Magnite (NASDAQ:MGNI) Director Diane Yu Sells 20,000 Shares of Company Stock

Magnite, Inc. (NASDAQ:MGNI) Director Diane Yu sold 20,000 shares of Magnite stock in a transaction on Thursday, November 12th. The shares were sold at an average price of $29.17, for a total value of $583,400.00. Following the completion of the sale, the director directly owned 61,279 shares of the company’s stock, valued at approximately $1,787,508.43. This represents a 24.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Magnite Trading Down 0.2%

Magnite stock traded down $0.05 during trading on Friday, reaching $29.29. The company had a trading volume of 2,292,291 shares, compared to its average volume of 2,683,232. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $29.78. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.04 and a current ratio of 1.04. The stock’s 50 day moving average price is $24.58 and its two-hundred day moving average price is $18.20. The firm has a market capitalization of $4.20 billion, a price-to-earnings ratio of 24.61, a PEG ratio of 0.89 and a beta of 2.44.

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 business had revenue of $204.20 million for the quarter, compared to analyst estimates of $190.19 million. During the same period in the previous year, the company posted $0.20 EPS. The company’s revenue was up 22.4% compared to the same quarter last year. As a group, equities analysts expect that Magnite, Inc. will post 0.68 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on MGNI shares. BTIG Research raised their price objective on Magnite from $27.00 to $33.00 and gave the company a “buy” rating in a research note on Monday, November 9th. Susquehanna upped their target price on Magnite from $30.00 to $35.00 and gave the company a “positive” rating in a research report on Thursday, November 5th. Needham & Company LLC increased their target price on Magnite from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, September 3rd. Weiss Ratings downgraded shares of Magnite from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, November 4th. Finally, B. Riley Financial lifted their price target on shares of Magnite from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, September 18th. Ten analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.00.

Institutional Trading of Magnite

Institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in shares of Magnite during the second quarter worth $241,296,000. Canada Pension Plan Investment Board acquired a new position in shares of Magnite in the 2nd quarter valued at about $56,847,000. Dimensional Fund Advisors LP lifted its holdings in 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. Bank of America Corp DE bought a new position in shares of Magnite during the second quarter valued at approximately $22,431,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Magnite during the second quarter valued at approximately $22,059,000. Institutional investors own 73.40% of the company’s stock.

Key Headlines Impacting Magnite

Here are a few of the latest headlines about MGNI:

• Positive Sentiment: An analysis describes Magnite’s CTV growth as solid, while coverage of its expanded Gracenote deal sees potential value in the company’s streaming-TV opportunity. These themes add to the backdrop of a recent quarter in which Magnite beat earnings and revenue estimates. Gracenote deal analysis
• Neutral Sentiment: Analyst commentary is not uniformly bullish on upside: one valuation assessment says MGNI may be near fair value despite a raised outlook. Magnite fair-value analysis
• Negative Sentiment: Several Magnite executives and a director reported selling shares in transactions dated November 9 and 11, totaling roughly 92,000 shares, or about $2.7 million. The CTO’s sale was under a pre-arranged trading plan, and sellers retained substantial holdings, but the cluster of sales may still temper investor sentiment. Magnite insider sales report

Magnite Company Profile

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.