Magnite (NASDAQ:MGNI) Director Sarah Patricia Harden Sells 30,550 Shares

Magnite, Inc. (NASDAQ:MGNI) Director Sarah Patricia Harden sold 30,550 shares of the company’s stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $23.31, for a total transaction of $712,120.50. Following the completion of the transaction, the director directly owned 133,187 shares in the company, valued at approximately $3,104,588.97. The trade was a 18.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Friday, August 28th, Sarah Patricia Harden sold 18,436 shares of Magnite stock. The stock was sold at an average price of $24.00, for a total value of $442,464.00.

Magnite Price Performance

NASDAQ:MGNI opened at $23.70 on Friday. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $26.63. The stock has a fifty day moving average of $21.04 and a 200 day moving average of $15.99. 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 P/E/G ratio of 1.02 and a beta of 2.26.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results 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. The firm had revenue of $192.82 million for the quarter, compared to analysts’ expectations of $179.15 million. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The company’s revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.20 EPS. On average, research analysts expect that Magnite, Inc. will post 0.61 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on MGNI shares. BTIG Research lifted their target price on shares of Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a report on Friday, August 7th. Evercore reissued an “outperform” rating and issued a $25.00 target price on shares of Magnite in a research note on Thursday, August 6th. Rosenblatt Securities raised their price target on Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Finally, Susquehanna lifted their price target on Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a research note on Thursday, August 6th. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $28.30.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Nykredit A S purchased a new stake in shares of Magnite in the 2nd quarter valued at $25,000. EFG International AG bought a new position in shares of Magnite during the 2nd quarter valued at $28,000. Allworth Financial LP purchased a new position in Magnite in the 2nd quarter worth $30,000. US Bancorp DE raised its position in Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after purchasing an additional 688 shares during the period. Finally, PNC Financial Services Group Inc. lifted its stake in Magnite by 106.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock worth $45,000 after purchasing an additional 1,949 shares during the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

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).