Insider Selling: Magnite (NASDAQ:MGNI) Director Sells $169,349.18 in Stock

Magnite, Inc. (NASDAQ:MGNI) Director Douglas Knopper sold 10,766 shares of the business’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $15.73, for a total transaction of $169,349.18. Following the sale, the director directly owned 163,147 shares in the company, valued at approximately $2,566,302.31. This trade represents a 6.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Magnite Price Performance

Shares of NASDAQ:MGNI opened at $16.25 on Friday. The company’s fifty day moving average is $13.50 and its two-hundred day moving average is $13.88. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $26.65. The company has a market cap of $2.33 billion, a P/E ratio of 15.63, a price-to-earnings-growth ratio of 0.77 and a beta of 2.32.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The business had revenue of $164.37 million for the quarter, compared to the consensus estimate of $159.24 million. During the same period in the prior year, the business posted $0.12 earnings per share. Magnite’s revenue for the quarter was up 5.5% compared to the same quarter last year. Equities analysts expect that Magnite, Inc. will post 0.6 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on MGNI shares. BTIG Research started coverage on shares of Magnite in a research note on Tuesday. They issued a “buy” rating and a $20.00 price target on the stock. Scotiabank upped their price target on shares of Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a research note on Thursday, May 7th. Benchmark dropped their price target on shares of Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Wells Fargo & Company upped their price target on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. Finally, Evercore reaffirmed an “outperform” rating and issued a $21.00 price target on shares of Magnite in a research note on Thursday, May 7th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Magnite currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.89.

Institutional Investors Weigh In On Magnite

A number of large investors have recently bought and sold shares of the business. Optiver Holding B.V. boosted its holdings in Magnite by 2,746.4% in the first quarter. Optiver Holding B.V. now owns 5,579 shares of the company’s stock worth $66,000 after purchasing an additional 5,383 shares in the last quarter. Bank of America Corp DE boosted its holdings in Magnite by 72.6% in the first quarter. Bank of America Corp DE now owns 1,125,196 shares of the company’s stock worth $13,367,000 after purchasing an additional 473,243 shares in the last quarter. Amundi boosted its holdings in Magnite by 74.8% in the first quarter. Amundi now owns 22,817 shares of the company’s stock worth $271,000 after purchasing an additional 9,764 shares in the last quarter. California State Teachers Retirement System boosted its holdings in Magnite by 29.3% in the first quarter. California State Teachers Retirement System now owns 176,528 shares of the company’s stock worth $2,097,000 after purchasing an additional 40,004 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its holdings in Magnite by 144.3% in the first quarter. Quantinno Capital Management LP now owns 128,133 shares of the company’s stock worth $1,522,000 after purchasing an additional 75,686 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

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).