Magnite (NASDAQ:MGNI) Stock Price Down 7.3% – Here’s Why

Magnite, Inc. (NASDAQ:MGNI) shares traded down 7.3% on Friday . The company traded as low as $15.33 and last traded at $15.35. 331,415 shares were traded during trading, a decline of 86% from the average session volume of 2,366,805 shares. The stock had previously closed at $16.55.

Wall Street Analyst Weigh In

MGNI has been the topic of a number of recent analyst reports. Wolfe Research boosted their price objective on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Royal Bank of Canada boosted their price target on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of Magnite in a research note on Thursday. Wells Fargo & Company lifted 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 increased their target price on Magnite from $21.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $19.27.

Magnite Trading Down 4.7 %

The firm 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. The business’s 50 day moving average is $17.31 and its two-hundred day moving average is $15.18. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates 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 return on equity of 4.64% and a net margin of 2.62%. Analysts expect that Magnite, Inc. will post 0.33 EPS for the current year.

Insider Activity

In other Magnite news, CTO David Buonasera sold 1,969 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $16.31, for a total value 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. The trade was a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Paul Caine sold 5,000 shares of the firm’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $20.35, for a total transaction of $101,750.00. Following the transaction, the director now owns 182,837 shares of the company’s stock, valued at approximately $3,720,732.95. This trade represents a 2.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 398,110 shares of company stock worth $7,418,043 over the last 90 days. 4.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Magnite during the 4th quarter worth $11,076,000. Western Wealth Management LLC purchased a new stake in shares of Magnite during the fourth quarter valued at $159,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Magnite by 7.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 368,620 shares of the company’s stock valued at $5,868,000 after purchasing an additional 24,659 shares during the last quarter. ProShare Advisors LLC boosted its position in shares of Magnite by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 35,432 shares of the company’s stock valued at $564,000 after purchasing an additional 11,656 shares during the period. Finally, Occudo Quantitative Strategies LP purchased a new position in Magnite in the 4th quarter worth about $251,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

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.