Magnite (NASDAQ:MGNI) Shares Gap Up – Time to Buy?

Shares of Magnite, Inc. (NASDAQ:MGNI) gapped up before the market opened on Wednesday . The stock had previously closed at $15.72, but opened at $16.31. Magnite shares last traded at $16.71, with a volume of 256,428 shares traded.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Wells Fargo & Company upped their price target on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Magnite in a research report on Friday, January 17th. Macquarie reiterated an “outperform” rating and issued a $18.00 price target on shares of Magnite in a research note on Friday, November 8th. Scotiabank initiated coverage on Magnite in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective on the stock. Finally, Royal Bank of Canada lifted their target price on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $18.35.

Magnite Trading Up 5.7 %

The firm’s fifty day moving average price is $16.42 and its 200-day moving average price is $14.43. The company has a market cap of $2.44 billion, a price-to-earnings ratio of 289.33, a P/E/G ratio of 0.84 and a beta of 2.51. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Magnite (NASDAQ:MGNI) last posted its earnings results on Thursday, November 7th. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.09). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The firm had revenue of $162.00 million for the quarter, compared to analyst estimates of $147.94 million. During the same period in the previous year, the firm earned $0.02 earnings per share. On average, equities analysts expect that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CFO David Day sold 13,345 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $17.00, for a total value of $226,865.00. Following the completion of the transaction, the chief financial officer now directly owns 374,014 shares in the company, valued at $6,358,238. This trade represents a 3.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Brian Gephart sold 2,156 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $15.00, for a total value of $32,340.00. Following the sale, the chief accounting officer now directly owns 116,982 shares in the company, valued at approximately $1,754,730. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 366,097 shares of company stock valued at $6,165,147 in the last three months. 4.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Magnite

Several hedge funds have recently modified their holdings of MGNI. Benjamin F. Edwards & Company Inc. boosted its stake in Magnite by 973.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after buying an additional 3,972 shares in the last quarter. Quarry LP boosted its position in shares of Magnite by 446.8% during the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after purchasing an additional 4,508 shares in the last quarter. KBC Group NV grew its stake in shares of Magnite by 66.5% in the 4th quarter. KBC Group NV now owns 5,943 shares of the company’s stock worth $95,000 after purchasing an additional 2,374 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Magnite by 87.0% in the 3rd quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock worth $105,000 after purchasing an additional 3,689 shares in the last quarter. Finally, Lebenthal Global Advisors LLC acquired a new stake in Magnite during the third quarter valued at approximately $141,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

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.