Magnite (NASDAQ:MGNI) Stock Price Up 22.5% – Should You Buy?

Magnite, Inc. (NASDAQ:MGNI) shares shot up 22.5% during mid-day trading on Wednesday . The stock traded as high as $11.40 and last traded at $11.02. 2,203,837 shares changed hands during trading, an increase of 8% from the average session volume of 2,039,881 shares. The stock had previously closed at $9.00.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 target price on shares of Magnite in a research report on Wednesday, April 2nd. Susquehanna lifted their price objective on shares of Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a report on Thursday, February 27th. Wolfe Research increased their target price on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Royal Bank of Canada raised their price target on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Finally, Wells Fargo & Company upped their price objective on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $19.27.

Magnite Stock Performance

The stock has a market cap of $1.55 billion, a PE ratio of 180.67, a PEG ratio of 1.00 and a beta of 2.69. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a 50 day moving average of $15.00 and a two-hundred day moving average of $15.00.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.14). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The company had revenue of $180.20 million during the quarter, compared to analyst estimates of $183.90 million. Research analysts predict that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Brian Gephart sold 6,250 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $16.00, for a total transaction of $100,000.00. Following the completion of the sale, the chief accounting officer now owns 132,909 shares in the company, valued at $2,126,544. This represents a 4.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Adam Lee Soroca sold 15,499 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $15.75, for a total transaction of $244,109.25. Following the transaction, the insider now directly owns 458,386 shares in the company, valued at $7,219,579.50. The trade was a 3.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 244,905 shares of company stock worth $4,718,855 in the last quarter. 4.30% of the stock is owned by insiders.

Institutional Trading of Magnite

A number of hedge funds have recently added to or reduced their stakes in MGNI. Capital Research Global Investors purchased a new stake in shares of Magnite during the fourth quarter worth approximately $122,986,000. Wellington Management Group LLP increased its stake in Magnite by 125.3% in the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock valued at $91,128,000 after buying an additional 3,659,759 shares during the period. Nomura Asset Management Co. Ltd. purchased a new position in Magnite during the 3rd quarter worth $23,917,000. Boston Partners lifted its stake in shares of Magnite by 39.1% in the 4th quarter. Boston Partners now owns 4,756,323 shares of the company’s stock worth $76,061,000 after acquiring an additional 1,336,458 shares during the period. Finally, Maestria Partners LLC purchased a new stake in shares of Magnite in the fourth quarter valued at about $15,161,000. 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.