Magnite (NASDAQ:MGNI) Stock: Insider Haas Sullivan Sells 2,427 Shares

Magnite, Inc. (NASDAQ:MGNI) CAO Haas Sullivan sold 2,427 shares of the business’s stock in a transaction dated Wednesday, November 11th. The stock was sold at an average price of $29.59, for a total transaction of $71,814.93. Following the sale, the chief accounting officer directly owned 95,127 shares in the company, valued at approximately $2,814,807.93. This represents a 2.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Magnite Price Performance

Shares of NASDAQ:MGNI traded up $0.13 during trading 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 market cap of $4.21 billion, a PE ratio of 24.66, a P/E/G ratio of 0.96 and a beta of 2.44. 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 company has a fifty day moving average price of $24.39 and a two-hundred day moving average price 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 released its quarterly earnings data on Wednesday, November 4th. The company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.04. Magnite had a return on equity of 10.94% and a net margin of 23.58%. The firm had revenue of $204.20 million during the quarter, compared to the consensus estimate of $190.19 million. During the same period last year, the business posted $0.20 EPS. Magnite’s quarterly revenue was up 22.4% on a year-over-year basis. On average, analysts forecast that Magnite, Inc. will post 0.61 EPS for the current year.

Latest Magnite News

These are some of the MGNI news items that stood out recently:

• 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

Analysts Set New Price Targets

Several research analysts have recently issued reports on MGNI shares. Evercore reaffirmed an “outperform” rating and set a $25.00 price target on shares of Magnite in a research note on Thursday, August 6th. Rosenblatt Securities reissued a “buy” rating and issued a $40.00 price objective on shares of Magnite in a research note on Friday, October 2nd. Susquehanna raised their target price on shares of Magnite from $30.00 to $35.00 and gave the company a “positive” rating in a report on Thursday, November 5th. B. Riley Financial lifted their target price on shares of Magnite from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, September 18th. Finally, Benchmark upped their price target on shares of Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Ten analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $31.00.

Institutional Investors Weigh In On Magnite

A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in Magnite during the second quarter worth $241,296,000. Dimensional Fund Advisors LP raised its holdings in shares of Magnite by 10.2% in the first quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock worth $47,322,000 after acquiring an additional 367,854 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of Magnite in the second quarter valued at $56,847,000. Bank of America Corp DE purchased a new stake in shares of Magnite in the second quarter valued at $22,431,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Magnite in the second quarter valued at $22,059,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

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.