Magnite, Inc. (NASDAQ:MGNI) Insider Sells $147,405.60 in Stock

Magnite, Inc. (NASDAQ:MGNI) insider Adam Lee Soroca sold 8,328 shares of Magnite stock in a transaction on Friday, June 6th. The stock was sold at an average price of $17.70, for a total transaction of $147,405.60. Following the completion of the transaction, the insider now owns 437,117 shares in the company, valued at $7,736,970.90. This trade represents a 1.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Adam Lee Soroca also recently made the following trade(s):

• On Tuesday, May 20th, Adam Lee Soroca sold 8,328 shares of Magnite stock. The shares were sold at an average price of $17.00, for a total transaction of $141,576.00.
• On Friday, May 16th, Adam Lee Soroca sold 11,366 shares of Magnite stock. The stock was sold at an average price of $15.73, for a total value of $178,787.18.

Magnite Stock Up 0.8%

Shares of MGNI stock opened at $17.60 on Monday. Magnite, Inc. has a one year low of $8.22 and a one year high of $21.29. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a fifty day moving average price of $13.21 and a 200 day moving average price of $15.12. The stock has a market cap of $2.48 billion, a P/E ratio of 293.33, a price-to-earnings-growth ratio of 1.00 and a beta of 2.87.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.06. Magnite had a net margin of 2.62% and a return on equity of 4.64%. The company had revenue of $145.85 million during the quarter, compared to analysts’ expectations of $142.18 million. During the same quarter in the prior year, the company posted $0.05 EPS. The business’s revenue was up 4.3% on a year-over-year basis. Analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Rice Hall James & Associates LLC acquired a new stake in Magnite during the fourth quarter valued at approximately $3,000,000. Jennison Associates LLC bought a new position in shares of Magnite during the 4th quarter worth approximately $818,000. JPMorgan Chase & Co. boosted its stake in Magnite by 5.9% in the 4th quarter. JPMorgan Chase & Co. now owns 1,511,439 shares of the company’s stock valued at $24,062,000 after buying an additional 84,497 shares in the last quarter. Principal Financial Group Inc. grew its position in Magnite by 14.5% in the fourth quarter. Principal Financial Group Inc. now owns 123,073 shares of the company’s stock valued at $1,959,000 after acquiring an additional 15,558 shares during the period. Finally, Vanguard Group Inc. grew its position in Magnite by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company’s stock valued at $216,593,000 after acquiring an additional 257,032 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on MGNI. Craig Hallum set a $24.00 target price on Magnite and gave the company a “buy” rating in a research note on Tuesday, May 20th. Benchmark cut their price target on Magnite from $25.00 to $24.00 and set a “buy” rating for the company in a report on Thursday, May 8th. Needham & Company LLC raised their price objective on shares of Magnite from $14.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. Royal Bank of Canada dropped their target price on shares of Magnite from $22.00 to $19.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. Finally, Lake Street Capital reduced their price target on shares of Magnite from $21.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, May 8th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.58.

About Magnite

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company’s platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.