Magnite Unusual Options Activity For February 11

Investors with a lot of money to spend have taken a bullish stance on Magnite MGNI.

And retail traders should know.

We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with MGNI, it often means somebody knows something is about to happen.

Today, Benzinga's options scanner spotted 11 options trades for Magnite.

This isn't normal.

The overall sentiment of these big-money traders is split between 45% bullish and 27%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $105,302, and 10, calls, for a total amount of $332,147.

Predicted Price Range

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $15.0 to $22.5 for Magnite over the last 3 months.

Insights into Volume & Open Interest

Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Magnite's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Magnite's whale trades within a strike price range from $15.0 to $22.5 in the last 30 days.

Magnite Call and Put Volume: 30-Day Overview

Noteworthy Options Activity:

About Magnite

Magnite is one of the largest supply-side platform providers, or SSP, in online advertising. The firm was previously named The Rubicon Project (an online ad exchange) and became Magnite after merging with Telaria (an SSP focused mainly on streaming video providers) in 2020. The firm also purchased another of the leading SSPs within the CTV market, SpotX, in 2021 for $1.2 billion, cementing its long-term focus on grabbing market share in this area. The firm generates nearly 45% of its revenue from the programmatic sale of CTV ad inventory, 35% from mobile online sites and apps, and the remaining from websites accessed via computer.

In light of the recent options history for Magnite, it's now appropriate to focus on the company itself. We aim to explore its current performance.

Current Position of Magnite

• Currently trading with a volume of 1,585,237, the MGNI's price is down by -2.13%, now at $20.18.
• RSI readings suggest the stock is currently may be overbought.
• Anticipated earnings release is in 15 days.

Expert Opinions on Magnite

A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $17.5.

Turn $1000 into $1270 in just 20 days?

20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. Click here for access. * An analyst from Wells Fargo has decided to maintain their Equal-Weight rating on Magnite, which currently sits at a price target of $15. * Reflecting concerns, an analyst from Needham lowers its rating to Buy with a new price target of $20.

Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Magnite with Benzinga Pro for real-time alerts.