Stock Traders Buy High Volume of Magnite Call Options (NASDAQ:MGNI)

Magnite, Inc. (NASDAQ:MGNI) was the target of unusually large options trading on Thursday. Investors acquired 7,939 call options on the company. This represents an increase of 99% compared to the typical daily volume of 3,987 call options.

Wall Street Analyst Weigh In

A number of brokerages have commented on MGNI. Royal Bank of Canada increased their price target on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Scotiabank assumed coverage on shares of Magnite in a report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 target price on the stock. Macquarie reissued an “outperform” rating and issued a $18.00 price target on shares of Magnite in a research note on Friday, November 8th. Wolfe Research raised their price objective on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $20.00 target price on shares of Magnite in a research note on Friday, January 17th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $18.35.

Insiders Place Their Bets

In other news, insider Adam Lee Soroca sold 7,849 shares of Magnite stock in a transaction on Monday, November 18th. The shares were sold at an average price of $15.60, for a total transaction of $122,444.40. Following the completion of the sale, the insider now directly owns 421,347 shares of the company’s stock, valued at approximately $6,573,013.20. The trade was a 1.83 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Aaron Saltz sold 6,110 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $17.50, for a total value of $106,925.00. Following the completion of the transaction, the insider now directly owns 297,482 shares in the company, valued at approximately $5,205,935. This represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 471,458 shares of company stock worth $8,623,160 in the last ninety days. 4.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Magnite

A number of large investors have recently modified their holdings of the stock. Wedge Capital Management L L P NC boosted its position in Magnite by 29.6% during the 3rd quarter. Wedge Capital Management L L P NC now owns 123,138 shares of the company’s stock valued at $1,705,000 after acquiring an additional 28,108 shares in the last quarter. Blue Trust Inc. boosted its position in shares of Magnite by 87.0% during the third quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock valued at $105,000 after purchasing an additional 3,689 shares in the last quarter. Vicus Capital purchased a new stake in Magnite in the third quarter worth $164,000. Riverwater Partners LLC bought a new position in Magnite in the third quarter worth $1,164,000. Finally, DORCHESTER WEALTH MANAGEMENT Co lifted its position in Magnite by 29.5% during the third quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 18,000 shares of the company’s stock valued at $249,000 after buying an additional 4,100 shares during the period. Institutional investors own 73.40% of the company’s stock.

Magnite Price Performance

Shares of Magnite stock opened at $19.49 on Friday. The company has a market cap of $2.74 billion, a PE ratio of 324.83, a P/E/G ratio of 1.05 and a beta of 2.52. The business has a 50 day moving average of $16.93 and a 200 day moving average of $14.81. Magnite has a 52 week low of $8.38 and a 52 week high of $21.29. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

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.