Magnite (NASDAQ:MGNI) Shares Gap Up – Time to Buy?

Magnite, Inc. (NASDAQ:MGNI) shares 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 changing hands.

Analysts Set New Price Targets

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

Magnite Stock Up 8.4 %

The firm has a 50-day simple moving average of $16.41 and a 200 day simple moving average of $14.40. The company has a market capitalization of $2.40 billion, a PE ratio of 284.33, a price-to-earnings-growth ratio of 0.79 and a beta of 2.51. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.07 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.09). Magnite had a return on equity of 4.64% and a net margin of 2.62%. The company had revenue of $162.00 million for the quarter, compared to analyst estimates of $147.94 million. During the same period last year, the firm posted $0.02 earnings per share. On average, research analysts predict that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Activity at Magnite

In other Magnite news, CRO Sean Patrick Buckley sold 10,001 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was 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 of the company’s stock, valued at $4,738,390.80. This represents a 3.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Aaron Saltz sold 5,112 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $13.50, for a total value of $69,012.00. Following the transaction, the insider now 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 disclosure for this sale can be found here. In the last three months, insiders sold 366,097 shares of company stock valued at $6,165,147. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

Several institutional investors and hedge funds have recently made changes to their positions in MGNI. Verdence Capital Advisors LLC boosted its holdings in Magnite by 4.8% in the third quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock worth $268,000 after purchasing an additional 892 shares during the period. Mount Yale Investment Advisors LLC grew its position in Magnite by 4.6% in the 3rd quarter. Mount Yale Investment Advisors LLC now owns 24,229 shares of the company’s stock valued at $336,000 after buying an additional 1,068 shares in the last quarter. Fulton Bank N.A. increased its stake in shares of Magnite by 6.4% during the third quarter. Fulton Bank N.A. now owns 28,311 shares of the company’s stock valued at $392,000 after acquiring an additional 1,696 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Magnite by 8.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,449 shares of the company’s stock worth $408,000 after buying an additional 2,298 shares in the last quarter. Finally, KBC Group NV grew its holdings in Magnite by 66.5% during the fourth quarter. KBC Group NV now owns 5,943 shares of the company’s stock worth $95,000 after acquiring an additional 2,374 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

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.