Magnite (NASDAQ:MGNI) Trading 4.7% Higher

Magnite, Inc. (NASDAQ:MGNI) shares were up 4.7% on Tuesday . The stock traded as high as $10.96 and last traded at $10.84. Approximately 320,535 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 1,127,432 shares. The stock had previously closed at $10.35.

Analyst Upgrades and Downgrades

MGNI has been the subject of a number of recent research reports. Bank of America boosted their price objective on shares of Magnite from $11.00 to $13.00 and gave the stock a “neutral” rating in a research note on Thursday, February 29th. Susquehanna lifted their target price on Magnite from $11.00 to $14.00 and gave the company a “positive” rating in a research note on Thursday, February 29th. Benchmark reissued a “buy” rating and set a $18.00 price target on shares of Magnite in a research report on Monday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $15.00 price objective on shares of Magnite in a research report on Thursday, March 7th. Finally, Needham & Company LLC restated a “buy” rating and issued a $15.00 target price on shares of Magnite in a research note on Thursday, March 21st. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Magnite presently has an average rating of “Moderate Buy” and a consensus target price of $14.78.

Magnite Trading Up 3.6 %

The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.09 and a current ratio of 1.09. The company’s fifty day moving average is $10.19 and its two-hundred day moving average is $8.80. The company has a market cap of $1.46 billion, a price-to-earnings ratio of -8.37 and a beta of 2.27.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.03 by $0.13. The company had revenue of $165.28 million for the quarter, compared to analyst estimates of $160.24 million. Magnite had a negative net margin of 25.69% and a positive return on equity of 2.52%.

Insider Transactions at Magnite

In other news, CEO Michael G. Barrett sold 75,000 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $11.21, for a total transaction of $840,750.00. Following the sale, the chief executive officer now directly owns 1,234,662 shares of the company’s stock, valued at approximately $13,840,561.02. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

Several institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. lifted its holdings in Magnite by 12.2% in the 1st quarter. JPMorgan Chase & Co. now owns 333,176 shares of the company’s stock valued at $4,401,000 after purchasing an additional 36,176 shares in the last quarter. Raymond James & Associates boosted its position in Magnite by 13.9% during the first quarter. Raymond James & Associates now owns 16,682 shares of the company’s stock worth $220,000 after acquiring an additional 2,038 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in Magnite by 27.8% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 25,361 shares of the company’s stock valued at $335,000 after acquiring an additional 5,512 shares during the last quarter. HighTower Advisors LLC lifted its stake in Magnite by 8.7% in the 1st quarter. HighTower Advisors LLC now owns 111,260 shares of the company’s stock worth $1,470,000 after purchasing an additional 8,892 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its holdings in shares of Magnite by 55.0% during the 1st quarter. MetLife Investment Management LLC now owns 69,690 shares of the company’s stock worth $921,000 after purchasing an additional 24,725 shares during the last quarter. 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.