Shares of Magnite, Inc. (NASDAQ:MGNI – Get Rating) fell 8.4% on Wednesday after Needham & Company LLC lowered their price target on the stock from $25.00 to $13.00. Needham & Company LLC currently has a buy rating on the stock. Magnite traded as low as $8.64 and last traded at $8.69. 55,604 shares changed hands during trading, a decline of 97% from the average session volume of 2,092,383 shares. The stock had previously closed at $9.49.
A number of other analysts also recently commented on MGNI. TheStreet downgraded Magnite from a “c-” rating to a “d+” rating in a research note on Thursday, June 2nd. Truist Financial reduced their price target on Magnite from $18.00 to $15.00 in a report on Monday, May 2nd. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Magnite has an average rating of “Buy” and an average target price of $24.88.
Large investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC purchased a new stake in shares of Magnite during the 4th quarter valued at $53,083,000. Renaissance Technologies LLC boosted its position in Magnite by 138.8% in the 1st quarter. Renaissance Technologies LLC now owns 1,964,654 shares of the company’s stock valued at $25,953,000 after buying an additional 1,141,790 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Magnite by 77.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,254,256 shares of the company’s stock valued at $39,450,000 after buying an additional 981,296 shares during the last quarter. Granahan Investment Management LLC raised its stake in shares of Magnite by 7.6% in the 1st quarter. Granahan Investment Management LLC now owns 9,128,749 shares of the company’s stock valued at $120,591,000 after purchasing an additional 646,392 shares in the last quarter. Finally, BW Gestao de Investimentos Ltda. acquired a new stake in shares of Magnite in the 1st quarter valued at about $7,309,000. 67.92% of the stock is currently owned by institutional investors and hedge funds.
The firm has a market cap of $1.15 billion, a price-to-earnings ratio of -33.27 and a beta of 2.25. The business’s 50 day moving average price is $10.16 and its 200-day moving average price is $12.45. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.14 and a current ratio of 1.14.
Magnite (NASDAQ:MGNI – Get Rating) last issued its earnings results on Wednesday, May 4th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). The company had revenue of $107.10 million during the quarter, compared to analyst estimates of $107.08 million. Magnite had a negative net margin of 6.02% and a positive return on equity of 5.17%. The business’s revenue for the quarter was up 76.4% compared to the same quarter last year. During the same quarter last year, the company posted ($0.03) EPS. On average, analysts forecast that Magnite, Inc. will post 0.43 earnings per share for the current fiscal year.
About Magnite (NASDAQ:MGNI)
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.