Magnite (NASDAQ:MGNI) Shares Gap Up – What’s Next?

Magnite, Inc. (NASDAQ:MGNIGet Free Report)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $15.72, but opened at $16.31. Magnite shares last traded at $16.71, with a volume of 256,428 shares.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Magnite in a research report on Friday, January 17th. Macquarie reaffirmed an “outperform” rating and set a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. Royal Bank of Canada increased their price objective on shares of Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Wells Fargo & Company boosted their target price on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Finally, Benchmark restated a “buy” rating and set a $21.00 price target on shares of Magnite in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Magnite has a consensus rating of “Moderate Buy” and an average target price of $18.35.

Get Our Latest Report on Magnite

Magnite Stock Performance

The stock’s 50-day simple moving average is $16.41 and its 200 day simple moving average is $14.40. The company has a market capitalization of $2.40 billion, a PE ratio of 284.33, a P/E/G ratio of 0.79 and a beta of 2.51. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11.

Magnite (NASDAQ:MGNIGet Free Report) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.07 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.09). The business had revenue of $162.00 million during the quarter, compared to analyst estimates of $147.94 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. During the same quarter in the prior year, the business earned $0.02 earnings per share. As a group, research analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Magnite news, insider Aaron Saltz sold 5,112 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $13.50, for a total value of $69,012.00. Following the completion of the transaction, the insider now directly owns 307,745 shares of the company’s stock, valued at approximately $4,154,557.50. This trade represents a 1.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Michael G. Barrett sold 147,996 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $17.52, for a total value of $2,592,889.92. Following the sale, the chief executive officer now directly owns 634,914 shares in the company, valued at $11,123,693.28. This trade represents a 18.90 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 366,097 shares of company stock valued at $6,165,147. 4.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Magnite

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP increased its position in shares of Magnite by 125.3% in the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock valued at $91,128,000 after buying an additional 3,659,759 shares in the last quarter. Geode Capital Management LLC increased its holdings in Magnite by 2.2% during the 3rd quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock valued at $41,118,000 after acquiring an additional 63,545 shares in the last quarter. Nomura Asset Management Co. Ltd. acquired a new position in Magnite during the third quarter worth about $23,917,000. Marshall Wace LLP lifted its holdings in shares of Magnite by 59.0% in the second quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock valued at $20,726,000 after purchasing an additional 578,678 shares in the last quarter. Finally, Royce & Associates LP grew its position in shares of Magnite by 5.2% in the third quarter. Royce & Associates LP now owns 1,488,301 shares of the company’s stock valued at $20,613,000 after purchasing an additional 73,555 shares during the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

About Magnite

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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.

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