Magnite (NASDAQ:MGNI) Trading Up 5.6% – Time to Buy?

Magnite, Inc. (NASDAQ:MGNI)’s stock price rose 5.6% during mid-day trading on Friday . The company traded as high as $15.85 and last traded at $15.9270. Approximately 736,039 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 2,273,035 shares. The stock had previously closed at $15.08.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on MGNI shares. Rosenblatt Securities restated a “buy” rating and issued a $39.00 price target on shares of Magnite in a research report on Thursday, November 6th. Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a research report on Wednesday, October 8th. Wall Street Zen lowered Magnite from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Wells Fargo & Company decreased 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, Benchmark reaffirmed a “buy” rating on shares of Magnite in a research note on Monday, January 12th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Magnite presently has an average rating of “Moderate Buy” and a consensus price target of $27.00.

Magnite Stock Up 3.1%

The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market cap of $2.23 billion, a P/E ratio of 40.93, a price-to-earnings-growth ratio of 0.78 and a beta of 2.35. The business’s fifty day moving average is $15.41 and its two-hundred day moving average is $19.50.

Magnite (NASDAQ:MGNI) last issued 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 return on equity of 8.74% and a net margin of 8.25%.The business had revenue of $179.49 million during the quarter, compared to analyst estimates of $163.29 million. During the same period in the previous year, the company posted $0.17 EPS. Magnite’s revenue was up 11.6% on a year-over-year basis. Equities analysts predict that Magnite, Inc. will post 0.33 EPS for the current year.

Insider Buying and Selling

In other Magnite news, insider Adam Lee Soroca sold 16,656 shares of the stock in a transaction dated Wednesday, December 17th. The shares were sold at an average price of $17.00, for a total transaction of $283,152.00. Following the transaction, the insider directly owned 326,114 shares in the company, valued at $5,543,938. This represents a 4.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sean Patrick Buckley sold 4,426 shares of the firm’s stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $13.36, for a total transaction of $59,131.36. Following the transaction, the insider directly owned 271,125 shares in the company, valued at $3,622,230. This trade represents a 1.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 44,439 shares of company stock valued at $663,671 over the last three months. 3.80% of the stock is owned by company insiders.

Institutional Trading of Magnite

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Neo Ivy Capital Management purchased a new position in Magnite in the third quarter valued at about $27,000. US Bancorp DE boosted its stake in 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 in the last quarter. GAMMA Investing LLC grew its holdings in Magnite by 355.6% in the second quarter. GAMMA Investing LLC now owns 1,517 shares of the company’s stock worth $37,000 after purchasing an additional 1,184 shares during the last quarter. State of Wyoming purchased a new position in Magnite in the third quarter worth $39,000. Finally, USA Financial Formulas acquired a new position in shares of Magnite during the third quarter worth $40,000. 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).