Stock traders buy large volume of call options on Magnite (NASDAQ:MGNI)
Magnite, Inc. (NASDAQ:MGNI – Get Rating) was the target of unusually large options trades on Thursday. Equity investors bought 2,150 call options on the company. This is an increase of approximately 123% over the typical daily volume of 965 call options.
Institutional entries and exits
A number of hedge funds and other institutional investors have recently changed their positions in MGNI. Captrust Financial Advisors increased its position in Magnite shares by 48.5% during the first quarter. Captrust Financial Advisors now owns 3,767 shares of the company valued at $50,000 after buying 1,230 additional shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Magnite by 0.7% in Q2. Allspring Global Investments Holdings LLC now owns 192,944 shares of the company valued at $1,713,000 after acquiring 1,390 additional shares in the last quarter. Principal Financial Group Inc. increased its position in Magnite shares by 6.8% during the first quarter. Principal Financial Group Inc. now owns 23,581 shares of the company worth $312,000 after purchasing an additional 1,498 shares during the period. Strs Ohio increased its holdings of Magnite stock by 46.9% in Q2. Strs Ohio now owns 4,700 shares of the company valued at $41,000 after purchasing an additional 1,500 shares in the last quarter. Finally, Handelsbanken Fonder AB increased its stake in Magnite by 6.8% in the second quarter. Handelsbanken Fonder AB now owns 23,500 shares of the company valued at $209,000 after purchasing an additional 1,500 shares during the period. Hedge funds and other institutional investors own 65.38% of the company’s shares.
Analyst upgrades and downgrades
Several research companies have published reports on MGNI. Craig Hallum cut his price target on Magnite shares from $25.00 to $16.00 in a Thursday, July 14 research report. Susquehanna lowered its price target on Magnite shares from $24.00 to $13.00 and rated the stock “positive” in a Wednesday, August 10 research report. Truist Financial cut its price target on Magnite shares from $15.00 to $13.00 and set a “buy” rating on the stock in a Tuesday, August 2 research note. Evercore ISI reduced its price target on Magnite shares to $10.00 in a Monday, August 15 research report. Finally, Benchmark began covering Magnite shares in a research note on Wednesday, July 13. They set a “buy” rating and a price target of $18.00 on the stock. Seven analysts have rated the stock with a buy rating. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $14.63.
Magnite Price Performance
MGNI traded $2.67 on Thursday, hitting $8.45. The stock recorded a trading volume of 105,321 shares, compared to an average volume of 1,227,658 shares. The company has a market capitalization of $1.12 billion, a price-earnings ratio of -11.90 and a beta of 1.99. The company has a 50-day moving average of $7.00 and a 200-day moving average of $8.58. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt ratio of 0.88. Magnite has a fifty-two week low of $5.59 and a fifty-two week high of $23.79.
Magnite Inc (NASDAQ:MGNI – Get Rating) last released its quarterly results on Tuesday August 9th. The company reported EPS of $0.04 for the quarter, missing analyst consensus estimates of $0.08 per ($0.04). The company posted revenue of $123.26 million for the quarter, compared to $126.86 million expected by analysts. Magnite had a negative net margin of 17.01% and a positive return on equity of 5.21%. The company’s revenues increased by 22.7% compared to the same quarter last year. In the same period a year earlier, the company posted earnings of $0.05 per share. As a group, sell-side analysts expect Magnite to post 0.33 EPS for the current year.
Magnite Company Profile
(Get a rating)
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 who own and operate CTV channels, applications, websites and other digital media properties, to manage and monetize their inventory; and provides applications and services to buyers, including advertisers, agencies, agency trading desks, and demand-side platforms to buy digital ad inventory.
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