Magnite (NASDAQ:MGNI) Shares Down 7.3% – Here’s What Happened

Magnite, Inc. (NASDAQ:MGNI) shares were down 7.3% on Friday . The company traded as low as $15.33 and last traded at $15.35. Approximately 331,415 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 2,366,805 shares. The stock had previously closed at $16.55.

Analyst Ratings Changes

A number of analysts recently weighed in on MGNI shares. Macquarie restated an “outperform” rating and issued a $18.00 price target on shares of Magnite in a research note on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Magnite in a research note on Thursday. Wells Fargo & Company raised their price objective on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Scotiabank began coverage on Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price target on the stock. Finally, Susquehanna boosted their target price on Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research report on Thursday. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.27.

Magnite Trading Down 4.7 %

The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of 262.83, a price-to-earnings-growth ratio of 1.00 and a beta of 2.52. The business’s 50-day moving average price is $17.31 and its two-hundred day moving average price is $15.18.

Magnite (NASDAQ:MGNI) last issued its quarterly 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). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The business had revenue of $180.20 million during the quarter, compared to analyst estimates of $183.90 million. Equities analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current year.

Insiders Place Their Bets

In related news, CTO David Buonasera sold 1,969 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $16.31, for a total value of $32,114.39. Following the sale, the chief technology officer now directly owns 223,795 shares of the company’s stock, valued at approximately $3,650,096.45. This trade represents a 0.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sean Patrick Buckley sold 10,527 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $19.13, for a total transaction of $201,381.51. Following the completion of the sale, the insider now owns 370,558 shares of the company’s stock, valued at approximately $7,088,774.54. The trade was a 2.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 398,110 shares of company stock valued at $7,418,043. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in MGNI. Arizona State Retirement System increased its stake in Magnite by 1.5% during the fourth quarter. Arizona State Retirement System now owns 36,846 shares of the company’s stock worth $587,000 after acquiring an additional 559 shares during the last quarter. Truist Financial Corp grew its holdings in shares of Magnite by 2.0% during the 4th quarter. Truist Financial Corp now owns 34,242 shares of the company’s stock worth $545,000 after purchasing an additional 674 shares during the period. Summit Investment Advisors Inc. increased its position in Magnite by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company’s stock worth $210,000 after purchasing an additional 836 shares in the last quarter. Verdence Capital Advisors LLC raised its holdings in Magnite by 4.8% in the third quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock valued at $268,000 after buying an additional 892 shares during the period. Finally, ANTIPODES PARTNERS Ltd lifted its position in Magnite by 13.4% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company’s stock valued at $129,000 after buying an additional 956 shares in the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

Magnite Company Profile

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.