Magnite (NASDAQ:MGNI) Insider Sells $260,406.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) insider Katie Evans sold 11,100 shares of the business’s stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $23.46, for a total transaction of $260,406.00. Following the completion of the sale, the insider directly owned 455,797 shares in the company, valued at $10,692,997.62. This trade represents a 2.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Katie Seitz Evans also recently made the following trade(s):

• On Tuesday, September 8th, Katie Evans sold 32,285 shares of Magnite stock. The shares were sold at an average price of $23.63, for a total transaction of $762,894.55.
• On Thursday, August 6th, Katie Evans sold 20,000 shares of Magnite stock. The stock was sold at an average price of $24.00, for a total transaction of $480,000.00.

Magnite Price Performance

MGNI traded down $0.03 during midday trading on Thursday, reaching $23.55. 1,629,504 shares of the company’s stock were exchanged, compared to its average volume of 2,564,595. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. The business has a 50-day simple moving average of $21.90 and a two-hundred day simple moving average of $16.71. The firm has a market capitalization of $3.38 billion, a price-to-earnings ratio of 21.61, a price-to-earnings-growth ratio of 1.03 and a beta of 2.30. Magnite, Inc. has a one year low of $10.82 and a one year high of $26.19.

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

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MGNI. Susquehanna upped their price target on Magnite from $22.00 to $30.00 and gave the company a “positive” rating in a research report on Thursday, August 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a report on Friday, August 7th. Royal Bank Of Canada boosted their target price on shares of Magnite from $20.00 to $27.00 and gave the company an “outperform” rating in a research note on Thursday, August 6th. BTIG Research reaffirmed a “buy” rating and issued a $27.00 target price on shares of Magnite in a report on Wednesday. Finally, Rosenblatt Securities increased their target price on shares of Magnite from $39.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.80.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MGNI. Tidal Investments LLC grew its position in Magnite by 24.0% during the 2nd quarter. Tidal Investments LLC now owns 165,838 shares of the company’s stock worth $3,148,000 after acquiring an additional 32,074 shares during the last quarter. WINTON GROUP Ltd bought a new position in Magnite in the 2nd quarter valued at $2,314,000. Allworth Financial LP boosted its stake in Magnite by 63.7% in the second quarter. Allworth Financial LP now owns 1,567 shares of the company’s stock worth $30,000 after purchasing an additional 610 shares in the last quarter. Nykredit A S acquired a new position in Magnite in the second quarter worth $25,000. Finally, Corient Private Wealth LP bought a new stake in shares of Magnite during the second quarter worth $481,000. 73.40% of the stock is owned by institutional investors and hedge funds.

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).