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

Magnite, Inc. (NASDAQ:MGNI)’s share 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 trading hands.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on MGNI shares. Needham & Company LLC reiterated a “buy” rating and set a $15.00 price target on shares of Magnite in a research report on Tuesday, July 9th. Lake Street Capital initiated coverage on shares of Magnite in a research report on Thursday, July 25th. They set a “buy” rating and a $21.00 price objective for the company. Evercore ISI upped their price target on shares of Magnite from $13.00 to $15.00 and gave the stock an “outperform” rating in a research report on Monday, June 3rd. Craig Hallum restated a “buy” rating and issued a $20.00 price objective on shares of Magnite in a report on Wednesday, August 21st. Finally, Benchmark reiterated a “buy” rating and issued a $21.00 target price on shares of Magnite in a report on Tuesday, August 20th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $17.25.

Magnite Stock Down 4.0 %

The firm has a fifty day simple moving average of $13.71 and a 200 day simple moving average of $12.08. The company has a market cap of $1.90 billion, a PE ratio of -20.63, a PEG ratio of 1.18 and a beta of 2.41. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.10 and a current ratio of 1.10.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.01). The firm had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $144.04 million. Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. Magnite’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.04) earnings per share. Equities research analysts predict that Magnite, Inc. will post 0.31 EPS for the current year.

Insider Activity at Magnite

In related news, CRO Sean Patrick Buckley sold 2,623 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.53, for a total value of $32,866.19. Following the completion of the transaction, the executive now directly owns 331,742 shares of the company’s stock, valued at approximately $4,156,727.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Michael G. Barrett sold 100,000 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $15.00, for a total transaction of $1,500,000.00. Following the transaction, the chief executive officer now directly owns 1,052,493 shares of the company’s stock, valued at $15,787,395. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Sean Patrick Buckley sold 2,623 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $12.53, for a total value of $32,866.19. Following the completion of the transaction, the executive now owns 331,742 shares in the company, valued at approximately $4,156,727.26. The disclosure for this sale can be found here. Insiders sold a total of 250,383 shares of company stock valued at $3,519,150 in the last quarter. Insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

Several hedge funds and other institutional investors have recently modified their holdings of the company. Cape Investment Advisory Inc. acquired a new stake in shares of Magnite in the 4th quarter valued at $25,000. UMB Bank n.a. grew its holdings in Magnite by 111.8% during the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after purchasing an additional 1,188 shares during the last quarter. Asset Dedication LLC bought a new position in shares of Magnite in the second quarter valued at approximately $52,000. Blue Trust Inc. bought a new stake in shares of Magnite during the 2nd quarter worth $56,000. Finally, Benjamin F. Edwards & Company Inc. grew its stake in Magnite by 973.5% in the 2nd 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 during 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.