Magnite (NASDAQ:MGNI) Stock Price Up 5.8%

Magnite, Inc. (NASDAQ:MGNI) shares shot up 5.8% during trading on Friday . The stock traded as high as $9.35 and last traded at $9.31. 184,601 shares were traded during trading, a decline of 83% from the average session volume of 1,114,905 shares. The stock had previously closed at $8.80.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on MGNI shares. Susquehanna upped their target price on Magnite from $11.00 to $14.00 and gave the company a “positive” rating in a research report on Thursday, February 29th. Benchmark reissued a “buy” rating and issued a $18.00 target price on shares of Magnite in a research report on Monday, March 25th. B. Riley initiated coverage on Magnite in a research report on Friday, April 19th. They set a “buy” rating and a $14.50 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 price target on shares of Magnite in a research report on Thursday, March 21st. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $15.00 price target on shares of Magnite in a research report on Thursday, March 7th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Magnite presently has an average rating of “Moderate Buy” and a consensus price target of $14.39.

Magnite Price Performance

The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.09 and a current ratio of 1.09. The stock’s 50 day simple moving average is $10.28 and its two-hundred day simple moving average is $9.06. The firm has a market capitalization of $1.25 billion, a PE ratio of -7.10, a price-to-earnings-growth ratio of 0.66 and a beta of 2.25.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, February 28th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.13. The business had revenue of $165.28 million during the quarter, compared to the consensus estimate of $160.24 million. Magnite had a negative net margin of 25.69% and a positive return on equity of 2.52%. On average, sell-side analysts forecast that Magnite, Inc. will post 0.41 EPS for the current year.

Insider Transactions at Magnite

In other news, CEO Michael G. Barrett sold 75,000 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $11.21, for a total transaction of $840,750.00. Following the completion of the sale, the chief executive officer now owns 1,234,662 shares in the company, valued at approximately $13,840,561.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Magnite by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 12,651,675 shares of the company’s stock worth $118,167,000 after acquiring an additional 209,771 shares in the last quarter. Rubric Capital Management LP lifted its position in 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 acquiring an additional 1,785,978 shares during the last quarter. Wellington Management Group LLP increased its stake in Magnite by 1.8% in the fourth quarter. Wellington Management Group LLP now owns 2,939,541 shares of the company’s stock valued at $27,455,000 after purchasing an additional 52,129 shares during the period. Kennedy Capital Management LLC increased its stake in Magnite by 2.8% in the third quarter. Kennedy Capital Management LLC now owns 2,692,371 shares of the company’s stock valued at $20,300,000 after purchasing an additional 74,367 shares during the period. Finally, Burgundy Asset Management Ltd. increased its stake in Magnite by 3.2% in the fourth quarter. Burgundy Asset Management Ltd. now owns 2,431,110 shares of the company’s stock valued at $22,707,000 after purchasing an additional 75,852 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

About Magnite

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.