Magnite (NASDAQ:MGNI) Stock Price Up 6.5% – Here’s What Happened

Magnite, Inc. (NASDAQ:MGNI) shares were up 6.5% during mid-day trading on Tuesday . The stock traded as high as $17.98 and last traded at $17.8450. Approximately 2,052,703 shares traded hands during mid-day trading, a decline of 15% from the average daily volume of 2,422,854 shares. The stock had previously closed at $16.75.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on MGNI shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 price target on shares of Magnite in a report on Thursday, April 16th. Weiss Ratings raised shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $39.00 price target on shares of Magnite in a report on Thursday, February 26th. Evercore reaffirmed an “outperform” rating and issued a $21.00 price target on shares of Magnite in a report on Thursday, May 7th. Finally, Benchmark cut their price target on shares of Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $23.89.

Magnite Trading Up 8.3%

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 firm’s 50 day simple moving average is $13.59 and its two-hundred day simple moving average is $13.89. The stock has a market cap of $2.60 billion, a P/E ratio of 17.45, a price-to-earnings-growth ratio of 0.77 and a beta of 2.32.

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

Insider Buying and Selling at Magnite

In related news, Director David T. Pearson sold 10,766 shares of the company’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $15.65, for a total transaction of $168,487.90. Following the completion of the transaction, the director directly owned 79,001 shares in the company, valued at $1,236,365.65. This represents a 11.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Douglas S. Knopper sold 10,766 shares of the company’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $15.73, for a total value of $169,349.18. Following the transaction, the director owned 163,147 shares of the company’s stock, valued at approximately $2,566,302.31. The trade was a 6.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 32,941 shares of company stock worth $492,272 over the last 90 days. Insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Magnite by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company’s stock worth $240,247,000 after acquiring an additional 148,198 shares during the period. Capital Research Global Investors increased its holdings in shares of Magnite by 85.0% in the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after acquiring an additional 5,937,428 shares during the period. Wellington Management Group LLP increased its holdings in shares of Magnite by 67.7% in the 4th quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock worth $140,053,000 after acquiring an additional 3,484,689 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Magnite by 10.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock worth $47,322,000 after acquiring an additional 367,854 shares during the period. Finally, Granahan Investment Management LLC increased its holdings in shares of Magnite by 6.3% in the 3rd quarter. Granahan Investment Management LLC now owns 3,873,179 shares of the company’s stock worth $84,358,000 after acquiring an additional 230,393 shares during the period. 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).