Magnite Target of Unusually Large Options Trading (NASDAQ:MGNI)

Magnite, Inc. (NASDAQ:MGNI) saw some unusual options trading on Thursday. Investors acquired 6,286 call options on the company. This is an increase of approximately 379% compared to the typical daily volume of 1,313 call options.

Insider Buying and Selling at Magnite

In related news, CEO Michael G. Barrett sold 75,000 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $11.21, for a total transaction of $840,750.00. Following the transaction, the chief executive officer now owns 1,234,662 shares of the company’s stock, valued at $13,840,561.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Magnite

Hedge funds and other institutional investors have recently modified their holdings of the stock. Commonwealth Equity Services LLC boosted its stake in Magnite by 120.1% during the 3rd quarter. Commonwealth Equity Services LLC now owns 34,544 shares of the company’s stock valued at $260,000 after purchasing an additional 18,846 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Magnite by 21.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,835 shares of the company’s stock worth $187,000 after acquiring an additional 4,413 shares during the period. Principal Financial Group Inc. raised its position in Magnite by 17.0% in the third quarter. Principal Financial Group Inc. now owns 17,424 shares of the company’s stock worth $131,000 after acquiring an additional 2,526 shares in the last quarter. NBC Securities Inc. acquired a new stake in Magnite in the 3rd quarter valued at about $198,000. Finally, Guinness Atkinson Asset Management Inc boosted its position in shares of Magnite by 59.1% during the 3rd quarter. Guinness Atkinson Asset Management Inc now owns 4,824 shares of the company’s stock valued at $36,000 after purchasing an additional 1,792 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

Magnite Stock Performance

Shares of Magnite stock traded up $2.62 during trading on Thursday, hitting $12.42. 10,455,493 shares of the stock were exchanged, compared to its average volume of 1,335,940. The stock has a market cap of $1.74 billion, a PE ratio of -19.92, a P/E/G ratio of 0.77 and a beta of 2.29. The stock’s fifty day moving average is $9.85 and its 200 day moving average is $9.28. Magnite has a 12 month low of $6.28 and a 12 month high of $15.73. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.10 and a current ratio of 1.10.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, February 28th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.13. The business had revenue of $165.28 million during the quarter, compared to the consensus estimate of $160.24 million. Magnite had a positive return on equity of 3.23% and a negative net margin of 12.24%. As a group, sell-side analysts anticipate that Magnite will post 0.36 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MGNI. Craig Hallum boosted their price target on Magnite from $18.00 to $20.00 and gave the company a “buy” rating in a report on Thursday. Benchmark reissued a “buy” rating and issued a $18.00 price target on shares of Magnite in a research note on Thursday. Bank of America upped their price objective on shares of Magnite from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Thursday, February 29th. Needham & Company LLC reissued a “buy” rating and issued a $15.00 target price on shares of Magnite in a research report on Thursday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $15.00 price target on shares of Magnite in a research note on Thursday, March 7th. Two analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $14.95.

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.