Insider Selling: Magnite (NASDAQ:MGNI) Insider Sells $365,427.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) insider Sean Patrick Buckley sold 19,233 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $19.00, for a total transaction of $365,427.00. Following the completion of the sale, the insider owned 373,514 shares in the company, valued at $7,096,766. The trade was a 4.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Magnite Price Performance

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

Magnite (NASDAQ:MGNI) last posted its quarterly 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. The firm had revenue of $164.37 million for the quarter, compared to analyst estimates of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The firm’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.12 earnings per share. Equities research analysts forecast that Magnite, Inc. will post 0.55 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Weiss Ratings upgraded Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Rosenblatt Securities reiterated a “buy” rating and issued a $39.00 price target on shares of Magnite in a research report on Thursday, February 26th. Wells Fargo & Company lifted their price target on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. Finally, Needham & Company LLC restated a “buy” rating and set a $25.00 price objective on shares of Magnite in a report on Thursday, April 16th. Eight research 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 has an average rating of “Moderate Buy” and a consensus price target of $23.89.

Hedge Funds Weigh In On Magnite

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC boosted its stake in Magnite by 20.5% during the second quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock worth $82,000 after buying an additional 577 shares in the last quarter. US Bancorp DE raised its stake in shares of Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after buying an additional 688 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Magnite by 45.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after buying an additional 755 shares in the last quarter. AYAL Capital Advisors Ltd lifted its holdings in shares of Magnite by 0.5% during the 4th quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company’s stock worth $3,246,000 after acquiring an additional 1,000 shares during the period. Finally, CANADA LIFE ASSURANCE Co lifted its holdings in shares of Magnite by 2.4% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company’s stock worth $992,000 after acquiring an additional 1,047 shares during the period. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

About Magnite

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).