Investors Buy Large Volume of Call Options on Magnite (NASDAQ:MGNI)

Key Points

• Magnite saw unusually heavy call option trading on Tuesday, with investors buying 17,039 call options — about 747% above the average volume of 2,012.
• Insiders have been selling shares, including Director Douglas S. Knopper and Director Robert F. Spillane; over the last three months, insiders sold 32,941 shares worth $492,272.
• Analysts remain broadly positive on Magnite, with eight Buy ratings and two Hold ratings, and a consensus target price of $23.89. The stock also rose 7.3% to $17.98 after reporting better-than-expected quarterly earnings and revenue.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) saw unusually large options trading on Tuesday. Investors purchased 17,039 call options on the company. This is an increase of 747% compared to the average volume of 2,012 call options.

Insider Transactions at Magnite

In other news, Director Douglas S. Knopper sold 10,766 shares of the business's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $15.73, for a total transaction of $169,349.18. Following the sale, the director directly owned 163,147 shares of the company's stock, valued at $2,566,302.31. The trade was a 6.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert F. Spillane sold 10,000 shares of the business's stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $13.33, for a total value of $133,300.00. Following the sale, the director directly owned 43,917 shares in the company, valued at $585,413.61. This trade represents a 18.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 32,941 shares of company stock valued at $492,272 over the last three months. Company insiders own 4.30% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of MGNI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Magnite by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company's stock worth $854,000 after purchasing an additional 3,267 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Magnite by 113.7% during the 1st quarter. Millennium Management LLC now owns 434,479 shares of the company's stock worth $4,957,000 after acquiring an additional 231,213 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Magnite by 24.3% during the 1st quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company's stock worth $83,000 after acquiring an additional 1,423 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Magnite by 9.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company's stock worth $4,618,000 after acquiring an additional 36,097 shares in the last quarter. Finally, Intech Investment Management LLC boosted its stake in shares of Magnite by 103.6% during the 1st quarter. Intech Investment Management LLC now owns 109,992 shares of the company's stock worth $1,255,000 after acquiring an additional 55,971 shares in the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on MGNI. Wells Fargo & Company upped their price target on Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research report on Friday, May 8th. Evercore reissued an "outperform" rating and set a $21.00 price target on shares of Magnite in a research report on Thursday, May 7th. BTIG Research began coverage on Magnite in a research report on Tuesday, June 9th. They set a "buy" rating and a $20.00 price target on the stock. Royal Bank Of Canada reissued an "outperform" rating on shares of Magnite in a research note on Thursday, May 28th. Finally, Benchmark decreased their target price on shares of Magnite from $31.00 to $30.00 and set a "buy" rating for the company in a research note on Thursday, February 26th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $23.89.

Magnite Stock Up 7.3%

MGNI stock traded up $1.23 during mid-day trading on Tuesday, hitting $17.98. The stock had a trading volume of 3,074,065 shares, compared to its average volume of 2,432,333. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. Magnite has a 1-year low of $10.82 and a 1-year high of $26.65. The company has a fifty day moving average of $13.59 and a 200 day moving average of $13.89. The stock has a market capitalization of $2.57 billion, a price-to-earnings ratio of 17.43, a PEG ratio of 0.77 and a beta of 2.32.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.02. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The company had revenue of $164.37 million for the quarter, compared to analyst estimates of $159.24 million. During the same period in the prior year, the firm posted $0.12 EPS. The business's revenue was up 5.5% compared to the same quarter last year. On average, equities analysts expect that Magnite will post 0.6 EPS for the current fiscal year.

About Magnite

Magnite, Inc NASDAQ: MGNI operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite's offering is its supply-side platform (SSP), which connects publishers' ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).

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