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

Shares of Magnite, Inc. (NASDAQ:MGNI) gapped up before the market opened on Tuesday. The stock had previously closed at $23.40, but opened at $24.48. Magnite shares last traded at $24.4680, with a volume of 304,783 shares.

Analyst Ratings Changes

Several brokerages recently weighed in on MGNI. B. Riley Financial lifted their price objective on Magnite from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, September 18th. BTIG Research reiterated a “buy” rating and set a $27.00 target price on shares of Magnite in a research report on Wednesday, September 9th. Needham & Company LLC lifted their target price on shares of Magnite from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, September 3rd. Wells Fargo & Company lifted their target price on shares of Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Friday, August 7th. Finally, Rosenblatt Securities boosted their price target on shares of Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Ten 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 company has an average rating of “Moderate Buy” and a consensus target price of $29.36.

Magnite Stock Performance

The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $3.58 billion, a PE ratio of 22.90, a PEG ratio of 1.05 and a beta of 2.30. The company has a 50-day moving average price of $22.94 and a two-hundred day moving average price of $17.73.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The business had revenue of $192.82 million for the quarter, compared to analysts’ expectations of $179.15 million. During the same quarter in the prior year, the firm posted $0.20 EPS. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. Analysts predict that Magnite, Inc. will post 0.61 EPS for the current fiscal year.

Insider Transactions at Magnite

In related news, Director Robert F. Spillane sold 10,363 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $23.76, for a total transaction of $246,224.88. Following the completion of the transaction, the director owned 57,715 shares of the company’s stock, valued at approximately $1,371,308.40. The trade was a 15.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul Caine sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $26.50, for a total transaction of $198,750.00. Following the sale, the director directly owned 137,401 shares in the company, valued at $3,641,126.50. This trade represents a 5.18% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 702,592 shares of company stock valued at $16,398,013. Company insiders own 3.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MGNI. Meros Investment Management LP purchased a new position in Magnite in the second quarter worth $18,815,538. Capital Research Global Investors increased its stake in Magnite by 85.0% in the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after acquiring an additional 5,937,428 shares during the last quarter. Manatuck Hill Partners LLC purchased a new stake in Magnite during the second quarter valued at about $8,541,000. WINTON GROUP Ltd purchased a new stake in Magnite during the second quarter valued at about $2,314,000. Finally, Norwood Investment Partners LP bought a new stake in Magnite during the second quarter worth about $4,460,300. 73.40% of the stock is owned by institutional investors.

Magnite Company Profile

Magnite, Inc is an independent sell-side advertising technology company that operates a global platform for digital media owners and app developers. Its technology helps publishers and media companies manage, package, sell and optimize advertising inventory across connected television (CTV), online video, mobile, desktop, audio and digital out-of-home channels.

Magnite’s platform connects publishers with agencies, brands and demand-side platforms, supporting automated, data-driven programmatic advertising transactions.