Insider Selling: Magnite (NASDAQ:MGNI) Insider Sells 16,656 Shares of Stock

by · The Cerbat Gem

Magnite, Inc. (NASDAQ:MGNI – Get Free Report) insider Adam Lee Soroca sold 16,656 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $17.00, for a total transaction of $283,152.00. Following the completion of the sale, the insider owned 326,114 shares of the company’s stock, valued at $5,543,938. This trade represents a 4.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Adam Lee Soroca also recently made the following trade(s):

  • On Tuesday, November 18th, Adam Lee Soroca sold 10,857 shares of Magnite stock. The shares were sold at an average price of $13.23, for a total transaction of $143,638.11.

Magnite Trading Down 1.1%

NASDAQ MGNI traded down $0.18 during trading on Friday, hitting $16.40. The stock had a trading volume of 2,444,498 shares, compared to its average volume of 2,798,719. Magnite, Inc. has a one year low of $8.22 and a one year high of $26.65. The stock has a 50 day simple moving average of $16.17 and a 200 day simple moving average of $20.13. The stock has a market capitalization of $2.36 billion, a price-to-earnings ratio of 43.16, a P/E/G ratio of 1.27 and a beta of 2.49. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.01 and a current ratio of 1.01.

Magnite (NASDAQ:MGNI – Get Free Report) last released its earnings results on Wednesday, November 5th. The company reported $0.20 EPS for the quarter, meeting analysts’ consensus estimates of $0.20. Magnite had a return on equity of 8.74% and a net margin of 8.25%.The firm had revenue of $179.49 million for the quarter, compared to analysts’ expectations of $163.29 million. During the same quarter in the prior year, the firm posted $0.17 earnings per share. The company’s quarterly revenue was up 11.6% on a year-over-year basis. Sell-side analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current year.

Institutional Investors Weigh In On Magnite

Large investors have recently modified their holdings of the business. Neo Ivy Capital Management bought a new position in shares of Magnite during the third quarter valued at approximately $27,000. Smartleaf Asset Management LLC raised its stake in Magnite by 74.9% in the first quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company’s stock worth $33,000 after buying an additional 1,203 shares in the last quarter. US Bancorp DE lifted its holdings in Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after buying an additional 688 shares during the period. GAMMA Investing LLC boosted its position in Magnite by 355.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,517 shares of the company’s stock valued at $37,000 after acquiring an additional 1,184 shares in the last quarter. Finally, State of Wyoming bought a new stake in Magnite during the 3rd quarter valued at $39,000. Institutional investors own 73.40% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a research report on Wednesday, October 8th. Wells Fargo & Company reduced their price target on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Friday, November 7th. Rosenblatt Securities reissued a “buy” rating and issued a $39.00 price objective on shares of Magnite in a research report on Thursday, November 6th. Finally, Wall Street Zen downgraded shares of Magnite from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $26.20.

Get Our Latest Stock Report on Magnite

Magnite Company Profile

(Get Free Report)

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).

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