Magnite (NASDAQ:MGNI) Director Douglas Knopper Sells 37,337 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) Director Douglas Knopper sold 37,337 shares of the stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $26.28, for a total transaction of $981,216.36. Following the completion of the sale, the director owned 51,136 shares of the company’s stock, valued at approximately $1,343,854.08. The trade was a 42.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Magnite Trading Down 1.9%

MGNI opened at $25.15 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.03. The company’s 50 day simple moving average is $22.41 and its two-hundred day simple moving average is $17.25. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $26.84. The firm has a market capitalization of $3.61 billion, a price-to-earnings ratio of 23.07, a price-to-earnings-growth ratio of 1.12 and a beta of 2.30.

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

More Magnite News

Here are the key news stories impacting Magnite this week:

• Positive Sentiment: Analyst support increased: B. Riley raised its Magnite price target from $27 to $30 and maintained a “buy” rating, implying additional upside from recent trading levels. StoneX also reiterated its “buy” rating. StoneX Sticks to Its Buy Rating for Magnite
• Positive Sentiment: Google antitrust remedies could benefit ad-tech exchanges: Magnite shares recently rallied after an unsealed opinion in the U.S. Justice Department’s case against Alphabet’s Google raised expectations that remedies could improve competition and create opportunities for independent supply-side advertising platforms. Craig-Hallum reportedly lifted its target to $32. Magnite Rises on Google Auction Remedies
• Positive Sentiment: Product expansion supports the growth narrative: Magnite expanded its media-buying orchestration capabilities, potentially strengthening its offering to advertisers and media owners across increasingly complex digital channels. Magnite Expands Orchestration Capabilities for Media Buying
• Neutral Sentiment: Underlying results remain solid: Magnite’s latest quarter exceeded EPS and revenue expectations, with revenue up 11.3% year over year. However, investors are also weighing whether the recent AI-driven advertising enthusiasm has pushed the shares too far, with one analysis suggesting the stock could be substantially overvalued. Magnite Stock Could Be Overvalued
• Negative Sentiment: Several insiders sold shares: Director Douglas Knopper sold approximately $981,000 of stock, director Paul Caine sold $198,750, CTO David Buonasera sold 1,165 shares, and Robert Spillane was also reported to have sold shares. The Knopper and Caine transactions were made under pre-arranged Rule 10b5-1 plans, reducing their significance as discretionary bearish signals, but the cluster of sales may still weigh on sentiment. Robert Spillane Sells Magnite Shares

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in shares of Magnite in the 2nd quarter valued at approximately $241,296,000. Capital Research Global Investors increased its holdings in Magnite by 85.0% in the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after purchasing an additional 5,937,428 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in Magnite in the second quarter valued at approximately $56,847,000. Dimensional Fund Advisors LP raised its position in Magnite by 10.2% in the first quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock valued at $47,322,000 after purchasing an additional 367,854 shares during the period. Finally, 325 Capital LLC lifted its stake in Magnite by 208.5% during the fourth quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock worth $32,547,000 after purchasing an additional 1,355,326 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on MGNI. Craig Hallum reaffirmed a “buy” rating and issued a $32.00 target price on shares of Magnite in a research note on Thursday. Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a research report on Friday, August 7th. Royal Bank Of Canada upped their price objective on shares of Magnite from $20.00 to $27.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. Needham & Company LLC raised their price objective on shares of Magnite from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, September 3rd. Finally, Wells Fargo & Company lifted their target price on shares of Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Friday, August 7th. Eleven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Magnite has an average rating of “Moderate Buy” and a consensus target price of $29.36.

Magnite Company Profile

Magnite, Inc is an independent sell-side advertising technology company that operates a global platform for digital media owners and app developers. Its technology helps publishers and media companies manage, package, sell and optimize advertising inventory across connected television (CTV), online video, mobile, desktop, audio and digital out-of-home channels.

Magnite’s platform connects publishers with agencies, brands and demand-side platforms, supporting automated, data-driven programmatic advertising transactions.