Magnite (NASDAQ:MGNI) Shares Gap Up - What's Next?

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) shares gapped up before the market opened on Wednesday . The stock had previously closed at $12.07, but opened at $13.04. Magnite shares last traded at $12.64, with a volume of 475,774 shares trading hands.

Analyst Ratings Changes

Several research firms have commented on MGNI. Needham & Company LLC reissued a "buy" rating and issued a $15.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. Bank of America upped their price objective on shares of Magnite from $15.00 to $17.00 and gave the stock a "buy" rating in a report on Monday, July 29th. Benchmark reissued a "buy" rating and set a $21.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. Craig Hallum reissued a "buy" rating and set a $20.00 price objective on shares of Magnite in a research report on Wednesday, August 21st. Finally, Lake Street Capital began coverage on Magnite in a report on Thursday, July 25th. They set a "buy" rating and a $21.00 price target for the company. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $17.25.

Magnite Price Performance

The stock has a market cap of $1.77 billion, a price-to-earnings ratio of -113.73, a P/E/G ratio of 1.07 and a beta of 2.41. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.10 and a quick ratio of 1.10. The stock's 50 day simple moving average is $12.98 and its two-hundred day simple moving average is $12.38.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.01). The business had revenue of $162.88 million during the quarter, compared to analyst estimates of $144.04 million. Magnite had a positive return on equity of 3.74% and a negative net margin of 0.83%. The business's revenue for the quarter was up 6.8% on a year-over-year basis. During the same period last year, the company earned ($0.04) EPS. On average, analysts forecast that Magnite, Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Activity at Magnite

In other Magnite news, insider Adam Lee Soroca sold 7,910 shares of Magnite stock in a transaction on Monday, August 19th. The stock was sold at an average price of $12.59, for a total transaction of $99,586.90. Following the completion of the transaction, the insider now directly owns 436,001 shares of the company's stock, valued at approximately $5,489,252.59. This trade represents a 0.00 % 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 link. In other Magnite news, insider Adam Lee Soroca sold 7,910 shares of the company's stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $12.59, for a total transaction of $99,586.90. Following the sale, the insider now directly owns 436,001 shares of the company's stock, valued at approximately $5,489,252.59. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Sean Patrick Buckley sold 2,623 shares of the firm's stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.53, for a total transaction of $32,866.19. Following the sale, the executive now directly owns 331,742 shares of the company's stock, valued at approximately $4,156,727.26. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 95,533 shares of company stock valued at $1,206,203 in the last 90 days. 4.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Magnite

A number of institutional investors and hedge funds have recently bought and sold shares of MGNI. UMB Bank n.a. lifted its stake in shares of Magnite by 111.8% during the second quarter. UMB Bank n.a. now owns 2,251 shares of the company's stock valued at $30,000 after acquiring an additional 1,188 shares during the period. Asset Dedication LLC bought a new position in shares of Magnite in the 2nd quarter valued at about $52,000. Blue Trust Inc. acquired a new stake in shares of Magnite during the 2nd quarter worth approximately $56,000. Benjamin F. Edwards & Company Inc. raised its stake in shares of Magnite by 973.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company's stock worth $58,000 after buying an additional 3,972 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new position in Magnite in the second quarter valued at approximately $93,000. Institutional investors and hedge funds own 73.40% of the company's stock.

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.