Magnite (NASDAQ:MGNI) Sees Unusually-High Trading Volume – Time to Buy?

Shares of Magnite, Inc. (NASDAQ:MGNI) saw an uptick in trading volume on Monday . 799,693 shares traded hands during mid-day trading, a decline of 52% from the previous session’s volume of 1,649,593 shares.The stock last traded at $17.40 and had previously closed at $17.13.

Analyst Ratings Changes

MGNI has been the subject of a number of research analyst reports. Wells Fargo & Company initiated coverage on Magnite in a report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price target for the company. Macquarie reiterated an “outperform” rating and set a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. Needham & Company LLC restated a “buy” rating and issued a $15.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $19.00 price objective on shares of Magnite in a research report on Friday, September 27th. Finally, Craig Hallum reissued a “buy” rating and issued a $20.00 price objective on shares of Magnite in a research report on Wednesday, August 21st. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $16.96.

Magnite Stock Up 0.5 %

The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The firm has a market cap of $2.35 billion, a price-to-earnings ratio of 278.17, a PEG ratio of 1.36 and a beta of 2.43. The firm’s 50 day simple moving average is $13.51 and its two-hundred day simple moving average is $13.33.

Insider Activity

In other news, CRO Sean Patrick Buckley sold 10,001 shares of the stock in a transaction on Monday, November 18th. The stock was sold at an average price of $15.60, for a total transaction of $156,015.60. Following the sale, the executive now directly owns 303,743 shares of the company’s stock, valued at approximately $4,738,390.80. This represents a 3.19 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael G. Barrett sold 100,000 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $16.14, for a total value of $1,614,000.00. Following the completion of the transaction, the chief executive officer now directly owns 809,914 shares of the company’s stock, valued at approximately $13,072,011.96. This trade represents a 10.99 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 157,598 shares of company stock worth $2,531,613. Corporate insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MGNI. Vanguard Group Inc. boosted its holdings in shares of Magnite by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock valued at $137,796,000 after purchasing an additional 166,522 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Magnite by 125.3% during the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after buying an additional 3,659,759 shares during the last quarter. Geode Capital Management LLC boosted its stake in Magnite by 2.2% in the third quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock valued at $41,118,000 after buying an additional 63,545 shares in the last quarter. Nomura Asset Management Co. Ltd. acquired a new stake in Magnite in the third quarter valued at about $23,917,000. Finally, Marshall Wace LLP grew its position in 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 acquiring an additional 578,678 shares during the last quarter. 73.40% of the stock is owned by institutional investors.

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.