Magnite (NASDAQ:MGNI) Trading Down 6%

Shares of Magnite, Inc. (NASDAQ:MGNIGet Rating) dropped 6% during trading on Friday . The stock traded as low as $7.54 and last traded at $7.61. Approximately 37,478 shares were traded during trading, a decline of 98% from the average daily volume of 2,156,599 shares. The stock had previously closed at $8.10.

Wall Street Analyst Weigh In

MGNI has been the subject of several research reports. TheStreet lowered shares of Magnite from a “c-” rating to a “d+” rating in a research report on Thursday, June 2nd. Craig Hallum lowered their price objective on shares of Magnite from $25.00 to $16.00 in a research report on Thursday, July 14th. Truist Financial lowered their price objective on shares of Magnite from $18.00 to $15.00 in a research report on Monday, May 2nd. Needham & Company LLC lowered their price objective on shares of Magnite from $25.00 to $13.00 and set a “buy” rating for the company in a research report on Wednesday, July 6th. Finally, Benchmark began coverage on shares of Magnite in a research report on Wednesday, July 13th. They set a “buy” rating and a $18.00 price objective for the company. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $23.11.

Magnite Stock Down 5.7 %

The company has a market cap of $1.01 billion, a PE ratio of -29.38 and a beta of 2.25. The company’s 50 day moving average is $9.47 and its 200 day moving average is $11.34. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.86.

Magnite (NASDAQ:MGNIGet Rating) last posted its quarterly earnings results on Wednesday, May 4th. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01). The company had revenue of $107.10 million during the quarter, compared to analysts’ expectations of $107.08 million. Magnite had a positive return on equity of 5.17% and a negative net margin of 6.02%. The company’s quarterly revenue was up 76.4% on a year-over-year basis. During the same period in the prior year, the business earned ($0.03) EPS. As a group, analysts predict that Magnite, Inc. will post 0.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC purchased a new position in Magnite in the 2nd quarter worth about $425,000. Perkins Capital Management Inc. increased its position in Magnite by 478.2% during the 2nd quarter. Perkins Capital Management Inc. now owns 136,025 shares of the company’s stock valued at $1,208,000 after purchasing an additional 112,500 shares during the period. Millrace Asset Group Inc. increased its position in Magnite by 45.5% during the 2nd quarter. Millrace Asset Group Inc. now owns 234,423 shares of the company’s stock valued at $2,082,000 after purchasing an additional 73,255 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in Magnite during the 2nd quarter valued at about $328,000. Finally, Allspring Global Investments Holdings LLC increased its position in Magnite by 0.7% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 192,944 shares of the company’s stock valued at $1,713,000 after purchasing an additional 1,390 shares during the period. Hedge funds and other institutional investors own 67.92% of the company’s stock.

Magnite Company Profile

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Magnite, Inc operates an independent 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 provides applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory.

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