Magnite, Inc. (NASDAQ:MGNI – Get Free Report) Director Paul Caine sold 12,500 shares of the business’s stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $25.29, for a total value of $316,125.00. Following the completion of the transaction, the director directly owned 124,901 shares in the company, valued at approximately $3,158,746.29. This trade represents a 9.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Paul Caine also recently made the following trade(s):
- On Thursday, September 17th, Paul Caine sold 7,500 shares of Magnite stock. The shares were sold at an average price of $26.50, for a total transaction of $198,750.00.
- On Thursday, September 10th, Paul Caine sold 5,000 shares of Magnite stock. The stock was sold at an average price of $23.53, for a total value of $117,650.00.
- On Monday, August 10th, Paul Caine sold 5,000 shares of Magnite stock. The shares were sold at an average price of $24.35, for a total transaction of $121,750.00.
Magnite Stock Down 4.5%
Shares of Magnite stock traded down $1.11 on Friday, hitting $23.37. The company had a trading volume of 1,490,152 shares, compared to its average volume of 2,058,500. The stock has a market capitalization of $3.35 billion, a price-to-earnings ratio of 21.44, a P/E/G ratio of 0.80 and a beta of 2.33. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02. Magnite, Inc. has a 1 year low of $10.82 and a 1 year high of $26.84. The stock has a 50 day moving average of $24.30 and a 200-day moving average of $18.93.
Magnite (NASDAQ:MGNI – Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.02. Magnite had a return on equity of 9.33% and a net margin of 22.49%. The company had revenue of $192.82 million during the quarter, compared to analyst estimates of $179.15 million. During the same period in the prior year, the company posted $0.20 earnings per share. Magnite’s quarterly revenue was up 11.3% on a year-over-year basis. As a group, sell-side analysts forecast that Magnite, Inc. will post 0.61 earnings per share for the current year.
Analysts Set New Price Targets
MGNI has been the topic of several recent research reports. 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. Craig Hallum reiterated a “buy” rating and issued a $32.00 price target on shares of Magnite in a research report on Thursday, September 17th. Scotiabank reiterated an “outperform” rating and set a $27.00 price objective on shares of Magnite in a research note on Thursday, August 6th. Wells Fargo & Company boosted their price objective on Magnite from $21.00 to $22.00 and gave the company an “equal weight” rating in a research note on Friday, August 7th. Finally, Evercore reissued an “outperform” rating and set a $25.00 price objective on shares of Magnite in a report on Thursday, August 6th. Ten analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $29.36.
Read Our Latest Report on Magnite
Institutional Trading of Magnite
Institutional investors and hedge funds have recently bought and sold shares of the company. Nykredit A S purchased a new stake in Magnite during the 2nd quarter valued at about $25,000. EFG International AG bought a new stake in shares of Magnite in the second quarter worth about $28,000. Allworth Financial LP purchased a new position in Magnite during the 2nd quarter valued at about $30,000. PNC Financial Services Group Inc. increased its holdings 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, Harbor Investment Advisory LLC purchased a new position in Magnite during the 2nd quarter valued at about $62,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.
About Magnite
Magnite, Inc is an independent sell-side advertising technology company that helps publishers, broadcasters and other content owners monetize digital advertising inventory. Its platform connects sellers of advertising space with brands, agencies and demand-side platforms, facilitating the automated buying and selling of ads across connected television (CTV), streaming video, mobile applications, websites, audio and digital out-of-home media.
The company offers tools for managing, packaging and selling advertising inventory, including programmatic auctions, direct and private marketplace transactions, audience targeting, yield optimization and measurement.
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