Magnite (NASDAQ:MGNI) Trading Up 7.1% – Should You Buy?

Shares of Magnite, Inc. (NASDAQ:MGNI) were up 7.1% during trading on Wednesday . The company traded as high as $24.61 and last traded at $24.5130. 2,069,000 shares traded hands during mid-day trading, a decline of 19% from the average session volume of 2,555,330 shares. The stock had previously closed at $22.89.

Wall Street Analyst Weigh In

MGNI has been the topic of a number of analyst reports. Scotiabank reaffirmed an “outperform” rating and set a $27.00 target price on shares of Magnite in a report on Thursday, August 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a report on Friday, August 7th. Wells Fargo & Company boosted their price target on shares of Magnite from $21.00 to $22.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. Benchmark upped their price target on shares of Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Finally, B. Riley Financial upped their price target on shares of Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $28.80.

Magnite Stock Down 1.0%

The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02. The stock’s 50 day moving average price is $21.53 and its 200-day moving average price is $16.37. The company has a market cap of $3.53 billion, a PE ratio of 22.60, a PEG ratio of 1.09 and a beta of 2.30.

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

Insider Transactions at Magnite

In other news, Director Douglas Knopper sold 37,337 shares of Magnite stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $18.10, for a total value of $675,799.70. Following the transaction, the director owned 125,810 shares in the company, valued at approximately $2,277,161. The trade was a 22.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Sean Buckley sold 67,179 shares of the business’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $24.49, for a total value of $1,645,213.71. Following the completion of the sale, the insider directly owned 315,805 shares of the company’s stock, valued at approximately $7,734,064.45. This trade represents a 17.54% 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 have sold 989,242 shares of company stock valued at $20,331,988. 3.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Nykredit A S bought a new stake in Magnite during the 2nd quarter valued at $25,000. EFG International AG bought a new stake in Magnite in the 2nd quarter worth $28,000. Allworth Financial LP bought a new stake in Magnite in the 2nd quarter worth $30,000. US Bancorp DE increased its position in shares of Magnite by 75.8% in the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after acquiring an additional 688 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in shares of Magnite by 106.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock valued at $45,000 after acquiring an additional 1,949 shares during the period. Institutional investors own 73.40% of the company’s stock.

Magnite Company Profile

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).