Magnite (NASDAQ:MGNI) Shares Gap Up to $8.90

Magnite, Inc. (NASDAQ:MGNI)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $8.90, but opened at $10.80. Magnite shares last traded at $10.28, with a volume of 496,353 shares.

Analysts Set New Price Targets

A number of brokerages have commented on MGNI. Benchmark reissued a “buy” rating and issued a $18.00 price objective on shares of Magnite in a research note on Monday, March 25th. B. Riley began coverage on shares of Magnite in a report on Friday, April 19th. They set a “buy” rating and a $14.50 price objective for the company. Bank of America upped their target price on shares of Magnite from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Thursday, February 29th. Susquehanna boosted their price objective on Magnite from $11.00 to $14.00 and gave the stock a “positive” rating in a report on Thursday, February 29th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $15.00 price objective on shares of Magnite in a research note on Thursday, March 7th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $14.39.

Magnite Stock Up 9.0 %

The company has a market capitalization of $1.36 billion, a PE ratio of -8.24, a P/E/G ratio of 0.67 and a beta of 2.29. The stock’s fifty day moving average is $10.14 and its two-hundred day moving average is $9.19. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.76.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, February 28th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.13. Magnite had a negative net margin of 25.69% and a positive return on equity of 2.52%. The firm had revenue of $165.28 million for the quarter, compared to analysts’ expectations of $160.24 million. As a group, analysts predict that Magnite, Inc. will post 0.41 EPS for the current year.

Insider Buying and Selling at Magnite

In other Magnite news, CEO Michael G. Barrett sold 75,000 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $11.21, for a total transaction of $840,750.00. Following the completion of the transaction, the chief executive officer now owns 1,234,662 shares in the company, valued at $13,840,561.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.30% of the stock is owned by corporate insiders.

Institutional Trading of Magnite

A number of hedge funds and other institutional investors have recently bought and sold shares of MGNI. Commonwealth Equity Services LLC grew its holdings in Magnite by 120.1% in the 3rd quarter. Commonwealth Equity Services LLC now owns 34,544 shares of the company’s stock worth $260,000 after acquiring an additional 18,846 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Magnite by 21.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,835 shares of the company’s stock worth $187,000 after acquiring an additional 4,413 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Magnite by 17.0% in the third quarter. Principal Financial Group Inc. now owns 17,424 shares of the company’s stock worth $131,000 after acquiring an additional 2,526 shares during the last quarter. NBC Securities Inc. bought a new position in shares of Magnite during the third quarter valued at $198,000. Finally, Guinness Atkinson Asset Management Inc raised its position in shares of Magnite by 59.1% in the 3rd quarter. Guinness Atkinson Asset Management Inc now owns 4,824 shares of the company’s stock worth $36,000 after purchasing an additional 1,792 shares during the last quarter. 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.