Magnite (NASDAQ:MGNI) CFO David Day Sells 13,366 Shares

Magnite, Inc. (NASDAQ:MGNI) CFO David Day sold 13,366 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $23.85, for a total transaction of $318,779.10. Following the completion of the sale, the chief financial officer directly owned 382,106 shares of the company’s stock, valued at $9,113,228.10. This trade represents a 3.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

David Day also recently made the following trade(s):

• On Tuesday, June 24th, David Day sold 35,000 shares of Magnite stock. The shares were sold at an average price of $19.95, for a total transaction of $698,250.00.
• On Thursday, June 26th, David Day sold 36,000 shares of Magnite stock. The shares were sold at an average price of $20.95, for a total value of $754,200.00.
• On Wednesday, June 18th, David Day sold 38,146 shares of Magnite stock. The shares were sold at an average price of $18.95, for a total value of $722,866.70.

Magnite Trading Up 3.1%

Shares of Magnite stock opened at $22.52 on Friday. The company has a market cap of $3.21 billion, a price-to-earnings ratio of 77.66, a PEG ratio of 1.50 and a beta of 3.05. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $25.27. The company’s fifty day simple moving average is $22.36 and its 200-day simple moving average is $17.17. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.03. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The company had revenue of $162.00 million during the quarter, compared to analysts’ expectations of $157.05 million. During the same period last year, the business earned $0.14 earnings per share. The business’s revenue was up 6.4% on a year-over-year basis. As a group, sell-side analysts expect that Magnite, Inc. will post 0.33 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MGNI. Vanguard Group Inc. lifted its holdings in Magnite by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company’s stock worth $156,814,000 after purchasing an additional 138,417 shares in the last quarter. Boston Partners increased its stake in shares of Magnite by 5.7% in the second quarter. Boston Partners now owns 5,574,604 shares of the company’s stock worth $133,037,000 after buying an additional 298,248 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Magnite by 3.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company’s stock worth $87,957,000 after buying an additional 170,532 shares during the last quarter. American Century Companies Inc. grew its position in shares of Magnite by 63.1% in the 2nd quarter. American Century Companies Inc. now owns 4,829,197 shares of the company’s stock worth $116,480,000 after buying an additional 1,868,188 shares during the last quarter. Finally, Nuveen LLC bought a new stake in shares of Magnite during the first quarter valued at approximately $41,036,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Lake Street Capital decreased their price objective on Magnite from $21.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, May 8th. Rosenblatt Securities restated a “buy” rating and issued a $39.00 price target on shares of Magnite in a research note on Thursday, August 7th. Susquehanna raised their price target on Magnite from $22.00 to $28.00 and gave the stock a “positive” rating in a research report on Thursday, August 7th. Scotiabank reiterated an “outperform” rating and issued a $30.00 target price (up previously from $22.00) on shares of Magnite in a research report on Thursday, August 7th. Finally, Benchmark lifted their target price on Magnite from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Ten equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $25.82.

Magnite Company Profile

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company’s platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.