Insider Selling: Magnite (NASDAQ:MGNI) Director Sells $241,600.00 in Stock

Magnite, Inc. (NASDAQ:MGNI – Get Free Report) Director Rachel Lam sold 10,000 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $24.16, for a total transaction of $241,600.00. Following the completion of the sale, the director directly owned 230,620 shares of the company’s stock, valued at $5,571,779.20. This represents a 4.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Magnite Stock Performance

NASDAQ MGNI traded up $0.04 on Wednesday, reaching $24.34. 3,320,117 shares of the stock were exchanged, compared to its average volume of 2,594,091. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. Magnite, Inc. has a one year low of $10.82 and a one year high of $26.65. The firm has a market capitalization of $3.49 billion, a PE ratio of 22.33, a PEG ratio of 1.48 and a beta of 2.26. The company’s 50-day simple moving average is $19.05 and its two-hundred day simple moving average is $15.08.

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Magnite (NASDAQ:MGNI – Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. The business had revenue of $192.82 million during the quarter, compared to analyst estimates of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The company’s revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.20 earnings per share. Analysts expect that Magnite, Inc. will post 0.44 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on MGNI shares. Evercore restated an “outperform” rating and issued a $25.00 price objective on shares of Magnite in a research report on Thursday, August 6th. Benchmark increased their target price on Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. B. Riley Financial lifted their target price on Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Susquehanna boosted their price target on Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a report on Thursday, August 6th. Finally, Wells Fargo & Company boosted their price target on Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Friday, August 7th. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $28.30.

Check Out Our Latest Stock Report on Magnite

Institutional Trading of Magnite

A number of institutional investors and hedge funds have recently bought and sold shares of MGNI. Smartleaf Asset Management LLC boosted its position in Magnite by 20.5% in the 2nd quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock valued at $82,000 after buying an additional 577 shares during the period. US Bancorp DE increased its position in shares of Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after acquiring an additional 688 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Magnite by 45.1% during the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock worth $53,000 after acquiring an additional 755 shares during the period. AYAL Capital Advisors Ltd raised its stake in shares of Magnite by 0.5% during the fourth quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company’s stock valued at $3,246,000 after acquiring an additional 1,000 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its stake in shares of Magnite by 2.4% during the third quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company’s stock valued at $992,000 after acquiring an additional 1,047 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

About Magnite

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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).

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