Insider Selling: Magnite (NASDAQ:MGNI) CEO Sells $1,462,500.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) CEO Michael Barrett sold 75,000 shares of Magnite stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $19.50, for a total transaction of $1,462,500.00. Following the completion of the transaction, the chief executive officer directly owned 403,074 shares in the company, valued at approximately $7,859,943. The trade was a 15.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Magnite Stock Up 6.8%

NASDAQ:MGNI traded up $1.30 during midday trading on Wednesday, reaching $20.28. 3,741,741 shares of the stock traded hands, compared to its average volume of 2,577,000. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $26.65. The business has a 50-day moving average of $14.86 and a two-hundred day moving average of $14.15. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market capitalization of $2.90 billion, a PE ratio of 19.50, a price-to-earnings-growth ratio of 0.97 and a beta of 2.32.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. The company had revenue of $164.37 million during the quarter, compared to the consensus estimate of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. Magnite’s revenue was up 5.5% compared to the same quarter last year. During the same period last year, the firm earned $0.12 earnings per share. On average, equities analysts forecast that Magnite, Inc. will post 0.55 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Magnite

Several institutional investors and hedge funds have recently made changes to their positions in MGNI. Neo Ivy Capital Management purchased a new position in Magnite in the 3rd quarter worth $27,000. US Bancorp DE grew its stake 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 purchasing an additional 688 shares during the last quarter. Central Pacific Bank Trust Division purchased a new stake in Magnite during the 4th quarter valued at about $41,000. Strategic Advocates LLC acquired a new position in shares of Magnite in the third quarter valued at about $42,000. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Magnite by 106.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock valued at $45,000 after purchasing an additional 1,949 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MGNI. Evercore reaffirmed an “outperform” rating and set a $21.00 target price on shares of Magnite in a research report on Thursday, May 7th. Scotiabank increased their price target on Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research note on Thursday, May 7th. Weiss Ratings raised Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. BTIG Research initiated coverage on Magnite in a research note on Tuesday, June 9th. They set a “buy” rating and a $20.00 price target on the stock. Finally, Wells Fargo & Company upped their price objective on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $23.89.

Magnite Company Profile

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).