Magnite (NASDAQ:MGNI) Stock Price Up 6% – Still a Buy?

Magnite, Inc. (NASDAQ:MGNI) rose 6% during mid-day trading on Tuesday . The stock traded as high as $15.95 and last traded at $15.5140. Approximately 1,670,824 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 2,354,214 shares. The stock had previously closed at $14.63.

Wall Street Analysts Forecast Growth

MGNI has been the subject of several recent research reports. Evercore reiterated an “outperform” rating and issued a $21.00 price target on shares of Magnite in a report on Thursday, May 7th. Rosenblatt Securities reiterated a “buy” rating and issued a $39.00 price target on shares of Magnite in a report on Thursday, February 26th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Scotiabank increased their price target on Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a report on Thursday, May 7th. Finally, Benchmark dropped their target price on Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $23.89.

Magnite Stock Performance

The firm has a market capitalization of $2.32 billion, a PE ratio of 15.58, a price-to-earnings-growth ratio of 0.75 and a beta of 2.32. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. The stock has a 50-day moving average price of $13.32 and a 200-day moving average price of $13.85.

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

Insider Transactions at Magnite

In related news, Director Douglas S. Knopper sold 10,766 shares of Magnite stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $15.73, for a total value of $169,349.18. Following the completion of the transaction, the director directly owned 163,147 shares in the company, valued at approximately $2,566,302.31. This trade represents a 6.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David T. Pearson sold 10,766 shares of Magnite stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $15.65, for a total value of $168,487.90. Following the completion of the transaction, the director owned 79,001 shares of the company’s stock, valued at $1,236,365.65. This trade represents a 11.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 32,941 shares of company stock valued at $492,272. 3.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Magnite

Several hedge funds and other institutional investors have recently made changes to their positions in MGNI. Neo Ivy Capital Management acquired a new position in shares of Magnite during the third quarter worth approximately $27,000. US Bancorp DE boosted its position in shares of Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after buying an additional 688 shares during the period. State of Wyoming acquired a new position in shares of Magnite during the third quarter worth approximately $39,000. Central Pacific Bank Trust Division acquired a new position in shares of Magnite during the fourth quarter worth approximately $41,000. Finally, Strategic Advocates LLC acquired a new position in shares of Magnite during the third quarter worth approximately $42,000. 73.40% of the stock is currently 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).