Magnite (NASDAQ:MGNI) Shares Gap Down – Time to Sell?

Magnite, Inc. (NASDAQ:MGNI) shares gapped down prior to trading on Tuesday . The stock had previously closed at $18.58, but opened at $17.96. Magnite shares last traded at $18.25, with a volume of 151,777 shares trading hands.

Analyst Upgrades and Downgrades

Several research firms recently commented on MGNI. Royal Bank of Canada dropped their price target on shares of Magnite from $22.00 to $19.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. Susquehanna lifted their price target on Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research note on Thursday, February 27th. Benchmark lowered their price target on Magnite from $25.00 to $24.00 and set a “buy” rating on the stock in a research report on Thursday, May 8th. Craig Hallum set a $24.00 price objective on Magnite and gave the company a “buy” rating in a research report on Tuesday, May 20th. Finally, Lake Street Capital reduced their target price on Magnite from $21.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.58.

Magnite Stock Performance

The stock has a 50-day moving average of $14.18 and a 200 day moving average of $15.16. The stock has a market cap of $2.59 billion, a PE ratio of 306.25, a P/E/G ratio of 1.00 and a beta of 2.87. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.06 by $0.06. Magnite had a return on equity of 4.64% and a net margin of 2.62%. The business had revenue of $145.85 million for the quarter, compared to analyst estimates of $142.18 million. During the same quarter in the previous year, the firm earned $0.05 EPS. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. Equities analysts predict that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Activity

In other Magnite news, insider Sean Patrick Buckley sold 9,692 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.73, for a total transaction of $152,455.16. Following the completion of the transaction, the insider now owns 347,394 shares of the company’s stock, valued at $5,464,507.62. This trade represents a 2.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO David Buonasera sold 3,653 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $15.03, for a total transaction of $54,904.59. Following the transaction, the chief technology officer now directly owns 267,444 shares of the company’s stock, valued at $4,019,683.32. The trade was a 1.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 133,283 shares of company stock valued at $2,247,250 in the last 90 days. Company insiders own 3.80% of the company’s stock.

Institutional Trading of Magnite

A number of large investors have recently modified their holdings of the stock. Capital Research Global Investors purchased a new position in Magnite in the fourth quarter valued at $122,986,000. Nuveen LLC acquired a new stake in shares of Magnite in the 1st quarter worth $41,036,000. American Century Companies Inc. boosted its holdings in Magnite by 855.2% in the 1st quarter. American Century Companies Inc. now owns 2,961,009 shares of the company’s stock valued at $33,785,000 after purchasing an additional 2,651,033 shares in the last quarter. Boston Partners raised its position in Magnite by 39.1% in the fourth quarter. Boston Partners now owns 4,756,323 shares of the company’s stock worth $76,061,000 after acquiring an additional 1,336,458 shares in the last quarter. Finally, Pacer Advisors Inc. acquired a new stake in shares of Magnite in the first quarter valued at about $12,576,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Company Profile

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.