Magnite, Inc. (NASDAQ:MGNI) Insider Sells $152,455.16 in Stock

Magnite, Inc. (NASDAQ:MGNI) insider Sean Patrick Buckley sold 9,692 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $15.73, for a total transaction of $152,455.16. Following the completion of the transaction, the insider now directly owns 347,394 shares in the company, valued at approximately $5,464,507.62. The trade was a 2.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Sean Patrick Buckley also recently made the following trade(s):

• On Wednesday, February 19th, Sean Patrick Buckley sold 10,527 shares of Magnite stock. The shares were sold at an average price of $19.13, for a total transaction of $201,381.51.

Magnite Trading Down 2.1%

Shares of NASDAQ:MGNI opened at $15.54 on Monday. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $21.29. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The company’s fifty day simple moving average is $12.15 and its 200 day simple moving average is $14.98. The firm has a market cap of $2.19 billion, a price-to-earnings ratio of 259.00, a PEG ratio of 1.00 and a beta of 2.73.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, topping 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 business had revenue of $145.85 million for the quarter, compared to analyst estimates of $142.18 million. During the same period last year, the business posted $0.05 earnings per share. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. As a group, research analysts forecast that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Institutional Investors Weigh In On Magnite

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MGNI. Barclays PLC increased its stake in Magnite by 352.9% in the 3rd quarter. Barclays PLC now owns 210,598 shares of the company’s stock valued at $2,917,000 after buying an additional 164,093 shares during the last quarter. Franklin Resources Inc. increased its stake in Magnite by 99.7% in the 3rd quarter. Franklin Resources Inc. now owns 144,563 shares of the company’s stock valued at $2,002,000 after buying an additional 72,169 shares during the last quarter. Financial Enhancement Group LLC acquired a new stake in Magnite in the 4th quarter valued at $1,509,000. Merit Financial Group LLC acquired a new stake in Magnite in the 4th quarter valued at $586,000. Finally, Blue Trust Inc. increased its stake in Magnite by 182.0% in the 4th quarter. Blue Trust Inc. now owns 22,364 shares of the company’s stock valued at $356,000 after buying an additional 14,433 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Royal Bank of Canada reduced their price objective on shares of Magnite from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Friday, May 2nd. Needham & Company LLC increased their target price on shares of Magnite from $14.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, May 12th. Benchmark cut their target price on shares of Magnite from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. Rosenblatt Securities reiterated a “buy” rating and issued a $18.00 target price on shares of Magnite in a report on Thursday, May 8th. Finally, Susquehanna increased their target price on shares of Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $18.92.

Magnite Company Profile

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.