Insider Selling: Magnite (NASDAQ:MGNI) CAO Sells $71,814.93 in Stock

Magnite, Inc. (NASDAQ:MGNI) CAO Haas Sullivan sold 2,427 shares of the business’s stock in a transaction dated Wednesday, November 11th. The shares were sold at an average price of $29.59, for a total value of $71,814.93. Following the completion of the transaction, the chief accounting officer directly owned 95,127 shares in the company, valued at $2,814,807.93. This represents a 2.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Magnite Trading Down 0.2%

Shares of Magnite stock traded down $0.05 on Friday, hitting $29.29. 2,292,291 shares of the company’s stock traded hands, compared to its average volume of 2,683,232. The company has a fifty day moving average of $24.58 and a two-hundred day moving average of $18.20. Magnite, Inc. has a one year low of $10.82 and a one year high of $29.78. The company has a market capitalization of $4.20 billion, a price-to-earnings ratio of 24.61, a price-to-earnings-growth ratio of 0.89 and a beta of 2.44. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.04 and a quick ratio of 1.04.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, November 4th. The company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. Magnite had a return on equity of 10.94% and a net margin of 23.58%. The business had revenue of $204.20 million during the quarter, compared to the consensus estimate of $190.19 million. During the same period in the previous year, the company posted $0.20 earnings per share. The firm’s revenue for the quarter was up 22.4% on a year-over-year basis. As a group, sell-side analysts expect that Magnite, Inc. will post 0.68 earnings per share for the current year.

Top Magnite Stories

These are some of the MGNI stories that stood out recently:

• Positive Sentiment: An analysis describes Magnite’s CTV growth as solid, while coverage of its expanded Gracenote deal sees potential value in the company’s streaming-TV opportunity. These themes add to the backdrop of a recent quarter in which Magnite beat earnings and revenue estimates. Gracenote deal analysis
• Neutral Sentiment: Analyst commentary is not uniformly bullish on upside: one valuation assessment says MGNI may be near fair value despite a raised outlook. Magnite fair-value analysis
• Negative Sentiment: Several Magnite executives and a director reported selling shares in transactions dated November 9 and 11, totaling roughly 92,000 shares, or about $2.7 million. The CTO’s sale was under a pre-arranged trading plan, and sellers retained substantial holdings, but the cluster of sales may still temper investor sentiment. Magnite insider sales report

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Meros Investment Management LP bought a new position in Magnite in the second quarter worth approximately $18,815,538. Jupiter Topco LLC acquired a new stake in Magnite in the second quarter valued at approximately $1,109,000. Legal & General Group Plc bought a new stake in shares of Magnite during the second quarter valued at approximately $2,221,000. Manatuck Hill Partners LLC bought a new stake in shares of Magnite during the second quarter valued at approximately $8,541,000. Finally, WINTON GROUP Ltd bought a new stake in shares of Magnite during the second quarter valued at approximately $2,314,000. 73.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MGNI has been the subject of several research analyst reports. Benchmark lifted their price objective on shares of Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Evercore reissued an “outperform” rating and set a $25.00 target price on shares of Magnite in a research note on Thursday, August 6th. Needham & Company LLC increased their target price on shares of Magnite from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, September 3rd. Susquehanna raised their price target on shares of Magnite from $30.00 to $35.00 and gave the stock a “positive” rating in a report on Thursday, November 5th. Finally, Scotiabank lifted their price target on shares of Magnite from $27.00 to $30.00 and gave the company a “sector outperform” rating in a research note on Thursday, November 5th. Ten equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $31.00.

About Magnite

Magnite, Inc. operates a sell-side advertising platform that helps publishers, streaming services and app developers sell digital advertising inventory through programmatic auctions. Its technology connects those sellers with advertisers and their agencies seeking to buy ad placements. The company supports advertising across connected TV, online video, mobile applications and desktop formats. Its offerings include tools for managing and monetizing ad inventory, including streaming-focused ad-serving technology.