Magnite (NASDAQ:MGNI) Director Sells $121,750.00 in Stock

Magnite, Inc. (NASDAQ:MGNI – Get Free Report) Director Paul Caine sold 5,000 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $24.35, for a total value of $121,750.00. Following the completion of the transaction, the director directly owned 157,401 shares of the company’s stock, valued at approximately $3,832,714.35. The trade was a 3.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paul Caine also recently made the following trade(s):

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• On Friday, July 10th, Paul Caine sold 5,000 shares of Magnite stock. The shares were sold at an average price of $20.64, for a total value of $103,200.00.

Magnite Price Performance

Shares of NASDAQ MGNI opened at $24.73 on Friday. The stock has a market cap of $3.55 billion, a P/E ratio of 22.69, a P/E/G ratio of 1.07 and a beta of 2.26. The firm’s 50-day simple moving average is $19.65 and its 200 day simple moving average is $15.27. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $26.65. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37.

Magnite (NASDAQ:MGNI – Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. The firm 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%. Magnite’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.20 EPS. Equities analysts expect that Magnite, Inc. will post 0.61 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on MGNI. Royal Bank Of Canada increased their price objective on shares of Magnite from $20.00 to $27.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. BTIG Research upped their target price on Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Evercore reaffirmed an “outperform” rating and set a $25.00 price target on shares of Magnite in a research note on Thursday, August 6th. Rosenblatt Securities lifted 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, Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a research note on Friday, August 7th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Magnite has an average rating of “Moderate Buy” and an average target price of $28.30.

Check Out Our Latest Analysis on MGNI

Hedge Funds Weigh In On Magnite

Several large investors have recently made changes to their positions in MGNI. BlackRock Inc. acquired a new position in shares of Magnite in the 2nd quarter worth approximately $241,296,000. Capital Research Global Investors lifted its stake in Magnite by 85.0% during the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after purchasing an additional 5,937,428 shares during the last quarter. Wellington Management Group LLP lifted its stake in Magnite by 67.7% during the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after purchasing an additional 3,484,689 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in Magnite during the second quarter worth approximately $56,847,000. Finally, Ophir Asset Management Pty Ltd bought a new stake in shares of Magnite during the 4th quarter worth $38,695,000. Institutional investors own 73.40% of the company’s stock.

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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