Magnite (NASDAQ:MGNI) Director Sarah Patricia Harden Sells 18,436 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) Director Sarah Patricia Harden sold 18,436 shares of the stock in a transaction dated Friday, August 28th. The shares were sold at an average price of $24.00, for a total value of $442,464.00. Following the completion of the sale, the director owned 114,751 shares of the company’s stock, valued at approximately $2,754,024. This trade represents a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Sarah Patricia Harden also recently made the following trade(s):

• On Wednesday, August 26th, Sarah Patricia Harden sold 30,550 shares of Magnite stock. The stock was sold at an average price of $23.31, for a total value of $712,120.50.

Magnite Price Performance

Shares of MGNI stock opened at $23.70 on Friday. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $26.63. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02. The firm has a market capitalization of $3.40 billion, a price-to-earnings ratio of 21.74, a PEG ratio of 1.02 and a beta of 2.26. The stock’s 50-day simple moving average is $21.04 and its 200-day simple moving average is $15.99.

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

Wall Street Analyst Weigh In

MGNI has been the subject of several research reports. Rosenblatt Securities lifted their price objective on shares of Magnite from $39.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Scotiabank reissued an “outperform” rating and issued a $27.00 target price on shares of Magnite in a research report on Thursday, August 6th. B. Riley Financial boosted their price target on Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Susquehanna increased their price objective on Magnite from $22.00 to $30.00 and gave the company a “positive” rating in a report on Thursday, August 6th. Finally, BTIG Research raised their price objective on Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $28.30.

Institutional Investors Weigh In On Magnite

Hedge funds have recently bought and sold shares of the stock. Nykredit A S acquired a new stake in shares of Magnite during the 2nd quarter worth approximately $25,000. EFG International AG acquired a new position in shares of Magnite in the 2nd quarter valued at $28,000. Allworth Financial LP acquired a new position in shares of Magnite in the 2nd quarter valued at $30,000. US Bancorp DE boosted 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 in the last quarter. Finally, PNC Financial Services Group Inc. grew its position in Magnite by 106.3% during the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock valued at $45,000 after buying an additional 1,949 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

About Magnite

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).