Insider Selling: Magnite (NASDAQ:MGNI) Director Sells 37,337 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) Director Douglas Knopper sold 37,337 shares of Magnite stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $18.10, for a total transaction of $675,799.70. Following the sale, the director directly owned 125,810 shares in the company, valued at approximately $2,277,161. The trade was a 22.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Magnite Trading Down 1.7%

MGNI traded down $0.31 during trading hours on Wednesday, reaching $18.24. The company’s stock had a trading volume of 6,567,789 shares, compared to its average volume of 2,498,963. The stock has a market cap of $2.61 billion, a PE ratio of 17.54, a P/E/G ratio of 0.79 and a beta of 2.32. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $26.65. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. The business’s 50-day moving average is $13.73 and its 200-day moving average is $13.91.

Magnite (NASDAQ:MGNI) last posted its 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. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The company had revenue of $164.37 million during the quarter, compared to analysts’ expectations of $159.24 million. During the same quarter last year, the firm earned $0.12 earnings per share. The firm’s quarterly revenue was up 5.5% compared to the same quarter last year. As a group, equities research analysts predict that Magnite, Inc. will post 0.6 earnings per share for the current fiscal year.

Institutional Trading of Magnite

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Smartleaf Asset Management LLC increased 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 purchasing an additional 577 shares during the period. US Bancorp DE increased its stake in Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after buying an additional 688 shares during the period. PNC Financial Services Group Inc. increased its stake in Magnite by 45.1% during 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 period. AYAL Capital Advisors Ltd increased its stake in 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 buying an additional 1,000 shares during the period. Finally, CANADA LIFE ASSURANCE Co increased its stake in 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 buying an additional 1,047 shares during the period. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Wells Fargo & Company upped their target price on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Friday, May 8th. BTIG Research assumed coverage on shares of Magnite in a research report on Tuesday, June 9th. They set a “buy” rating and a $20.00 price objective for the company. Royal Bank Of Canada reissued an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. Rosenblatt Securities restated a “buy” rating and set a $39.00 price target on shares of Magnite in a research note on Thursday, February 26th. Finally, Benchmark lowered their price target on Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company has an average 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).