Magnite (NASDAQ:MGNI) Stock Price Down 4.6% - What's Next?

Key Points

• Magnite's stock price decreased by 4.6% on Wednesday, closing at $20.78, after trading as low as $20.89 with a significant drop in trading volume.
• Equities analysts have mixed opinions, with some raising their price targets for Magnite, leading to an average target price of $25.82 and a rating of "Moderate Buy" based on ten Buy ratings and one Hold rating.
• Recent insider trading activity includes notable sales by company directors, with insiders selling a total of 441,759 shares in the last 90 days.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report)'s share price was down 4.6% during trading on Wednesday . The company traded as low as $20.89 and last traded at $20.78. Approximately 575,104 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 2,765,338 shares. The stock had previously closed at $21.78.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on MGNI shares. Benchmark raised their price target on Magnite from $30.00 to $31.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Wells Fargo & Company raised their price target on Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Scotiabank reaffirmed an "outperform" rating and issued a $30.00 price target (up from $22.00) on shares of Magnite in a report on Thursday, August 7th. Wall Street Zen lowered Magnite from a "buy" rating to a "hold" rating in a report on Saturday, September 20th. Finally, Royal Bank Of Canada raised their price target on Magnite from $19.00 to $27.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Ten investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $25.82.

Magnite Stock Performance

The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00. The company has a 50 day simple moving average of $23.59 and a 200-day simple moving average of $18.62. The stock has a market cap of $2.92 billion, a P/E ratio of 71.04, a price-to-earnings-growth ratio of 1.53 and a beta of 3.05.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.03. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The firm had revenue of $162.00 million during the quarter, compared to analyst estimates of $157.05 million. During the same quarter in the previous year, the company posted $0.14 earnings per share. The company's revenue was up 6.4% compared to the same quarter last year. On average, equities analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Paul Caine sold 7,500 shares of the business's stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $25.00, for a total value of $187,500.00. Following the completion of the sale, the director owned 158,603 shares of the company's stock, valued at approximately $3,965,075. The trade was a 4.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Aaron Saltz sold 8,522 shares of the business's stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $24.50, for a total value of $208,789.00. Following the completion of the sale, the insider directly owned 215,079 shares of the company's stock, valued at approximately $5,269,435.50. This trade represents a 3.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 441,759 shares of company stock worth $10,709,869 in the last 90 days. 4.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Magnite

A number of hedge funds and other institutional investors have recently modified their holdings of MGNI. Cambridge Investment Research Advisors Inc. increased its holdings in Magnite by 74.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 51,815 shares of the company's stock valued at $591,000 after purchasing an additional 22,131 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in Magnite by 54.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 44,947 shares of the company's stock valued at $513,000 after purchasing an additional 15,762 shares during the period. Calamos Advisors LLC increased its holdings in Magnite by 85.7% during the 1st quarter. Calamos Advisors LLC now owns 65,275 shares of the company's stock valued at $745,000 after purchasing an additional 30,132 shares during the period. Vanguard Group Inc. increased its holdings in Magnite by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company's stock valued at $156,814,000 after purchasing an additional 138,417 shares during the period. Finally, Brown Advisory Inc. purchased a new position in Magnite during the 1st quarter valued at about $290,000. Institutional investors 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.

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