Magnite Sees Unusually High Options Volume (NASDAQ:MGNI)

Magnite, Inc. (NASDAQ:MGNI) was the target of unusually large options trading on Tuesday. Stock investors bought 21,482 call options on the company. This represents an increase of approximately 657% compared to the typical volume of 2,837 call options.

Magnite Trading Up 2.9%

Shares of Magnite stock opened at $14.80 on Wednesday. Magnite has a twelve month low of $8.22 and a twelve month high of $26.65. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.43. The business has a 50-day moving average price of $15.39 and a 200-day moving average price of $19.57. The firm has a market cap of $2.13 billion, a price-to-earnings ratio of 38.95, a PEG ratio of 0.78 and a beta of 2.35.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, November 5th. The company reported $0.20 EPS for the quarter, hitting analysts’ consensus estimates of $0.20. The company had revenue of $179.49 million for the quarter, compared to the consensus estimate of $163.29 million. Magnite had a return on equity of 8.74% and a net margin of 8.25%.The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.17 earnings per share. Equities research analysts anticipate that Magnite will post 0.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on MGNI shares. Rosenblatt Securities restated a “buy” rating and set a $39.00 target price on shares of Magnite in a research note on Thursday, November 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a report on Wednesday, October 8th. Wall Street Zen downgraded Magnite from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Wells Fargo & Company dropped their price objective on Magnite from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Friday, November 7th. Finally, Benchmark reissued a “buy” rating on shares of Magnite in a research note on Monday, January 12th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $27.00.

Insider Buying and Selling

In other Magnite news, insider Sean Patrick Buckley sold 4,426 shares of the firm’s stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $13.36, for a total transaction of $59,131.36. Following the sale, the insider owned 271,125 shares in the company, valued at approximately $3,622,230. This trade represents a 1.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert F. Spillane sold 12,500 shares of Magnite stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $14.22, for a total transaction of $177,750.00. Following the transaction, the director directly owned 53,917 shares in the company, valued at $766,699.74. This represents a 18.82% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 49,439 shares of company stock worth $763,671. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

Hedge funds have recently bought and sold shares of the business. Stephens Inc. AR lifted its position in Magnite by 0.6% during the third quarter. Stephens Inc. AR now owns 83,468 shares of the company’s stock valued at $1,818,000 after purchasing an additional 517 shares during the last quarter. Smartleaf Asset Management LLC raised its position in shares of Magnite by 20.5% during the 2nd quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock valued at $82,000 after buying an additional 577 shares in the last quarter. Winthrop Advisory Group LLC lifted its holdings in shares of Magnite by 4.5% in the 2nd quarter. Winthrop Advisory Group LLC now owns 14,000 shares of the company’s stock valued at $338,000 after acquiring an additional 600 shares during the last quarter. US Bancorp DE grew its position in Magnite by 75.8% in the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after acquiring an additional 688 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its position in Magnite by 45.1% in the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock worth $53,000 after acquiring an additional 755 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Company Profile

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).