Paul Caine Sells 5,000 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI – Get Free Report) Director Paul Caine sold 5,000 shares of the firm’s stock in a transaction on Friday, July 10th. The stock was sold at an average price of $20.64, for a total value of $103,200.00. Following the completion of the sale, the director owned 162,401 shares of the company’s stock, valued at approximately $3,351,956.64. This represents a 2.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Magnite Trading Down 1.0%

MGNI stock traded down $0.21 during mid-day trading on Tuesday, reaching $20.20. 1,706,248 shares of the stock traded hands, compared to its average volume of 2,578,847. Magnite, Inc. has a one year low of $10.82 and a one year high of $26.65. The stock has a market capitalization of $2.89 billion, a PE ratio of 19.42, a PEG ratio of 1.04 and a beta of 2.25. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. The business has a 50-day moving average price of $16.33 and a two-hundred day moving average price of $14.44.

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Magnite (NASDAQ:MGNI – Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The firm had revenue of $164.37 million during the quarter, compared to analyst estimates of $159.24 million. During the same quarter last year, the business earned $0.12 EPS. The business’s revenue was up 5.5% on a year-over-year basis. Equities research analysts expect that Magnite, Inc. will post 0.55 EPS for the current year.

Hedge Funds Weigh In On Magnite

Hedge funds and other institutional investors have recently made changes to their positions in the company. US Bancorp DE raised its holdings in shares of Magnite by 75.8% in the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after acquiring an additional 688 shares in the last quarter. Central Pacific Bank Trust Division bought a new position in Magnite during the 4th quarter worth about $41,000. Strategic Advocates LLC purchased a new position in Magnite during the 3rd quarter valued at about $42,000. PNC Financial Services Group Inc. increased its position in Magnite by 106.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock valued at $45,000 after purchasing an additional 1,949 shares during the period. Finally, Smartleaf Asset Management LLC raised its holdings in shares of Magnite by 98.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,678 shares of the company’s stock valued at $61,000 after purchasing an additional 1,824 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Royal Bank Of Canada reiterated an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. Wells Fargo & Company upped their price target on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. Needham & Company LLC reiterated a “buy” rating and set a $25.00 price objective on shares of Magnite in a report on Thursday, April 16th. Evercore reissued an “outperform” rating and issued a $21.00 price objective on shares of Magnite in a research report on Thursday, May 7th. Finally, Scotiabank upped their target price on shares of Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a research note on Thursday, May 7th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Magnite currently has a consensus rating of “Moderate Buy” and an average price target of $23.89.

Check Out Our Latest Research Report on MGNI

Magnite Company Profile

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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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