Magnite (NASDAQ:MGNI) Shares Gap Down to $13.85

Magnite, Inc. (NASDAQ:MGNI)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $13.85, but opened at $13.50. Magnite shares last traded at $12.59, with a volume of 196,264 shares trading hands.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Craig Hallum reaffirmed a “buy” rating and set a $20.00 price objective on shares of Magnite in a research note on Wednesday, August 21st. Lake Street Capital initiated coverage on shares of Magnite in a research note on Thursday, July 25th. They issued a “buy” rating and a $21.00 price target for the company. Needham & Company LLC reissued a “buy” rating and issued a $15.00 price target on shares of Magnite in a research note on Tuesday, July 9th. Evercore ISI boosted their price target on shares of Magnite from $13.00 to $15.00 and gave the stock an “outperform” rating in a research note on Monday, June 3rd. Finally, Benchmark reissued a “buy” rating and issued a $21.00 price target on shares of Magnite in a research note on Wednesday, September 18th. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $17.25.

Magnite Trading Down 12.7 %

The company has a market capitalization of $1.71 billion, a PE ratio of -19.67, a P/E/G ratio of 1.15 and a beta of 2.41. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.10 and a quick ratio of 1.10. The firm’s 50 day moving average is $13.44 and its 200 day moving average is $12.20.

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

Insider Activity at Magnite

In other news, CRO Sean Patrick Buckley sold 19,607 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $14.50, for a total value of $284,301.50. Following the completion of the sale, the executive now directly owns 363,615 shares of the company’s stock, valued at approximately $5,272,417.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CRO Sean Patrick Buckley sold 19,607 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $14.50, for a total value of $284,301.50. Following the sale, the executive now directly owns 363,615 shares of the company’s stock, valued at $5,272,417.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Brian Gephart sold 16,166 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $15.00, for a total value of $242,490.00. Following the transaction, the chief accounting officer now directly owns 121,169 shares of the company’s stock, valued at approximately $1,817,535. The disclosure for this sale can be found here. Insiders have sold a total of 250,383 shares of company stock worth $3,519,150 over the last quarter. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Magnite

Institutional investors and hedge funds have recently made changes to their positions in the business. UMB Bank n.a. raised its holdings in Magnite by 111.8% in the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after acquiring an additional 1,188 shares during the last quarter. Asset Dedication LLC purchased a new position in Magnite in the 2nd quarter worth approximately $52,000. Blue Trust Inc. purchased a new position in Magnite in the 2nd quarter worth approximately $56,000. Benjamin F. Edwards & Company Inc. raised its stake in Magnite by 973.5% during 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. Finally, DekaBank Deutsche Girozentrale purchased a new stake in Magnite during the 2nd quarter valued at $93,000. Institutional investors own 73.40% of the company’s stock.

Magnite Company Profile

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.