Magnite Sees Unusually High Options Volume (NASDAQ:MGNI)

Magnite, Inc. (NASDAQ:MGNI) was the recipient of some unusual options trading on Thursday. Stock traders acquired 7,939 call options on the company. This represents an increase of 99% compared to the average daily volume of 3,987 call options.

Magnite Trading Down 6.7 %

MGNI traded down $1.37 during midday trading on Thursday, hitting $19.14. 3,800,209 shares of the company were exchanged, compared to its average volume of 2,242,680. The firm’s 50 day moving average price is $16.93 and its 200-day moving average price is $14.81. Magnite has a 1-year low of $8.38 and a 1-year high of $21.29. The firm has a market capitalization of $2.69 billion, a P/E ratio of 318.93, a P/E/G ratio of 1.05 and a beta of 2.52. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

Insider Activity

In other Magnite news, Director James Rossman sold 149,936 shares of the company’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $19.46, for a total transaction of $2,917,754.56. Following the completion of the sale, the director now directly owns 219,920 shares in the company, valued at $4,279,643.20. This represents a 40.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul Caine sold 5,000 shares of the firm’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $20.35, for a total value of $101,750.00. Following the completion of the sale, the director now directly owns 182,837 shares in the company, valued at approximately $3,720,732.95. This represents a 2.66 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 571,458 shares of company stock worth $10,237,160. 4.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Magnite

A number of hedge funds and other institutional investors have recently made changes to their positions in MGNI. Wedge Capital Management L L P NC raised its holdings in Magnite by 29.6% during the 3rd quarter. Wedge Capital Management L L P NC now owns 123,138 shares of the company’s stock worth $1,705,000 after purchasing an additional 28,108 shares during the last quarter. Blue Trust Inc. increased its position in shares of Magnite by 87.0% during the third quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock worth $105,000 after buying an additional 3,689 shares during the period. Vicus Capital bought a new position in Magnite during the third quarter worth $164,000. Riverwater Partners LLC bought a new position in Magnite during the third quarter worth $1,164,000. Finally, DORCHESTER WEALTH MANAGEMENT Co lifted its holdings in Magnite by 29.5% in the third quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 18,000 shares of the company’s stock valued at $249,000 after buying an additional 4,100 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Scotiabank assumed coverage on Magnite in a research note on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective on the stock. Royal Bank of Canada upped their price objective on shares of Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Wolfe Research raised their target price on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 target price on shares of Magnite in a research note on Friday, January 17th. Finally, Wells Fargo & Company upped their price target on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.35.

About Magnite

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.