Insider Selling: Magnite (NASDAQ:MGNI) Director Sells $712,120.50 in Stock

Magnite, Inc. (NASDAQ:MGNI) Director Sarah Patricia Harden sold 30,550 shares of the firm’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $23.31, for a total value of $712,120.50. Following the transaction, the director owned 133,187 shares of the company’s stock, valued at $3,104,588.97. This trade represents a 18.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Friday, August 28th, Sarah Patricia Harden sold 18,436 shares of Magnite stock. The shares were sold at an average price of $24.00, for a total value of $442,464.00.

Magnite Trading Up 1.5%

NASDAQ:MGNI traded up $0.34 on Friday, reaching $23.70. 1,658,717 shares of the company’s stock were exchanged, compared to its average volume of 2,570,022. The firm has a market capitalization of $3.40 billion, a price-to-earnings ratio of 21.74, a price-to-earnings-growth 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. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. The business has a fifty day moving average of $21.04 and a 200-day moving average of $15.99.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.24 by $0.02. The business had revenue of $192.82 million during the quarter, compared to analyst estimates of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.20 earnings per share. As a group, analysts expect that Magnite, Inc. will post 0.61 earnings per share for the current year.

Institutional Trading of Magnite

A number of large investors have recently made changes to their positions in MGNI. Nykredit A S purchased a new position in Magnite in the second quarter worth approximately $25,000. EFG International AG purchased a new stake in shares of Magnite in the 2nd quarter valued at approximately $28,000. Allworth Financial LP purchased a new stake in shares of Magnite in the 2nd quarter valued at approximately $30,000. US Bancorp DE increased its position in shares of Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after purchasing an additional 688 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Magnite by 45.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after purchasing an additional 755 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on MGNI shares. Benchmark raised their price target on shares of Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Rosenblatt Securities boosted their price target on shares of Magnite from $39.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Evercore reaffirmed an “outperform” rating and set a $25.00 price objective on shares of Magnite in a research report on Thursday, August 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a research note on Friday, August 7th. Finally, Scotiabank reiterated an “outperform” rating and issued a $27.00 target price on shares of Magnite in a report on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average 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).