Magnite Sees Unusually Large Options Volume (NASDAQ:MGNI)

Magnite, Inc. (NASDAQ:MGNI) saw unusually large options trading on Thursday. Traders acquired 7,939 call options on the stock. This represents an increase of approximately 99% compared to the average volume of 3,987 call options.

Magnite Price Performance

Shares of NASDAQ:MGNI opened at $19.49 on Friday. The firm’s 50 day simple moving average is $16.93 and its two-hundred day simple moving average is $14.81. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market capitalization of $2.74 billion, a P/E ratio of 324.83, a P/E/G ratio of 1.05 and a beta of 2.52. Magnite has a 1-year low of $8.38 and a 1-year high of $21.29.

Insider Buying and Selling

In other Magnite news, CTO David Buonasera sold 1,969 shares of the 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 sale, the chief technology officer now directly owns 223,795 shares in the company, valued at approximately $3,650,096.45. This trade represents a 0.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CRO Sean Patrick Buckley sold 10,001 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $15.60, for a total value of $156,015.60. Following the transaction, the executive now directly owns 303,743 shares in the company, valued at approximately $4,738,390.80. The trade was a 3.19 % decrease in their ownership of the stock. 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 90 days. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. EAM Global Investors LLC purchased a new stake in shares of Magnite during the fourth quarter worth about $3,640,000. EAM Investors LLC purchased a new position in Magnite during the fourth quarter valued at $3,157,000. Gamco Investors INC. ET AL increased its holdings in Magnite by 14.6% in the 4th quarter. Gamco Investors INC. ET AL now owns 84,632 shares of the company’s stock valued at $1,347,000 after acquiring an additional 10,799 shares during the last quarter. Barclays PLC boosted its holdings in shares of Magnite by 14.1% during the 4th quarter. Barclays PLC now owns 240,375 shares of the company’s stock valued at $3,826,000 after purchasing an additional 29,777 shares during the last quarter. Finally, Ameritas Investment Partners Inc. grew its position in shares of Magnite by 6.8% during the fourth quarter. Ameritas Investment Partners Inc. now owns 13,162 shares of the company’s stock valued at $210,000 after purchasing an additional 836 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on MGNI shares. Scotiabank assumed coverage on shares of Magnite in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 target price on the stock. Wells Fargo & Company lifted their target price on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Needham & Company LLC restated a “buy” rating and issued a $20.00 price target on shares of Magnite in a research note on Friday, January 17th. Wolfe Research upped their price objective on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Finally, Royal Bank of Canada raised their target price on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $18.35.

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.