Magnite (NASDAQ:MGNI) CFO Sells $106,486.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) CFO Brian Gephart sold 3,700 shares of the business’s stock in a transaction on Monday, November 9th. The shares were sold at an average price of $28.78, for a total value of $106,486.00. Following the completion of the sale, the chief financial officer owned 163,310 shares of the company’s stock, valued at $4,700,061.80. This trade represents a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Magnite Stock Performance

MGNI stock traded up $0.13 during trading hours on Thursday, hitting $29.34. 2,148,142 shares of the stock were exchanged, compared to its average volume of 2,526,010. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $4.21 billion, a P/E ratio of 24.66, a P/E/G ratio of 0.96 and a beta of 2.44. The company has a 50-day simple moving average of $24.39 and a two-hundred day simple moving average of $18.06. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $29.67.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, November 4th. The company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The company had revenue of $204.20 million during the quarter, compared to the consensus estimate of $190.19 million. Magnite had a return on equity of 10.94% and a net margin of 23.58%. The company’s revenue was up 22.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.20 earnings per share. On average, analysts forecast that Magnite, Inc. will post 0.61 earnings per share for the current fiscal year.

Institutional Trading of Magnite

Several large investors have recently made changes to their positions in MGNI. BlackRock Inc. bought a new position in Magnite in the second quarter valued at approximately $241,296,000. Canada Pension Plan Investment Board bought a new stake in Magnite during the second quarter worth $56,847,000. Bank of America Corp DE acquired a new stake in shares of Magnite in the 2nd quarter valued at $22,431,000. Bank of New York Mellon Corp acquired a new stake in shares of Magnite in the 2nd quarter valued at $22,059,000. Finally, Meros Investment Management LP bought a new position in shares of Magnite in the 2nd quarter valued at $18,815,538. Institutional investors and hedge funds own 73.40% of the company’s stock.

Trending Headlines about Magnite

Investors following MGNI have been watching these headlines:

• Positive Sentiment: Recent results were stronger than expected: Magnite beat quarterly EPS and revenue estimates, with revenue up 22.4% year over year. Coverage also points to a raised outlook and an expanded Gracenote connected-TV deal, which could support future growth. Article: Is Magnite Undervalued Following Its Gracenote CTV Deal Expansion?
• Neutral Sentiment: One assessment says the stock may be near fair value despite the raised outlook, suggesting that strong fundamentals may already be reflected in the valuation. Article: Magnite Stock May Be Near Fair Value Despite Raised Outlook
• Negative Sentiment: Six insiders reported sales totaling about 91,963 shares across November 9 and 11. Director James Rossman sold 49,190 shares, reducing his stake by 45.77%; the other sellers included the CFO and CAO. These sales can concern investors, though the CTO’s small sale was under a pre-arranged trading plan, and insiders retain substantial holdings. SEC filing for director James Rossman

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Royal Bank Of Canada boosted their price objective on shares of Magnite from $27.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday, November 5th. Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 target price on shares of Magnite in a report on Friday, October 2nd. B. Riley Financial lifted their price target on shares of Magnite from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, September 18th. BTIG Research boosted their price target on Magnite from $27.00 to $33.00 and gave the company a “buy” rating in a research note on Monday. Finally, Weiss Ratings downgraded Magnite from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, November 4th. Ten research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $31.00.

About Magnite

Magnite, Inc. operates a sell-side advertising platform that helps publishers, streaming services and app developers sell digital advertising inventory through programmatic auctions. Its technology connects those sellers with advertisers and their agencies seeking to buy ad placements. The company supports advertising across connected TV, online video, mobile applications and desktop formats. Its offerings include tools for managing and monetizing ad inventory, including streaming-focused ad-serving technology.