Magnite (NASDAQ:MGNI) Insider Sells 40,000 Shares

by · The Markets Daily

Magnite, Inc. (NASDAQ:MGNI – Get Free Report) insider Aaron Saltz sold 40,000 shares of the stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $23.41, for a total transaction of $936,400.00. Following the completion of the sale, the insider owned 224,389 shares of the company’s stock, valued at approximately $5,252,946.49. This trade represents a 15.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Magnite Stock Performance

Shares of NASDAQ MGNI traded up $0.22 during midday trading on Friday, reaching $23.77. The company’s stock had a trading volume of 1,231,446 shares, compared to its average volume of 2,556,943. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $26.19. The firm has a 50 day moving average price of $21.97 and a 200-day moving average price of $16.79. The stock has a market capitalization of $3.41 billion, a P/E ratio of 21.81, a PEG ratio of 1.03 and a beta of 2.30. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.03.

Magnite (NASDAQ:MGNI – Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. The company had revenue of $192.82 million during the quarter, compared to the consensus estimate of $179.15 million. Magnite had a return on equity of 9.33% and a net margin of 22.49%.Magnite’s revenue was up 11.3% on a year-over-year basis. During the same period last year, the business posted $0.20 earnings per share. As a group, equities analysts predict that Magnite, Inc. will post 0.61 earnings per share for the current year.

Institutional Investors Weigh In On Magnite

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Magnite by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company’s stock worth $854,000 after purchasing an additional 3,267 shares during the period. Millennium Management LLC lifted its stake in shares of Magnite by 113.7% during the 1st quarter. Millennium Management LLC now owns 434,479 shares of the company’s stock valued at $4,957,000 after buying an additional 231,213 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in shares of Magnite by 24.3% during the 1st quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company’s stock valued at $83,000 after buying an additional 1,423 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Magnite by 9.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company’s stock worth $4,618,000 after buying an additional 36,097 shares during the period. Finally, Intech Investment Management LLC boosted its holdings in Magnite by 103.6% in the 1st quarter. Intech Investment Management LLC now owns 109,992 shares of the company’s stock worth $1,255,000 after buying an additional 55,971 shares during the period. 73.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on MGNI shares. Benchmark increased their price target on shares of Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a research note on Friday, August 7th. Susquehanna boosted their target price on shares of Magnite from $22.00 to $30.00 and gave the company a “positive” rating in a research note on Thursday, August 6th. Evercore reissued an “outperform” rating and set a $25.00 target price on shares of Magnite in a research report on Thursday, August 6th. Finally, BTIG Research restated a “buy” rating and set a $27.00 price target on shares of Magnite in a research note on Wednesday. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $28.80.

View Our Latest Analysis on Magnite

About Magnite

(Get Free Report)

Magnite, Inc is an independent sell-side advertising technology company that operates a global platform for digital media owners and app developers. Its technology helps publishers and media companies manage, package, sell and optimize advertising inventory across connected television (CTV), online video, mobile, desktop, audio and digital out-of-home channels.

Magnite’s platform connects publishers with agencies, brands and demand-side platforms, supporting automated, data-driven programmatic advertising transactions.

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