Insider Selling: Magnite, Inc. (NASDAQ:MGNI) CFO Sells $722,866.70 in Stock

Magnite, Inc. (NASDAQ:MGNIGet Free Report) CFO David Day sold 38,146 shares of the stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $18.95, for a total transaction of $722,866.70. Following the completion of the sale, the chief financial officer now owns 443,528 shares of the company’s stock, valued at approximately $8,404,855.60. The trade was a 7.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Magnite Stock Performance

NASDAQ:MGNI opened at $18.72 on Monday. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $21.29. The firm’s fifty day simple moving average is $14.85 and its 200 day simple moving average is $15.20. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $2.64 billion, a PE ratio of 93.60, a PEG ratio of 1.53 and a beta of 2.87.

Magnite (NASDAQ:MGNIGet Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.06. Magnite had a net margin of 4.58% and a return on equity of 6.71%. The business had revenue of $145.85 million for the quarter, compared to analyst estimates of $142.18 million. During the same period last year, the business posted $0.05 EPS. Magnite’s revenue was up 4.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have issued reports on MGNI. Susquehanna increased their target price on shares of Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research report on Thursday, February 27th. Rosenblatt Securities restated a “buy” rating and set a $18.00 price target on shares of Magnite in a report on Thursday, May 8th. Lake Street Capital cut their price target on shares of Magnite from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. Royal Bank Of Canada cut their price target on shares of Magnite from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Friday, May 2nd. Finally, Wall Street Zen upgraded shares of Magnite from a “hold” rating to a “buy” rating in a report on Saturday. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.58.

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Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. SBI Securities Co. Ltd. acquired a new position in Magnite in the 4th quarter valued at $25,000. MCF Advisors LLC grew its position in Magnite by 2,100.0% in the 1st quarter. MCF Advisors LLC now owns 2,200 shares of the company’s stock worth $25,000 after purchasing an additional 2,100 shares during the last quarter. Smartleaf Asset Management LLC grew its position in Magnite by 74.9% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company’s stock worth $33,000 after purchasing an additional 1,203 shares during the last quarter. AllSquare Wealth Management LLC grew its position in Magnite by 76.8% in the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company’s stock worth $41,000 after purchasing an additional 1,555 shares during the last quarter. Finally, Larson Financial Group LLC grew its position in Magnite by 179.2% in the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock worth $58,000 after purchasing an additional 2,341 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

About Magnite

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Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company’s platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.

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Insider Buying and Selling by Quarter for Magnite (NASDAQ:MGNI)

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