Magnite (NASDAQ:MGNI) Shares Up 4.4% – Time to Buy?

Magnite, Inc. (NASDAQ:MGNI)’s share price traded up 4.4% on Tuesday . The stock traded as high as $24.90 and last traded at $25.2620. Approximately 314,817 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 2,590,596 shares. The stock had previously closed at $24.19.

Wall Street Analyst Weigh In

A number of research firms have issued reports on MGNI. Rosenblatt Securities upped their target price on shares of Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Benchmark increased their price objective on shares of Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. BTIG Research raised their target price on shares of Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Wells Fargo & Company upped their price target on shares of Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Friday, August 7th. Finally, Evercore reaffirmed an “outperform” rating and set a $25.00 price target on shares of Magnite in a research note on Thursday, August 6th. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $28.30.

Magnite Price Performance

The company has a market capitalization of $3.60 billion, a price-to-earnings ratio of 23.01, a price-to-earnings-growth ratio of 1.08 and a beta of 2.26. 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 50 day simple moving average of $19.84 and a 200 day simple moving average of $15.34.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.02. The business had revenue of $192.82 million for the quarter, compared to analyst estimates of $179.15 million. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The company’s revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.20 EPS. As a group, research analysts predict that Magnite, Inc. will post 0.61 EPS for the current year.

Insider Buying and Selling

In other news, insider Sean Patrick Buckley sold 67,179 shares of Magnite stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $24.49, for a total transaction of $1,645,213.71. Following the sale, the insider owned 315,805 shares in the company, valued at $7,734,064.45. This trade represents a 17.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas S. Knopper sold 37,337 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $18.10, for a total transaction of $675,799.70. Following the transaction, the director directly 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 SEC filing for this sale provides additional information. Over the last three months, insiders sold 935,251 shares of company stock valued at $19,046,675. 3.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Magnite

A number of institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Magnite in the 2nd quarter valued at about $241,296,000. Capital Research Global Investors increased its position in shares of Magnite by 85.0% during the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after acquiring an additional 5,937,428 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Magnite by 67.7% during the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock worth $140,053,000 after acquiring an additional 3,484,689 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in shares of Magnite in the second quarter worth about $56,847,000. Finally, Ophir Asset Management Pty Ltd purchased a new position in Magnite in the fourth quarter valued at about $38,695,000. Institutional investors and hedge funds 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).