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

Magnite, Inc. (NASDAQ:MGNI) fell 7.3% during trading on Friday . The company traded as low as $15.33 and last traded at $15.35. 331,415 shares changed hands 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.

Analyst Ratings Changes

Several research analysts have weighed in on MGNI shares. Benchmark upped their price target on Magnite from $21.00 to $25.00 and gave the stock a “buy” rating in a research note on Thursday. Susquehanna raised their target price on shares of Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research note on Thursday. Wolfe Research boosted their price target on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Needham & Company LLC reissued a “buy” rating and set a $20.00 price objective on shares of Magnite in a report on Thursday. Finally, Scotiabank started coverage on Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.27.

Magnite Stock Down 4.7 %

The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The company has a 50 day simple moving average of $17.30 and a two-hundred day simple moving average of $15.22. The company has a market capitalization of $2.22 billion, a P/E ratio of 262.83, a PEG ratio of 1.00 and a beta of 2.52.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.14). The company had revenue of $180.20 million for the quarter, compared to the consensus estimate of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. As a group, equities analysts predict that Magnite, Inc. will post 0.33 EPS for the current year.

Insider Activity

In related news, CEO Michael G. Barrett sold 147,996 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 634,914 shares in the company, valued at approximately $11,123,693.28. This represents a 18.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO David Buonasera sold 1,969 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $16.31, for a total transaction of $32,114.39. Following the completion of the sale, the chief technology officer now directly owns 223,795 shares in the company, valued at $3,650,096.45. This trade represents a 0.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 398,110 shares of company stock valued at $7,418,043. 4.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Magnite

Institutional investors and hedge funds have recently modified their holdings of the business. Capital Research Global Investors purchased a new stake in Magnite in the fourth quarter worth $122,986,000. Wellington Management Group LLP grew its holdings 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 worth $91,128,000 after purchasing an additional 3,659,759 shares during the last quarter. Nomura Asset Management Co. Ltd. purchased a new position in Magnite in the 3rd quarter worth about $23,917,000. Boston Partners lifted its holdings in Magnite by 39.1% during the 4th quarter. Boston Partners now owns 4,756,323 shares of the company’s stock valued at $76,061,000 after buying an additional 1,336,458 shares in the last quarter. Finally, Maestria Partners LLC purchased a new stake in Magnite in the 4th quarter valued at about $15,161,000. 73.40% of the stock is owned by institutional investors.

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.