Insider Selling: Magnite (NASDAQ:MGNI) Director Sells 10,000 Shares of Stock

by · The Cerbat Gem

Magnite, Inc. (NASDAQ:MGNI – Get Free Report) Director Robert Spillane sold 10,000 shares of Magnite stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $13.33, for a total value of $133,300.00. Following the sale, the director owned 43,917 shares in the company, valued at $585,413.61. The trade was a 18.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Magnite Stock Performance

Shares of NASDAQ MGNI traded up $0.13 during mid-day trading on Thursday, reaching $13.19. 1,769,342 shares of the company’s stock were exchanged, compared to its average volume of 2,382,566. The firm has a market capitalization of $1.89 billion, a price-to-earnings ratio of 12.68, a price-to-earnings-growth ratio of 0.63 and a beta of 2.33. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.65. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a 50-day moving average price of $12.69 and a two-hundred day moving average price of $13.91.

Magnite (NASDAQ:MGNI – Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The company had revenue of $164.37 million for the quarter, compared to analysts’ expectations of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.12 EPS. Analysts predict that Magnite, Inc. will post 0.6 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on MGNI shares. Wells Fargo & Company lifted their target price on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. Rosenblatt Securities restated a “buy” rating and issued a $39.00 price objective on shares of Magnite in a research note on Thursday, February 26th. Weiss Ratings upgraded Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Scotiabank boosted their price objective on Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research note on Thursday, May 7th. Finally, Needham & Company LLC restated a “buy” rating and issued a $25.00 price objective on shares of Magnite in a research note on Thursday, April 16th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and an average target price of $24.38.

View Our Latest Research Report on Magnite

Institutional Investors Weigh In On Magnite

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Neo Ivy Capital Management bought a new stake in Magnite in the 3rd quarter valued at about $27,000. US Bancorp DE grew its holdings in Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after buying an additional 688 shares in the last quarter. State of Wyoming purchased a new position in Magnite during the 3rd quarter valued at about $39,000. Central Pacific Bank Trust Division purchased a new position in Magnite during the 4th quarter valued at about $41,000. Finally, Strategic Advocates LLC purchased a new position in Magnite during the 3rd quarter valued at about $42,000. 73.40% of the stock is currently owned by institutional investors.

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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