Insider Selling: Magnite (NASDAQ:MGNI) CEO Sells $2,962,907.64 in Stock

Magnite, Inc. (NASDAQ:MGNI) CEO Michael Barrett sold 178,596 shares of Magnite stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $16.59, for a total value of $2,962,907.64. Following the completion of the sale, the chief executive officer directly owned 403,074 shares in the company, valued at $6,686,997.66. This represents a 30.70% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Magnite Stock Performance

Shares of MGNI stock opened at $17.89 on Friday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. The stock has a 50 day simple moving average of $14.08 and a 200-day simple moving average of $13.99. The company has a market cap of $2.56 billion, a price-to-earnings ratio of 17.20, a price-to-earnings-growth ratio of 0.91 and a beta of 2.32. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $26.65.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The firm had revenue of $164.37 million for the quarter, compared to the consensus estimate of $159.24 million. During the same period in the previous year, the business earned $0.12 earnings per share. The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. On average, equities analysts forecast that Magnite, Inc. will post 0.55 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Neo Ivy Capital Management purchased a new stake in shares of Magnite in the 3rd quarter worth about $27,000. US Bancorp DE increased its holdings in Magnite by 75.8% during the 3rd 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. Strategic Advocates LLC purchased a new position in Magnite during the 3rd quarter valued at about $42,000. PNC Financial Services Group Inc. raised its position in 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 last quarter. Finally, Central Pacific Bank Trust Division acquired a new position in Magnite during the fourth quarter worth about $41,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Royal Bank Of Canada reissued an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Evercore restated an “outperform” rating and set a $21.00 target price on shares of Magnite in a research report on Thursday, May 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 target price on shares of Magnite in a report on Thursday, April 16th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $39.00 price target on shares of Magnite in a research report on Thursday, February 26th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.89.

Magnite Company Profile

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).