Magnite (NASDAQ:MGNI) Director Paul Caine Sells 5,000 Shares

Magnite, Inc. (NASDAQ:MGNI) Director Paul Caine sold 5,000 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $24.35, for a total value of $121,750.00. Following the completion of the sale, the director directly owned 157,401 shares of the company’s stock, valued at $3,832,714.35. The trade was a 3.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paul Caine also recently made the following trade(s):

• On Friday, July 10th, Paul Caine sold 5,000 shares of Magnite stock. The stock was sold at an average price of $20.64, for a total value of $103,200.00.

Magnite Trading Up 0.2%

Shares of NASDAQ:MGNI opened at $24.34 on Thursday. The business’s 50-day moving average is $19.25 and its 200 day moving average is $15.14. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.03. Magnite, Inc. has a 1 year low of $10.82 and a 1 year high of $26.65. The firm has a market capitalization of $3.49 billion, a P/E ratio of 22.33, a P/E/G ratio of 1.49 and a beta of 2.26.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.02. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The business had revenue of $192.82 million during the quarter, compared to the consensus estimate of $179.15 million. During the same quarter last year, the company earned $0.20 earnings per share. The company’s quarterly revenue was up 11.3% on a year-over-year basis. On average, research analysts predict that Magnite, Inc. will post 0.44 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in MGNI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Magnite by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company’s stock valued at $854,000 after purchasing an additional 3,267 shares during the last quarter. Millennium Management LLC boosted its stake in shares of Magnite by 113.7% in the first quarter. Millennium Management LLC now owns 434,479 shares of the company’s stock worth $4,957,000 after buying an additional 231,213 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in Magnite by 24.3% during the first quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company’s stock worth $83,000 after acquiring an additional 1,423 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Magnite by 9.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company’s stock valued at $4,618,000 after acquiring an additional 36,097 shares in the last quarter. Finally, Intech Investment Management LLC lifted its holdings in Magnite by 103.6% in the first quarter. Intech Investment Management LLC now owns 109,992 shares of the company’s stock valued at $1,255,000 after acquiring an additional 55,971 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MGNI. BTIG Research boosted their target price on shares of Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Evercore reiterated an “outperform” rating and set a $25.00 price objective on shares of Magnite in a research note on Thursday, August 6th. Rosenblatt Securities boosted their price objective on shares of Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Benchmark raised their target price on Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Finally, Wells Fargo & Company lifted their price target on Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Friday, August 7th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Magnite presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.30.

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).