Magnite (NASDAQ:MGNI) Trading Up 4.7%

Magnite, Inc. (NASDAQ:MGNI) rose 4.7% on Tuesday . The company traded as high as $10.96 and last traded at $10.84. Approximately 320,535 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 1,127,432 shares. The stock had previously closed at $10.35.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Benchmark reissued a “buy” rating and issued a $18.00 price target on shares of Magnite in a report on Monday. Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 price target on shares of Magnite in a research note on Thursday, March 21st. Royal Bank of Canada reiterated an “outperform” rating and issued a $15.00 price objective on shares of Magnite in a research report on Thursday, March 7th. B. Riley upped their target price on shares of Magnite from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. Finally, Susquehanna raised their price objective on shares of Magnite from $11.00 to $14.00 and gave the company a “positive” rating in a research note on Thursday, February 29th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $14.78.

Magnite Stock Up 3.6 %

The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.76. The firm has a fifty day moving average of $10.19 and a 200-day moving average of $8.80. The firm has a market cap of $1.46 billion, a P/E ratio of -8.37 and a beta of 2.27.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, February 28th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.13. Magnite had a negative net margin of 25.69% and a positive return on equity of 2.52%. The business had revenue of $165.28 million during the quarter, compared to analysts’ expectations of $160.24 million.

Insider Buying and Selling

In related news, CEO Michael G. Barrett sold 75,000 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $11.21, for a total value of $840,750.00. Following the sale, the chief executive officer now owns 1,234,662 shares in the company, valued at approximately $13,840,561.02. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Rubric Capital Management LP grew its position in shares of Magnite by 80.7% in the third quarter. Rubric Capital Management LP now owns 4,000,000 shares of the company’s stock valued at $30,160,000 after purchasing an additional 1,785,978 shares during the last quarter. Kennedy Capital Management LLC lifted its holdings in shares of Magnite by 2.8% during the third quarter. Kennedy Capital Management LLC now owns 2,692,371 shares of the company’s stock worth $20,300,000 after buying an additional 74,367 shares in the last quarter. Versor Investments LP bought a new stake in shares of Magnite in the third quarter valued at about $449,000. Burgundy Asset Management Ltd. acquired a new position in shares of Magnite in the third quarter valued at about $17,759,000. Finally, Qube Research & Technologies Ltd bought a new position in Magnite during the third quarter worth about $2,284,000. 73.40% of the stock is owned by institutional investors.

Magnite Company Profile

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company's platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.