Magnite, Inc. (NASDAQ:MGNI – Get Free Report) shares were up 7.3% during mid-day trading on Friday . The company traded as high as $18.39 and last traded at $18.5810. Approximately 447,070 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 2,515,798 shares. The stock had previously closed at $17.32.
Analyst Upgrades and Downgrades
Several equities analysts have recently commented on MGNI shares. Scotiabank increased their price objective on Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research report on Thursday, May 7th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Magnite in a research note on Thursday, May 28th. Evercore reiterated an “outperform” rating and set a $21.00 price target on shares of Magnite in a research report on Thursday, May 7th. Weiss Ratings raised shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Finally, BTIG Research initiated coverage on Magnite in a research report on Tuesday, June 9th. They set a “buy” rating and a $20.00 price target on the stock. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.89.
View Our Latest Stock Analysis on MGNI
Magnite Stock Up 7.2%
Magnite (NASDAQ:MGNI – Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The firm had revenue of $164.37 million for the quarter, compared to analysts’ expectations of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.12 EPS. On average, research analysts predict that Magnite, Inc. will post 0.55 EPS for the current year.
Insider Activity
In other news, CEO Michael G. Barrett sold 100,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $17.50, for a total transaction of $1,750,000.00. Following the completion of the transaction, the chief executive officer directly owned 403,074 shares of the company’s stock, valued at $7,053,795. The trade was a 19.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David T. Pearson sold 10,766 shares of the stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $15.65, for a total value of $168,487.90. Following the transaction, the director directly owned 79,001 shares in the company, valued at $1,236,365.65. The trade was a 11.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 381,806 shares of company stock worth $6,493,340. 3.80% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Magnite
Several hedge funds and other institutional investors have recently modified their holdings of MGNI. Capital Research Global Investors increased its stake in shares of Magnite by 85.0% in the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after purchasing an additional 5,937,428 shares in the last quarter. Wellington Management Group LLP boosted its stake in Magnite by 67.7% during the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after buying an additional 3,484,689 shares during the last quarter. Ophir Asset Management Pty Ltd purchased a new position in Magnite during the 4th quarter valued at approximately $38,695,000. 325 Capital LLC grew its holdings in Magnite by 208.5% during the 4th quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock valued at $32,547,000 after buying an additional 1,355,326 shares in the last quarter. Finally, Blue Grotto Capital LLC raised its stake in Magnite by 443.8% during the third quarter. Blue Grotto Capital LLC now owns 1,548,796 shares of the company’s stock valued at $33,733,000 after purchasing an additional 1,263,992 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.
About Magnite
Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.
At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).
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