Magnite (NASDAQ:MGNI) Stock Price Down 4.8% - Here's Why

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) shares were down 4.8% during trading on Tuesday . The company traded as low as $23.16 and last traded at $23.26. Approximately 3,052,345 shares were traded during trading, an increase of 34% from the average daily volume of 2,276,663 shares. The stock had previously closed at $24.42.

Analysts Set New Price Targets

A number of research analysts have recently commented on MGNI shares. Rosenblatt Securities restated a "buy" rating and issued a $18.00 price target on shares of Magnite in a report on Thursday, May 8th. Craig Hallum set a $24.00 target price on shares of Magnite and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Wall Street Zen raised shares of Magnite from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Wells Fargo & Company increased their price objective on Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Finally, Royal Bank Of Canada reduced their price objective on Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $20.83.

Magnite Price Performance

The firm has a market cap of $3.32 billion, a PE ratio of 117.61, a price-to-earnings-growth ratio of 1.92 and a beta of 2.96. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The stock has a 50 day moving average price of $20.02 and a two-hundred day moving average price of $16.35.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.06 by $0.06. The business had revenue of $145.85 million for the quarter, compared to analyst estimates of $142.18 million. Magnite had a net margin of 4.58% and a return on equity of 6.71%. Magnite's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.05 EPS. As a group, equities analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current year.

Insider Activity

In related news, Director James Rossman sold 137,007 shares of the business's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $18.78, for a total value of $2,572,991.46. Following the completion of the transaction, the director directly owned 93,679 shares in the company, valued at $1,759,291.62. The trade was a 59.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO David Day sold 36,000 shares of the firm's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $20.95, for a total transaction of $754,200.00. Following the sale, the chief financial officer owned 443,528 shares in the company, valued at approximately $9,291,911.60. This represents a 7.51% decrease in their position. The disclosure for this sale can be found here. Insiders sold 959,227 shares of company stock valued at $18,854,021 over the last 90 days. Company insiders own 3.80% of the company's stock.

Institutional Investors Weigh In On Magnite

Several hedge funds have recently modified their holdings of MGNI. GAMMA Investing LLC boosted its position in Magnite by 355.6% during the second quarter. GAMMA Investing LLC now owns 1,517 shares of the company's stock worth $37,000 after purchasing an additional 1,184 shares in the last quarter. CWM LLC lifted its position in shares of Magnite by 133.6% during the 2nd quarter. CWM LLC now owns 1,775 shares of the company's stock valued at $43,000 after buying an additional 1,015 shares in the last quarter. MCF Advisors LLC grew its stake in Magnite by 2,100.0% in the 1st quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock valued at $25,000 after acquiring an additional 2,100 shares during the period. Smartleaf Asset Management LLC grew its stake in Magnite by 74.9% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company's stock valued at $33,000 after acquiring an additional 1,203 shares during the period. Finally, AllSquare Wealth Management LLC increased its holdings in Magnite by 76.8% in the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock worth $41,000 after acquiring an additional 1,555 shares in the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

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.