Magnite (NASDAQ:MGNI) Stock: Insider Paul Caine Sells 12,500 Shares

Magnite, Inc. (NASDAQ:MGNI) Director Paul Caine sold 12,500 shares of the stock in a transaction that occurred on Monday, October 12th. The stock was sold at an average price of $25.29, for a total value of $316,125.00. Following the completion of the transaction, the director owned 124,901 shares of the company’s stock, valued at $3,158,746.29. The trade was a 9.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paul Caine also recently made the following trade(s):

• On Thursday, September 17th, Paul Caine sold 7,500 shares of Magnite stock. The stock was sold at an average price of $26.50, for a total value of $198,750.00.
• On Thursday, September 10th, Paul Caine sold 5,000 shares of Magnite stock. The stock was sold at an average price of $23.53, for a total value of $117,650.00.
• On Monday, August 10th, Paul Caine sold 5,000 shares of Magnite stock. The shares were sold at an average price of $24.35, for a total value of $121,750.00.

Magnite Price Performance

NASDAQ:MGNI opened at $24.48 on Friday. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.84. The stock’s fifty day moving average is $24.33 and its two-hundred day moving average is $18.90. The company has a market capitalization of $3.51 billion, a P/E ratio of 43.40, a P/E/G ratio of 0.78 and a beta of 2.33. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37.

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

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MGNI. Royal Bank Of Canada increased their target price on shares of Magnite from $20.00 to $27.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. Benchmark upped their price target on Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. B. Riley Financial raised their price target on Magnite from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, September 18th. Needham & Company LLC raised their price target on Magnite from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, September 3rd. Finally, Wells Fargo & Company lifted their price objective on Magnite from $21.00 to $22.00 and gave the company an “equal weight” rating in a research note on Friday, August 7th. Ten equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Magnite presently has an average rating of “Moderate Buy” and a consensus price target of $29.36.

Institutional Trading of Magnite

Institutional investors and hedge funds have recently bought and sold shares of the business. State of Alaska Department of Revenue grew its holdings in shares of Magnite by 19.4% in the third quarter. State of Alaska Department of Revenue now owns 36,206 shares of the company’s stock valued at $914,000 after purchasing an additional 5,872 shares in the last quarter. GAMMA Investing LLC increased its stake in Magnite by 32.1% during the 3rd quarter. GAMMA Investing LLC now owns 2,916 shares of the company’s stock worth $74,000 after buying an additional 708 shares during the period. Versant Capital Management Inc increased its stake in Magnite by 20.1% during the 3rd quarter. Versant Capital Management Inc now owns 5,662 shares of the company’s stock worth $143,000 after buying an additional 947 shares during the period. Tidal Investments LLC lifted its holdings in Magnite by 24.0% during the 2nd quarter. Tidal Investments LLC now owns 165,838 shares of the company’s stock worth $3,148,000 after buying an additional 32,074 shares in the last quarter. Finally, WINTON GROUP Ltd acquired a new stake in Magnite during the 2nd quarter worth approximately $2,314,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

About Magnite

Magnite, Inc is an independent sell-side advertising technology company that helps publishers, broadcasters and other content owners monetize digital advertising inventory. Its platform connects sellers of advertising space with brands, agencies and demand-side platforms, facilitating the automated buying and selling of ads across connected television (CTV), streaming video, mobile applications, websites, audio and digital out-of-home media.

The company offers tools for managing, packaging and selling advertising inventory, including programmatic auctions, direct and private marketplace transactions, audience targeting, yield optimization and measurement.