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

Magnite, Inc. (NASDAQ:MGNI) gapped up before the market opened on Tuesday. The stock had previously closed at $23.40, but opened at $24.48. Magnite shares last traded at $24.4680, with a volume of 304,783 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on MGNI shares. Evercore reaffirmed an “outperform” rating and issued a $25.00 target price on shares of Magnite in a research note on Thursday, August 6th. Craig Hallum restated a “buy” rating and issued a $32.00 price objective on shares of Magnite in a report on Thursday, September 17th. Needham & Company LLC upped their price objective on shares of Magnite from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, September 3rd. Royal Bank Of Canada increased their target price on shares of Magnite from $20.00 to $27.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. Finally, B. Riley Financial lifted their target price on shares of Magnite from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, September 18th. Ten investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Magnite has an average rating of “Moderate Buy” and an average price target of $29.36.

Magnite Stock Up 6.5%

The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The stock has a 50 day simple moving average of $22.94 and a 200 day simple moving average of $17.73. The firm has a market capitalization of $3.58 billion, a PE ratio of 22.90, a PEG ratio of 1.05 and a beta of 2.30.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.02. The firm had revenue of $192.82 million during the quarter, compared to the consensus estimate of $179.15 million. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The business’s revenue was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.20 earnings per share. As a group, sell-side analysts forecast that Magnite, Inc. will post 0.61 earnings per share for the current year.

Insider Activity at Magnite

In other Magnite news, Director Paul Caine sold 7,500 shares of the firm’s stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $26.50, for a total value of $198,750.00. Following the sale, the director owned 137,401 shares of the company’s stock, valued at $3,641,126.50. This trade represents a 5.18% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO David Buonasera sold 1,165 shares of the business’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $24.00, for a total transaction of $27,960.00. Following the completion of the transaction, the chief technology officer owned 245,155 shares in the company, valued at $5,883,720. The trade was a 0.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 702,592 shares of company stock worth $16,398,013 over the last ninety days. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Magnite

Several institutional investors and hedge funds have recently modified their holdings of MGNI. BlackRock Inc. bought a new position in Magnite during the second quarter valued at $241,296,000. Capital Research Global Investors raised its position in shares of Magnite by 85.0% during the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after buying an additional 5,937,428 shares in the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of Magnite during the 2nd quarter valued at about $56,847,000. 325 Capital LLC lifted its holdings in shares of Magnite by 208.5% in the 4th quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock valued at $32,547,000 after acquiring an additional 1,355,326 shares during the last quarter. Finally, Bank of America Corp DE bought a new position in shares of Magnite in the 2nd quarter valued at about $22,431,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

Magnite Company Profile

Magnite, Inc is an independent sell-side advertising technology company that operates a global platform for digital media owners and app developers. Its technology helps publishers and media companies manage, package, sell and optimize advertising inventory across connected television (CTV), online video, mobile, desktop, audio and digital out-of-home channels.

Magnite’s platform connects publishers with agencies, brands and demand-side platforms, supporting automated, data-driven programmatic advertising transactions.