Insider Selling: Magnite (NASDAQ:MGNI) Insider Sells $404,469.99 in Stock

Magnite, Inc. (NASDAQ:MGNI) insider Sean Patrick Buckley sold 19,233 shares of Magnite stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $21.03, for a total value of $404,469.99. Following the transaction, the insider directly owned 354,281 shares of the company’s stock, valued at approximately $7,450,529.43. The trade was a 5.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Sean Patrick Buckley also recently made the following trade(s):

• On Wednesday, June 17th, Sean Patrick Buckley sold 19,233 shares of Magnite stock. The stock was sold at an average price of $19.00, for a total transaction of $365,427.00.

Magnite Price Performance

Shares of Magnite stock traded down $0.88 during mid-day trading on Friday, reaching $20.34. 2,575,926 shares of the stock were exchanged, compared to its average volume of 3,515,096. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $26.65. The company has a market cap of $2.91 billion, a price-to-earnings ratio of 19.56, a price-to-earnings-growth ratio of 1.04 and a beta of 2.25. The firm has a 50-day simple moving average of $16.05 and a 200 day simple moving average of $14.40. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38.

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

Wall Street Analyst Weigh In

Several research analysts have recently commented on MGNI shares. Scotiabank boosted their target price on Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a report on Thursday, May 7th. Evercore reiterated an “outperform” rating and issued a $21.00 price objective on shares of Magnite in a research report on Thursday, May 7th. Weiss Ratings raised Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Wells Fargo & Company boosted their price objective 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, Royal Bank Of Canada restated an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $23.89.

Hedge Funds Weigh In On Magnite

A number of large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its position in shares of Magnite by 28.9% during the third quarter. JPMorgan Chase & Co. now owns 1,209,413 shares of the company’s stock worth $26,341,000 after acquiring an additional 271,325 shares during the last quarter. Kopion Asset Management LLC lifted its stake in shares of Magnite by 149.2% during the fourth quarter. Kopion Asset Management LLC now owns 614,459 shares of the company’s stock valued at $9,973,000 after acquiring an additional 367,858 shares during the period. Stephens Investment Management Group LLC boosted its holdings in Magnite by 17.0% in the fourth quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company’s stock valued at $18,317,000 after acquiring an additional 164,035 shares during the last quarter. Royce & Associates LP boosted its holdings in Magnite by 19.5% in the fourth quarter. Royce & Associates LP now owns 1,166,469 shares of the company’s stock valued at $18,932,000 after acquiring an additional 190,318 shares during the last quarter. Finally, Kennedy Capital Management LLC increased its position in Magnite by 39.6% in the third quarter. Kennedy Capital Management LLC now owns 1,213,613 shares of the company’s stock worth $26,432,000 after purchasing an additional 344,466 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

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).