Magnite (NASDAQ:MGNI) Shares Up 6% – Here’s What Happened

Magnite, Inc. (NASDAQ:MGNI) rose 6% on Tuesday . The company traded as high as $15.95 and last traded at $15.5140. Approximately 1,670,824 shares traded hands during mid-day trading, a decline of 29% from the average daily volume of 2,354,214 shares. The stock had previously closed at $14.63.

Wall Street Analyst Weigh In

MGNI has been the subject of a number of research reports. BTIG Research initiated coverage on Magnite in a research note on Tuesday. They issued a “buy” rating and a $20.00 price objective for the company. Weiss Ratings raised Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Magnite in a research note on Thursday, April 16th. Scotiabank lifted their price objective on Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research note on Thursday, May 7th. Finally, Benchmark dropped their price objective on Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Magnite has an average rating of “Moderate Buy” and an average target price of $23.89.

Magnite Price Performance

The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of 15.12, a PEG ratio of 0.69 and a beta of 2.32. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. The company has a 50 day moving average of $13.16 and a 200 day moving average of $13.81.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.11 by $0.02. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The firm had revenue of $164.37 million during the quarter, compared to analysts’ expectations of $159.24 million. During the same period in the previous year, the firm posted $0.12 EPS. Magnite’s revenue for the quarter was up 5.5% on a year-over-year basis. As a group, equities research analysts anticipate that Magnite, Inc. will post 0.6 EPS for the current year.

Insider Transactions at Magnite

In other Magnite news, Director Robert F. Spillane sold 10,000 shares of Magnite stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $13.33, for a total transaction of $133,300.00. Following the completion of the sale, the director directly owned 43,917 shares of the company’s stock, valued at $585,413.61. The trade was a 18.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 4.30% of the stock is owned by company insiders.

Institutional Trading of Magnite

A number of institutional investors have recently bought and sold shares of MGNI. Neo Ivy Capital Management purchased a new stake in Magnite during the 3rd quarter worth about $27,000. US Bancorp DE lifted its holdings in Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after buying an additional 688 shares during the last quarter. State of Wyoming purchased a new stake in Magnite during the 3rd quarter worth about $39,000. Central Pacific Bank Trust Division purchased a new stake in Magnite during the 4th quarter worth about $41,000. Finally, Strategic Advocates LLC purchased a new stake in Magnite during the 3rd quarter worth about $42,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).