Magnite (NASDAQ:MGNI) Shares Gap Up – Here’s What Happened

Shares of Magnite, Inc. (NASDAQ:MGNI) gapped up prior to trading on Tuesday . The stock had previously closed at $15.32, but opened at $16.99. Magnite shares last traded at $16.23, with a volume of 545,259 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Susquehanna raised their price objective on shares of Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a report on Thursday, February 27th. Benchmark cut their price target on shares of Magnite from $25.00 to $24.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Lake Street Capital decreased their price objective on Magnite from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. Needham & Company LLC increased their target price on Magnite from $14.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, May 12th. Finally, Rosenblatt Securities restated a “buy” rating and set a $18.00 target price on shares of Magnite in a research report on Thursday, May 8th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Magnite has a consensus rating of “Moderate Buy” and an average price target of $18.92.

Magnite Price Performance

The stock has a fifty day moving average of $12.19 and a two-hundred day moving average of $15.01. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of 266.92, a PEG ratio of 1.00 and a beta of 2.73.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.06 by $0.06. Magnite had a return on equity of 4.64% and a net margin of 2.62%. The company had revenue of $145.85 million for the quarter, compared to analysts’ expectations of $142.18 million. During the same quarter in the prior year, the business earned $0.05 earnings per share. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. As a group, equities research analysts forecast that Magnite, Inc. will post 0.33 earnings per share for the current year.

Insider Buying and Selling at Magnite

In other Magnite news, insider Adam Lee Soroca sold 15,499 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $15.75, for a total value of $244,109.25. Following the transaction, the insider now directly owns 458,386 shares in the company, valued at approximately $7,219,579.50. This trade represents a 3.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Brian Gephart sold 6,250 shares of Magnite stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $16.00, for a total value of $100,000.00. Following the completion of the sale, the chief accounting officer now directly owns 132,909 shares of the company’s stock, valued at $2,126,544. This trade represents a 4.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,668 shares of company stock worth $979,091. 3.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Magnite

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. acquired a new stake in shares of Magnite during the 4th quarter worth approximately $25,000. MCF Advisors LLC boosted its stake in Magnite by 2,100.0% in the first quarter. MCF Advisors LLC now owns 2,200 shares of the company’s stock valued at $25,000 after acquiring an additional 2,100 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in Magnite by 74.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company’s stock worth $33,000 after acquiring an additional 1,203 shares during the period. AllSquare Wealth Management LLC raised its position in shares of Magnite by 76.8% during the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company’s stock valued at $41,000 after acquiring an additional 1,555 shares during the last quarter. Finally, Larson Financial Group LLC lifted its stake in shares of Magnite by 179.2% in the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock valued at $58,000 after purchasing an additional 2,341 shares during the period. 73.40% of the stock is owned by 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.