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

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

Analyst Ratings Changes

Several research firms have recently weighed in on MGNI. Evercore restated an “outperform” rating and issued a $21.00 target price on shares of Magnite in a research report on Thursday, May 7th. Needham & Company LLC restated a “buy” rating and issued a $25.00 target price on shares of Magnite in a research report on Thursday, April 16th. Benchmark decreased their target price on Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Weiss Ratings upgraded Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Finally, Wells Fargo & Company raised their target price on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Friday, May 8th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $23.89.

Magnite Stock Performance

The stock has a market cap of $2.25 billion, a PE ratio of 15.12, a P/E/G ratio of 0.69 and a beta of 2.32. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The stock has a 50-day moving average of $13.16 and a 200 day moving average of $13.81.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The firm had revenue of $164.37 million for the quarter, compared to the consensus estimate of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The firm’s revenue was up 5.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.12 earnings per share. Equities analysts predict that Magnite, Inc. will post 0.6 EPS for the current fiscal year.

Insider Transactions at Magnite

In other Magnite news, Director Robert F. Spillane sold 10,000 shares of the firm’s stock in a transaction on 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 owned 43,917 shares of the company’s stock, valued at $585,413.61. This trade represents a 18.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Magnite

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Neo Ivy Capital Management acquired a new stake in Magnite during the third quarter worth $27,000. US Bancorp DE increased its stake in Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after acquiring an additional 688 shares during the last quarter. State of Wyoming acquired a new stake in Magnite during the third quarter worth $39,000. Central Pacific Bank Trust Division acquired a new stake in shares of Magnite in the fourth quarter valued at $41,000. Finally, Strategic Advocates LLC acquired a new stake in shares of Magnite in the third quarter valued at $42,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

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).