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

Magnite, Inc. (NASDAQ:MGNI)’s stock 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 changing hands.

Analyst Ratings Changes

Several brokerages have weighed in on MGNI. Benchmark reaffirmed a “buy” rating and set a $21.00 price objective on shares of Magnite in a research note on Tuesday, August 20th. Evercore ISI increased their price target on Magnite from $13.00 to $15.00 and gave the stock an “outperform” rating in a report on Monday, June 3rd. Wolfe Research started coverage on shares of Magnite in a research report on Tuesday, July 16th. They issued an “outperform” rating and a $16.00 target price for the company. Needham & Company LLC restated a “buy” rating and issued a $15.00 price objective on shares of Magnite in a research note on Tuesday, July 9th. Finally, Craig Hallum reiterated a “buy” rating and issued a $20.00 price target on shares of Magnite in a research note on Wednesday, August 21st. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $17.25.

Magnite Trading Down 4.0 %

The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.77. The company has a market cap of $1.90 billion, a P/E ratio of -20.63, a price-to-earnings-growth ratio of 1.18 and a beta of 2.41. The firm has a 50-day moving average of $13.71 and a 200 day moving average of $12.08.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data 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 business had revenue of $162.88 million for the quarter, compared to analyst estimates of $144.04 million. Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.04) earnings per share. On average, analysts predict that Magnite, Inc. will post 0.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO David Day sold 19,077 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $15.00, for a total value of $286,155.00. Following the completion of the transaction, the chief financial officer now directly owns 430,755 shares of the company’s stock, valued at $6,461,325. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Magnite news, CFO David Day sold 19,077 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $15.00, for a total value of $286,155.00. Following the sale, the chief financial officer now directly owns 430,755 shares in the company, valued at $6,461,325. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Brian Gephart sold 16,166 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $15.00, for a total value of $242,490.00. Following the transaction, the chief accounting officer now owns 121,169 shares of the company’s stock, valued at approximately $1,817,535. The disclosure for this sale can be found here. Insiders have sold a total of 250,383 shares of company stock valued at $3,519,150 in the last 90 days. 4.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Norges Bank bought a new stake in Magnite during the fourth quarter valued at $8,164,000. Granite Investment Partners LLC bought a new stake in shares of Magnite during the 2nd quarter valued at about $11,227,000. Driehaus Capital Management LLC purchased a new position in shares of Magnite during the second quarter worth about $9,938,000. Grizzlyrock Capital LLC bought a new position in shares of Magnite in the fourth quarter worth approximately $6,656,000. Finally, Marshall Wace LLP raised its stake in Magnite by 59.0% in the second quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock valued at $20,726,000 after purchasing an additional 578,678 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

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.