Michael Barrett Sells 75,000 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) CEO Michael Barrett sold 75,000 shares of Magnite stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $19.50, for a total transaction of $1,462,500.00. Following the completion of the sale, the chief executive officer directly owned 403,074 shares in the company, valued at $7,859,943. This trade represents a 15.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Magnite Stock Up 0.5%

Shares of NASDAQ MGNI opened at $20.38 on Friday. Magnite, Inc. has a one year low of $10.82 and a one year high of $26.65. The business’s fifty day moving average price is $15.13 and its 200-day moving average price is $14.21. The stock has a market capitalization of $2.92 billion, a PE ratio of 19.60, a P/E/G ratio of 1.03 and a beta of 2.25. 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 issued its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The firm had revenue of $164.37 million during 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 company’s quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter last year, the business earned $0.12 earnings per share. On average, equities research analysts anticipate that Magnite, Inc. will post 0.55 EPS for the current year.

Institutional Trading of Magnite

A number of hedge funds and other institutional investors have recently modified their holdings of MGNI. Neo Ivy Capital Management purchased a new position in Magnite during the 3rd quarter valued at about $27,000. US Bancorp DE lifted its holdings in shares of Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after purchasing an additional 688 shares during the last quarter. Strategic Advocates LLC bought a new stake in shares of Magnite in the 3rd quarter worth approximately $42,000. PNC Financial Services Group Inc. grew 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 worth $53,000 after buying an additional 755 shares during the last quarter. Finally, Central Pacific Bank Trust Division purchased a new stake in shares of Magnite in the 4th quarter worth approximately $41,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently commented on MGNI. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price objective on shares of Magnite in a research note on Thursday, April 16th. BTIG Research started coverage on Magnite in a research report on Tuesday, June 9th. They set a “buy” rating and a $20.00 price objective on the stock. Weiss Ratings upgraded shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. 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, Evercore restated an “outperform” rating and issued a $21.00 price objective on shares of Magnite in a research report on Thursday, May 7th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and a consensus price target 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).