Magnite (NASDAQ:MGNI) Stock Price Down 7.3% – Here’s What Happened

Magnite, Inc. (NASDAQ:MGNI)’s stock price traded down 7.3% on Friday . The company traded as low as $15.33 and last traded at $15.35. 331,415 shares were traded during mid-day trading, a decline of 86% from the average session volume of 2,366,805 shares. The stock had previously closed at $16.55.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on MGNI shares. Wells Fargo & Company increased their price target on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 target price on shares of Magnite in a research note on Thursday. Wolfe Research upped their price target on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Scotiabank began coverage on Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective for the company. Finally, Macquarie reissued an “outperform” rating and issued a $18.00 target price on shares of Magnite in a report on Friday, November 8th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.27.

Magnite Stock Performance

The business’s 50 day simple moving average is $17.30 and its two-hundred day simple moving average is $15.22. The firm has a market capitalization of $2.22 billion, a PE ratio of 262.83, a price-to-earnings-growth ratio of 1.00 and a beta of 2.52. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The firm had revenue of $180.20 million for the quarter, compared to analysts’ expectations of $183.90 million. Research analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Insider Transactions at Magnite

In other Magnite news, CEO Michael G. Barrett sold 147,996 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $17.52, for a total transaction of $2,592,889.92. Following the completion of the sale, the chief executive officer now directly owns 634,914 shares of the company’s stock, valued at approximately $11,123,693.28. This represents a 18.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO David Buonasera sold 1,969 shares of Magnite stock in a transaction on Friday, December 13th. The stock was sold at an average price of $16.31, for a total transaction of $32,114.39. Following the transaction, the chief technology officer now owns 223,795 shares in the company, valued at $3,650,096.45. This represents a 0.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 398,110 shares of company stock worth $7,418,043 in the last quarter. Company insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

Hedge funds and other institutional investors have recently bought and sold shares of the stock. SBI Securities Co. Ltd. bought a new position in shares of Magnite during the 4th quarter valued at approximately $25,000. Larson Financial Group LLC lifted its holdings in Magnite by 179.2% during the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock valued at $58,000 after purchasing an additional 2,341 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of Magnite in the fourth quarter worth approximately $87,000. Quarry LP increased its stake in shares of Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after purchasing an additional 4,508 shares in the last quarter. Finally, Jones Financial Companies Lllp raised its position in shares of Magnite by 20.6% during the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after purchasing an additional 1,000 shares during the period. Hedge funds and other 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.