Magnite (NASDAQ:MGNI) Shares Gap Down to $14.03

Magnite, Inc. (NASDAQ:MGNI)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $14.03, but opened at $13.45. Magnite shares last traded at $13.34, with a volume of 1,136,382 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and set a $15.00 target price on shares of Magnite in a report on Tuesday, July 9th. Royal Bank of Canada increased their price target on Magnite from $17.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, June 5th. Bank of America lifted their price objective on Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Benchmark reissued a “buy” rating and set a $21.00 price target on shares of Magnite in a research report on Wednesday. Finally, Lake Street Capital began coverage on shares of Magnite in a report on Thursday, July 25th. They issued a “buy” rating and a $21.00 price target on the stock. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat, Magnite currently has an average rating of “Buy” and a consensus price target of $17.25.

Magnite Stock Up 1.4 %

The firm has a market cap of $1.86 billion, a price-to-earnings ratio of -20.78, a price-to-earnings-growth ratio of 1.18 and a beta of 2.41. The stock has a 50-day moving average of $13.69 and a 200-day moving average of $12.10. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.77.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). The company had revenue of $162.88 million during the quarter, compared to the consensus estimate of $144.04 million. Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.04) earnings per share. As a group, sell-side analysts forecast that Magnite, Inc. will post 0.31 EPS for the current fiscal year.

Insider Buying and Selling at Magnite

In other Magnite news, CFO David Day sold 19,077 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $15.00, for a total value of $286,155.00. Following the sale, the chief financial officer now owns 430,755 shares in the company, valued at $6,461,325. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO David Day sold 19,077 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $15.00, for a total transaction of $286,155.00. Following the transaction, the chief financial officer now owns 430,755 shares in the company, valued at $6,461,325. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Sean Patrick Buckley sold 2,623 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.53, for a total value of $32,866.19. Following the sale, the executive now directly owns 331,742 shares in the company, valued at approximately $4,156,727.26. The disclosure for this sale can be found here. Insiders sold 250,383 shares of company stock valued at $3,519,150 in the last ninety days. Company insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

Several large investors have recently added to or reduced their stakes in MGNI. Charles Schwab Investment Management Inc. grew its stake in Magnite by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 975,662 shares of the company’s stock valued at $9,113,000 after purchasing an additional 16,062 shares in the last quarter. Norges Bank acquired a new position in Magnite during the 4th quarter worth $8,164,000. Dynamic Technology Lab Private Ltd bought a new stake in Magnite during the fourth quarter valued at about $99,000. Aigen Investment Management LP acquired a new stake in shares of Magnite in the fourth quarter valued at about $164,000. Finally, HCR Wealth Advisors acquired a new position in shares of Magnite during the 4th quarter worth about $121,000. 73.40% of the stock is owned by institutional investors and hedge funds.

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.