Magnite (NASDAQ:MGNI) Shares Gap Down – What’s Next?

Shares of Magnite, Inc. (NASDAQ:MGNI) gapped down before the market opened on Thursday . The stock had previously closed at $17.10, but opened at $15.00. Magnite shares last traded at $13.8150, with a volume of 2,555,934 shares.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company decreased their price objective on Magnite from $24.00 to $22.00 and set an “equal weight” rating on the stock in a report on Monday, October 6th. Scotiabank restated an “outperform” rating and set a $30.00 price objective (up previously from $22.00) on shares of Magnite in a report on Thursday, August 7th. Needham & Company LLC increased their target price on Magnite from $18.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research report on Wednesday, October 8th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $39.00 target price on shares of Magnite in a research report on Thursday. Ten investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $25.64.

Magnite Stock Performance

The firm has a market capitalization of $2.14 billion, a PE ratio of 51.67, a price-to-earnings-growth ratio of 1.42 and a beta of 3.13. The stock has a 50-day moving average price of $21.30 and a 200-day moving average price of $20.03. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $0.20 EPS for the quarter, hitting analysts’ consensus estimates of $0.20. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The business had revenue of $179.49 million during the quarter, compared to the consensus estimate of $163.29 million. During the same period last year, the firm earned $0.17 earnings per share. The company’s revenue for the quarter was up 11.6% compared to the same quarter last year. Magnite has set its Q4 2025 guidance at EPS. FY 2025 guidance at EPS. On average, research analysts expect that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CTO David Buonasera sold 2,950 shares of Magnite stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $25.37, for a total transaction of $74,841.50. Following the transaction, the chief technology officer directly owned 238,629 shares of the company’s stock, valued at $6,054,017.73. The trade was a 1.22% 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 20,000 shares of Magnite stock in a transaction on Monday, September 8th. The stock was sold at an average price of $25.56, for a total value of $511,200.00. Following the completion of the transaction, the insider owned 307,193 shares in the company, valued at $7,851,853.08. The trade was a 6.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 328,275 shares of company stock valued at $7,977,776 in the last ninety days. Insiders own 3.80% of the company’s stock.

Institutional Trading of Magnite

Hedge funds have recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. grew its holdings in shares of Magnite by 74.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 51,815 shares of the company’s stock valued at $591,000 after acquiring an additional 22,131 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Magnite by 54.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 44,947 shares of the company’s stock valued at $513,000 after purchasing an additional 15,762 shares in the last quarter. Vanguard Group Inc. increased its position in Magnite by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company’s stock worth $156,814,000 after purchasing an additional 138,417 shares during the last quarter. Brown Advisory Inc. acquired a new position in Magnite in the 1st quarter worth about $290,000. Finally, Harbor Capital Advisors Inc. raised its holdings in shares of Magnite by 7.2% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 634,147 shares of the company’s stock valued at $15,296,000 after purchasing an additional 42,834 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.