Insider Selling: Magnite (NASDAQ:MGNI) Director Sells $981,216.36 in Stock

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

Magnite Price Performance

Magnite stock traded down $0.48 during midday trading on Friday, hitting $25.15. The company’s stock had a trading volume of 3,586,245 shares, compared to its average volume of 2,566,550. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.84. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $3.61 billion, a PE ratio of 23.07, a price-to-earnings-growth ratio of 1.04 and a beta of 2.30. The stock’s 50-day moving average price is $22.31 and its 200-day moving average price is $17.20.

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Magnite (NASDAQ:MGNI – Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.02. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The company had revenue of $192.82 million for the quarter, compared to analysts’ expectations of $179.15 million. During the same quarter in the previous year, the company posted $0.20 EPS. The business’s revenue was up 11.3% compared to the same quarter last year. Analysts anticipate that Magnite, Inc. will post 0.61 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MGNI. Needham & Company LLC upped their price target on Magnite from $25.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, September 3rd. Rosenblatt Securities lifted their target price on Magnite from $39.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. B Riley reaffirmed a “buy” rating on shares of Magnite in a report on Friday. Susquehanna increased their price target on Magnite from $22.00 to $30.00 and gave the company a “positive” rating in a research report on Thursday, August 6th. Finally, Wells Fargo & Company boosted their price objective on Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Friday, August 7th. Eleven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $29.36.

Check Out Our Latest Research Report on Magnite

Hedge Funds Weigh In On Magnite

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MGNI. Meros Investment Management LP acquired a new stake in shares of Magnite during the 2nd quarter valued at about $18,815,538. Royce & Associates LP grew its stake in shares of Magnite by 19.5% in the 4th quarter. Royce & Associates LP now owns 1,166,469 shares of the company’s stock valued at $18,932,000 after buying an additional 190,318 shares in the last quarter. Capital Research Global Investors increased its holdings in Magnite by 85.0% in the fourth 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. Manatuck Hill Partners LLC bought a new position in Magnite during the second quarter valued at approximately $8,541,000. Finally, Norwood Investment Partners LP bought a new position in Magnite during the second quarter valued at approximately $4,460,300. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Company Profile

(Get Free Report)

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.

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