Magnite (NASDAQ:MGNI) Stock Price Up 4.9% - Should You Buy?

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) shares shot up 4.9% on Thursday . The stock traded as high as $17.52 and last traded at $17.50. 726,123 shares traded hands during trading, a decline of 66% from the average session volume of 2,115,043 shares. The stock had previously closed at $16.68.

Analysts Set New Price Targets

Several research firms recently weighed in on MGNI. Rosenblatt Securities reaffirmed a "buy" rating and set a $18.00 price objective on shares of Magnite in a research report on Thursday, May 8th. Royal Bank of Canada cut their price objective on shares of Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Benchmark cut their price objective on shares of Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Lake Street Capital cut their price objective on shares of Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Finally, Craig Hallum set a $24.00 target price on shares of Magnite and gave the stock a "buy" rating in a report on Tuesday, May 20th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $19.58.

Magnite Price Performance

The stock has a market cap of $2.48 billion, a P/E ratio of 293.33, a PEG ratio of 1.00 and a beta of 2.73. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The business's fifty day moving average price is $13.09 and its 200 day moving average price is $15.13.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.06. Magnite had a return on equity of 4.64% and a net margin of 2.62%. The company had revenue of $145.85 million during the quarter, compared to the consensus estimate of $142.18 million. During the same quarter in the prior year, the firm posted $0.05 earnings per share. The firm's revenue was up 4.3% compared to the same quarter last year. Sell-side analysts forecast that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Activity

In other Magnite news, insider Aaron Saltz sold 15,328 shares of the stock in a transaction that occurred on Wednesday, June 4th. The shares were sold at an average price of $16.71, for a total transaction of $256,130.88. Following the completion of the sale, the insider now owns 296,176 shares of the company's stock, valued at approximately $4,949,100.96. This represents a 4.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Adam Lee Soroca sold 11,366 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $15.73, for a total transaction of $178,787.18. Following the sale, the insider now directly owns 437,117 shares of the company's stock, valued at $6,875,850.41. This represents a 2.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold 118,283 shares of company stock valued at $1,983,700 over the last quarter. 3.80% of the stock is owned by company insiders.

Institutional Trading of Magnite

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rhumbline Advisers increased its position in Magnite by 4.4% during the 1st quarter. Rhumbline Advisers now owns 192,502 shares of the company's stock valued at $2,196,000 after purchasing an additional 8,171 shares during the period. Strs Ohio acquired a new stake in Magnite during the 1st quarter valued at approximately $544,000. Intech Investment Management LLC increased its position in Magnite by 103.6% during the 1st quarter. Intech Investment Management LLC now owns 109,992 shares of the company's stock valued at $1,255,000 after purchasing an additional 55,971 shares during the period. Bayforest Capital Ltd increased its position in Magnite by 608.6% during the 1st quarter. Bayforest Capital Ltd now owns 17,835 shares of the company's stock valued at $203,000 after purchasing an additional 15,318 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in 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 valued at $4,618,000 after purchasing an additional 36,097 shares during the period. 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.