Insider Selling: Magnite (NASDAQ:MGNI) Director Sells $442,464.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) Director Sarah Patricia Harden sold 18,436 shares of the stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $24.00, for a total value of $442,464.00. Following the transaction, the director owned 114,751 shares of the company’s stock, valued at approximately $2,754,024. The trade was a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Sarah Patricia Harden also recently made the following trade(s):

• On Wednesday, August 26th, Sarah Patricia Harden sold 30,550 shares of Magnite stock. The stock was sold at an average price of $23.31, for a total value of $712,120.50.

Magnite Stock Up 1.5%

Shares of MGNI traded up $0.34 during mid-day trading on Friday, hitting $23.70. 1,658,717 shares of the company’s stock were exchanged, compared to its average volume of 2,570,022. The company has a 50-day simple moving average of $21.04 and a 200 day simple moving average of $15.99. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.03. The company has a market cap of $3.40 billion, a PE ratio of 21.74, a P/E/G ratio of 1.02 and a beta of 2.26. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.63.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.24 by $0.02. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The business had revenue of $192.82 million during the quarter, compared to analysts’ expectations of $179.15 million. During the same quarter in the prior year, the company posted $0.20 earnings per share. The firm’s revenue was up 11.3% on a year-over-year basis. On average, research analysts forecast that Magnite, Inc. will post 0.61 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Magnite

Several institutional investors and hedge funds have recently made changes to their positions in MGNI. Smartleaf Asset Management LLC lifted its holdings in Magnite by 20.5% during the 2nd 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 last quarter. US Bancorp DE increased its position 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. lifted its holdings in shares of Magnite by 45.1% during the third 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 in the last quarter. AYAL Capital Advisors Ltd boosted its position in shares of Magnite by 0.5% in the fourth quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company’s stock valued at $3,246,000 after acquiring an additional 1,000 shares during the period. Finally, CANADA LIFE ASSURANCE Co grew its stake in shares of Magnite by 2.4% in the third quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company’s stock valued at $992,000 after acquiring an additional 1,047 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on MGNI. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research report on Friday, August 7th. Benchmark raised their target price on shares of Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Scotiabank restated an “outperform” rating and issued a $27.00 price objective on shares of Magnite in a research note on Thursday, August 6th. B. Riley Financial increased their price target on Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, Evercore reaffirmed an “outperform” rating and set a $25.00 price target on shares of Magnite in a report on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $28.30.

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).