Insider Selling: Magnite (NASDAQ:MGNI) CEO Sells $1,750,000.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) CEO Michael Barrett sold 100,000 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $17.50, for a total value of $1,750,000.00. Following the sale, the chief executive officer owned 403,074 shares in the company, valued at approximately $7,053,795. The trade was a 19.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Magnite Stock Performance

Shares of MGNI opened at $17.89 on Friday. The company has a 50-day moving average of $14.08 and a two-hundred day moving average of $13.99. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of 17.20, a PEG ratio of 0.91 and a beta of 2.32. 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, Inc. has a one year low of $10.82 and a one year high of $26.65.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The business 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 revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.12 earnings per share. On average, equities research analysts expect that Magnite, Inc. will post 0.55 earnings per share for the current year.

Wall Street Analysts Forecast Growth

MGNI has been the topic of several recent analyst reports. Royal Bank Of Canada reissued an “outperform” rating on shares of Magnite in a research note on Thursday, May 28th. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 target price on shares of Magnite in a research report on Thursday, April 16th. BTIG Research initiated coverage on Magnite in a report on Tuesday, June 9th. They set a “buy” rating and a $20.00 price target on the stock. Wells Fargo & Company upped their price target on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Friday, May 8th. Finally, Evercore reissued an “outperform” rating and issued a $21.00 price objective on shares of Magnite in a research note on Thursday, May 7th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $23.89.

Institutional Trading of Magnite

A number of institutional investors have recently added to or reduced their stakes in MGNI. Neo Ivy Capital Management acquired a new position in shares of Magnite during the 3rd quarter worth $27,000. US Bancorp DE raised its holdings in shares of 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 purchasing an additional 688 shares in the last quarter. Central Pacific Bank Trust Division acquired a new stake in shares of Magnite in the 4th quarter valued at $41,000. Strategic Advocates LLC acquired a new stake in shares of Magnite in the 3rd quarter valued at $42,000. Finally, PNC Financial Services Group Inc. boosted its holdings in Magnite by 106.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock worth $45,000 after purchasing an additional 1,949 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

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).