Magnite (NASDAQ:MGNI) Insider Sells 32,285 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) insider Katie Evans sold 32,285 shares of the stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $23.63, for a total transaction of $762,894.55. Following the sale, the insider owned 466,897 shares in the company, valued at approximately $11,032,776.11. This trade represents a 6.47% 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 link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Wednesday, September 9th, Katie Evans sold 11,100 shares of Magnite stock. The stock was sold at an average price of $23.46, for a total transaction of $260,406.00.
• 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 value of $480,000.00.

Magnite Stock Down 0.1%

Shares of NASDAQ MGNI traded down $0.03 during mid-day trading on Thursday, hitting $23.55. The company had a trading volume of 1,629,504 shares, compared to its average volume of 2,564,595. The company has a market capitalization of $3.38 billion, a PE ratio of 21.61, a price-to-earnings-growth ratio of 1.03 and a beta of 2.30. The business’s 50-day simple moving average is $21.90 and its 200 day simple moving average is $16.71. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $26.19. 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) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.02. The company had revenue of $192.82 million for 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 quarter in the prior year, the business earned $0.20 EPS. On average, analysts predict that Magnite, Inc. will post 0.61 earnings per share for the current year.

Hedge Funds Weigh In On Magnite

Several hedge funds have recently added to or reduced their stakes in the stock. Capital Research Global Investors lifted its position in shares of Magnite by 85.0% during the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after buying an additional 5,937,428 shares during the last quarter. BlackRock Inc. purchased a new position in shares of Magnite in the 2nd quarter valued at $241,296,000. Wellington Management Group LLP grew its position in shares of Magnite by 67.7% in the 4th quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after buying an additional 3,484,689 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Magnite by 10.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock worth $47,322,000 after acquiring an additional 367,854 shares in the last quarter. Finally, Nuveen LLC raised its stake in Magnite by 14.2% during the 4th quarter. Nuveen LLC now owns 3,531,108 shares of the company’s stock worth $57,310,000 after acquiring an additional 439,072 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MGNI has been the topic of several analyst reports. B. Riley Financial raised their target price on shares of Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, August 6th. BTIG Research reiterated a “buy” rating and set a $27.00 price target on shares of Magnite in a report on Wednesday. Evercore reissued an “outperform” rating and issued a $25.00 price objective on shares of Magnite in a research report on Thursday, August 6th. Scotiabank reiterated an “outperform” rating and set a $27.00 target price on shares of Magnite in a research note on Thursday, August 6th. Finally, Susquehanna increased their target price on Magnite from $22.00 to $30.00 and gave the company a “positive” rating in a report on Thursday, August 6th. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Magnite presently has an average rating of “Moderate Buy” and an average price target of $28.80.

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).