Magnite (NASDAQ:MGNI) Reaches New 12-Month High at $15.77

Magnite, Inc. (NASDAQ:MGNI)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $15.77 and last traded at $15.76, with a volume of 311370 shares trading hands. The stock had previously closed at $15.31.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MGNI. Craig Hallum upped their price target on Magnite from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, May 16th. Wolfe Research began coverage on Magnite in a report on Tuesday. They set an “outperform” rating and a $16.00 target price on the stock. Royal Bank of Canada increased their target price on Magnite from $17.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, June 5th. Susquehanna restated a “positive” rating and set a $14.00 target price on shares of Magnite in a report on Thursday, May 16th. Finally, Bank of America upgraded Magnite from a “neutral” rating to a “buy” rating and increased their target price for the stock from $13.00 to $15.00 in a report on Friday, May 24th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $15.68.

Magnite Stock Up 2.6 %

The firm has a 50 day simple moving average of $12.52 and a two-hundred day simple moving average of $10.74. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of -23.92, a price-to-earnings-growth ratio of 0.99 and a beta of 2.35.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, May 8th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.05. Magnite had a positive return on equity of 3.23% and a negative net margin of 12.24%. The firm had revenue of $130.55 million for the quarter, compared to analyst estimates of $123.77 million. As a group, sell-side analysts expect that Magnite, Inc. will post 0.38 EPS for the current year.

Insider Transactions at Magnite

In other news, CRO Sean Patrick Buckley sold 2,682 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $12.50, for a total transaction of $33,525.00. Following the sale, the executive now owns 404,875 shares of the company’s stock, valued at $5,060,937.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CRO Sean Patrick Buckley sold 2,682 shares of the stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $12.50, for a total transaction of $33,525.00. Following the completion of the transaction, the executive now directly owns 404,875 shares in the company, valued at $5,060,937.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO David Day sold 21,299 shares of the stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $14.01, for a total value of $298,398.99. Following the transaction, the chief financial officer now owns 449,832 shares of the company’s stock, valued at $6,302,146.32. The disclosure for this sale can be found here. Insiders have sold a total of 99,629 shares of company stock valued at $1,323,232 over the last 90 days. 4.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Harbor Capital Advisors Inc. grew its stake in Magnite by 267.5% in the second quarter. Harbor Capital Advisors Inc. now owns 390,462 shares of the company’s stock valued at $5,189,000 after purchasing an additional 284,202 shares in the last quarter. Fulton Bank N.A. grew its stake in Magnite by 21.0% in the second quarter. Fulton Bank N.A. now owns 26,615 shares of the company’s stock valued at $354,000 after purchasing an additional 4,612 shares in the last quarter. Moody National Bank Trust Division grew its stake in Magnite by 2.4% in the second quarter. Moody National Bank Trust Division now owns 75,367 shares of the company’s stock valued at $1,002,000 after purchasing an additional 1,783 shares in the last quarter. Comerica Bank lifted its position in shares of Magnite by 6,214.5% in the first quarter. Comerica Bank now owns 27,847 shares of the company’s stock valued at $299,000 after buying an additional 27,406 shares during the last quarter. Finally, Tidal Investments LLC lifted its position in shares of Magnite by 212.8% in the first quarter. Tidal Investments LLC now owns 69,388 shares of the company’s stock valued at $746,000 after buying an additional 47,205 shares during the last quarter. 73.40% of the stock is currently 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.