On February 03, shares of Magnite Inc. (MGNI) rebounded in the after-hours to add 5.86%. The stock seems to be recovering from a recent fall due to corrections after some good gains.
Thursday’s regular session saw an active volume of 3.65 million against the average of 2.45 million shares. At the close of the regular session, MGNI took a hit of 9.62% at $11.95 per share. The stock made a comeback in the after-hours to recover $0.70 at 248.19K shares. Hence, MGNI was trading at $12.65 per share in the after-hours on Thursday.
The technology solutions provider for automating digital advertising inventory’s sale/purchase, Magnite Inc. was founded in 2007. Currently, its 131.81 million outstanding shares trade at a market capitalization of $1.74 billion.
MGNI’s Bullishness
The company is set to declare its fiscal 2021 financial results on February 23, 2022. Recently, reports of analysts’ positive revisions of the company’s upcoming earnings emerged. Along with this, the recent beat earnings of Alphabet Inc. also impacted internet advertising companies positively. This resulted in an upsurge in the stock after the market closed on February 01. Hence, leading the stock to reach up to a high of $14.26 the following day. Consequently, MGNI fell under corrections. The stock had since been losing under corrections up till the close of regular trading on Thursday. During the after-hours on Thursday, the stock made a comeback from the corrections.
A further overview of the stock shows a loss of 4.17% in the past five days. While MGNI has lost 31.71% year to date, it went down by 78.25% last year.
Company News
On January 12, the company’s management presented at the 24th Annual Virtual Needham Growth Conference.
On January 05, the company announced the strengthening of its audience data capabilities with the addition of an Nth Party team. Nth Party is a startup working on cryptographic software for secure data sharing and analysis.
As per the terms of the agreement, 7 employees from Nth Party including 5 engineers will report to MGNI’s VP of Engineering, Robert Lyons. Moreover, the financial terms of the agreement were not disclosed.
MGNI’s Financial Highlights
In the third quarter of 2021, the company reported an increase of 116% year over year in its revenue to $131.9 million.
Additionally, MGNI had a net loss of $24.3 million ($0.18/share) in Q3 2021 against $10.5 million ($0.10/share) in Q3 of 2020.
