Magnite (NASDAQ:MGNI) Shares Down 14.5% – Here’s What Happened

Magnite, Inc. (NASDAQ:MGNI) traded down 14.5% on Tuesday . The company traded as low as $11.93 and last traded at $12.0260. 2,193,425 shares traded hands during mid-day trading, an increase of 3% from the average session volume of 2,126,479 shares. The stock had previously closed at $14.06.

Analyst Ratings Changes

Several research analysts have recently commented on MGNI shares. Rosenblatt Securities reissued a “buy” rating and issued a $39.00 price objective on shares of Magnite in a research note on Thursday, November 6th. Benchmark reiterated a “buy” rating on shares of Magnite in a report on Monday, January 12th. Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd. Wells Fargo & Company cut their price objective on Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Friday, November 7th. Finally, Wall Street Zen cut Magnite from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Eight 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 company currently has an average rating of “Moderate Buy” and a consensus price target of $27.00.

Magnite Price Performance

The company has a debt-to-equity ratio of 0.43, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market cap of $1.62 billion, a price-to-earnings ratio of 29.68, a PEG ratio of 0.65 and a beta of 2.39. The stock has a 50-day moving average price of $15.38 and a 200 day moving average price of $18.82.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.20 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.20. Magnite had a return on equity of 8.74% and a net margin of 8.25%.The firm had revenue of $179.49 million for the quarter, compared to the consensus estimate of $163.29 million. During the same quarter last year, the business posted $0.17 EPS. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. As a group, equities research analysts forecast that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Insider Activity at Magnite

In related news, insider Sean Patrick Buckley sold 4,426 shares of the stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $13.36, for a total transaction of $59,131.36. Following the completion of the sale, the insider owned 271,125 shares in the company, valued at $3,622,230. This represents a 1.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Adam Lee Soroca sold 16,656 shares of Magnite stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $17.00, for a total transaction of $283,152.00. Following the completion of the transaction, the insider owned 326,114 shares in the company, valued at approximately $5,543,938. This represents a 4.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 44,439 shares of company stock worth $663,671 in the last 90 days. 3.80% of the stock is owned by insiders.

Institutional Trading of Magnite

Hedge funds have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Magnite by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company’s stock valued at $854,000 after purchasing an additional 3,267 shares during the period. Millennium Management LLC grew its position in Magnite by 113.7% in the 1st quarter. Millennium Management LLC now owns 434,479 shares of the company’s stock valued at $4,957,000 after buying an additional 231,213 shares during the last quarter. Jones Financial Companies Lllp increased its stake in Magnite by 24.3% in 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 during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Magnite by 9.8% during 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 last quarter. Finally, Intech Investment Management LLC lifted its stake in shares of Magnite by 103.6% in the 1st quarter. Intech Investment Management LLC now owns 109,992 shares of the company’s stock worth $1,255,000 after acquiring an additional 55,971 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

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).