Wednesday, August 21st. Finally, Royal Bank of Canada boosted their target price on Magnite from $17.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, June 5th. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $17.25.

Magnite Stock Performance

The firm has a fifty day simple moving average of $13.74 and a 200 day simple moving average of $11.91. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.77. The stock has a market cap of $1.84 billion, a price-to-earnings ratio of -21.56, a PEG ratio of 1.20 and a beta of 2.41.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Magnite had a positive return on equity of 3.74% and a negative net margin of 0.83%. The business had revenue of $162.88 million for the quarter, compared to analyst estimates of $144.04 million. During the same quarter in the prior year, the firm earned ($0.04) EPS. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. As a group, sell-side analysts expect that Magnite, Inc. will post 0.31 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Robert F. Spillane sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $13.04, for a total value of $326,000.00. Following the sale, the director now directly owns 69,090 shares in the company, valued at approximately $900,933.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Magnite news, CAO Brian Gephart sold 16,166 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $15.00, for a total value of $242,490.00. Following the transaction, the chief accounting officer now directly owns 121,169 shares in the company, valued at $1,817,535. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Robert F. Spillane sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $13.04, for a total transaction of $326,000.00. Following the sale, the director now directly owns 69,090 shares of the company’s stock, valued at approximately $900,933.60. The disclosure for this sale can be found here. Insiders sold a total of 316,001 shares of company stock worth $4,408,998 over the last quarter. Company insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

Large investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its holdings in shares of Magnite by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 975,662 shares of the company’s stock worth $9,113,000 after purchasing an additional 16,062 shares during the last quarter. NBC Securities Inc. increased its position in Magnite by 4.2% in the 4th quarter. NBC Securities Inc. now owns 27,485 shares of the company’s stock valued at $256,000 after acquiring an additional 1,108 shares in the last quarter. Norges Bank acquired a new stake in Magnite in the 4th quarter valued at about $8,164,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Magnite in the fourth quarter worth about $99,000. Finally, Aigen Investment Management LP acquired a new position in shares of Magnite during the fourth quarter worth approximately $164,000. 73.40% of the stock is currently owned by 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.