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

Magnite, Inc. (NASDAQ:MGNI) saw unusually large options trading on Tuesday. Stock investors acquired 15,465 call options on the stock. This is an increase of 366% compared to the average volume of 3,318 call options.

Insider Activity at Magnite

In related news, insider Aaron Saltz sold 8,522 shares of the firm’s stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $24.50, for a total transaction of $208,789.00. Following the transaction, the insider owned 215,079 shares of the company’s stock, valued at approximately $5,269,435.50. This trade represents a 3.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul Caine sold 5,000 shares of Magnite stock in a transaction that occurred 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 completion of the sale, the director owned 153,603 shares of the company’s stock, valued at $3,072,060. This trade represents a 3.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 48,805 shares of company stock worth $876,808. 3.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of MGNI. Polar Asset Management Partners Inc. bought a new stake in shares of Magnite in the 3rd quarter worth about $4,658,000. Strategic Advocates LLC bought a new stake in Magnite during the third quarter worth about $42,000. CIBC Bancorp USA Inc. acquired a new stake in shares of Magnite during the third quarter worth approximately $325,000. Castleark Management LLC increased its holdings in shares of Magnite by 35.0% during the third quarter. Castleark Management LLC now owns 193,185 shares of the company’s stock worth $4,208,000 after buying an additional 50,035 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co boosted its holdings in shares of Magnite by 2.4% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company’s stock worth $992,000 after acquiring an additional 1,047 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Magnite Stock Performance

Magnite stock traded up $0.19 on Tuesday, hitting $16.03. The company’s stock had a trading volume of 596,439 shares, compared to its average volume of 2,789,876. Magnite has a one year low of $8.22 and a one year high of $26.65. The firm has a market cap of $2.30 billion, a P/E ratio of 42.21, a price-to-earnings-growth ratio of 1.24 and a beta of 2.49. 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 fifty day moving average price of $16.31 and a 200-day moving average price of $20.18.

Magnite (NASDAQ:MGNI) last posted its 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 business had revenue of $179.49 million for the quarter, compared to analysts’ expectations of $163.29 million. During the same quarter in the previous year, the firm posted $0.17 earnings per share. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. On average, equities analysts anticipate that Magnite will post 0.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Rosenblatt Securities reiterated a “buy” rating and issued a $39.00 price objective on shares of Magnite in a report on Thursday, November 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a research note on Wednesday, October 8th. Wall Street Zen downgraded Magnite from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Wells Fargo & Company reduced their target price on Magnite from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Friday, November 7th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $26.20.

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.