Stock Traders Buy Large Volume of Call Options on Magnite (NASDAQ:MGNI)

Magnite, Inc. (NASDAQ:MGNI) was the target of unusually large options trading on Tuesday. Stock traders bought 21,482 call options on the stock. This is an increase of approximately 657% compared to the average daily volume of 2,837 call options.

Analyst Upgrades and Downgrades

MGNI has been the topic of a number of research analyst reports. Wells Fargo & Company cut their price objective on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Friday, November 7th. Benchmark reaffirmed a “buy” rating on shares of Magnite in a research report on Monday, January 12th. Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a research report on Wednesday, October 8th. Wall Street Zen downgraded shares of Magnite from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $39.00 target price on shares of Magnite in a research report on Thursday, November 6th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $27.00.

Magnite Stock Up 1.3%

NASDAQ:MGNI traded up $0.19 during trading hours on Tuesday, hitting $14.57. 877,745 shares of the company traded hands, compared to its average volume of 2,260,221. Magnite has a one year low of $8.22 and a one year high of $26.65. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.43. The company has a market cap of $2.09 billion, a PE ratio of 38.36, a PEG ratio of 0.78 and a beta of 2.35. The firm’s 50-day simple moving average is $15.39 and its 200-day simple moving average is $19.64.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.20 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.20. Magnite had a net margin of 8.25% and a return on equity of 8.74%. The company had revenue of $179.49 million for the quarter, compared to analyst estimates of $163.29 million. During the same period last year, the firm earned $0.17 earnings per share. The firm’s revenue was up 11.6% on a year-over-year basis. Equities analysts predict that Magnite will post 0.33 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Sean Patrick Buckley sold 4,426 shares of Magnite stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $13.36, for a total value of $59,131.36. Following the completion of the sale, the insider owned 271,125 shares in the company, valued at $3,622,230. The trade was a 1.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Paul Caine sold 5,000 shares of the business’s stock in a transaction on Friday, October 24th. The shares were sold at an average price of $20.00, for a total transaction of $100,000.00. Following the transaction, the director owned 153,603 shares in the company, valued at $3,072,060. The trade was a 3.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 49,439 shares of company stock valued at $763,671. Company insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Magnite by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company’s stock valued at $854,000 after acquiring an additional 3,267 shares during the period. Millennium Management LLC increased its stake in shares of Magnite by 113.7% in the first quarter. Millennium Management LLC now owns 434,479 shares of the company’s stock worth $4,957,000 after purchasing an additional 231,213 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in shares of Magnite by 24.3% during the 1st quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company’s stock valued at $83,000 after buying an additional 1,423 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Magnite by 9.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company’s stock worth $4,618,000 after buying an additional 36,097 shares during the period. Finally, Intech Investment Management LLC raised its holdings in Magnite by 103.6% during the 1st quarter. Intech Investment Management LLC now owns 109,992 shares of the company’s stock valued at $1,255,000 after acquiring an additional 55,971 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Company Profile

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).