Robert Spillane Sells 10,000 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) Director Robert Spillane sold 10,000 shares of Magnite stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $13.33, for a total transaction of $133,300.00. Following the completion of the sale, the director directly owned 43,917 shares of the company’s stock, valued at approximately $585,413.61. The trade was a 18.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Magnite Stock Up 1.0%

NASDAQ MGNI traded up $0.13 during mid-day trading on Thursday, hitting $13.19. The company’s stock had a trading volume of 1,769,342 shares, compared to its average volume of 2,382,566. The company’s 50 day simple moving average is $12.69 and its 200 day simple moving average is $13.91. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.65. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $1.89 billion, a price-to-earnings ratio of 12.68, a PEG ratio of 0.63 and a beta of 2.33.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The business had revenue of $164.37 million during the quarter, compared to the consensus estimate of $159.24 million. During the same quarter last year, the firm posted $0.12 EPS. Magnite’s revenue was up 5.5% compared to the same quarter last year. Analysts anticipate that Magnite, Inc. will post 0.6 earnings per share for the current year.

Analyst Ratings Changes

MGNI has been the subject of several research reports. Evercore reissued an “outperform” rating and issued a $21.00 price target on shares of Magnite in a research report on Thursday, May 7th. Weiss Ratings raised shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Wells Fargo & Company lifted their price target on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Friday, May 8th. Rosenblatt Securities reissued a “buy” rating and issued a $39.00 price target on shares of Magnite in a research report on Thursday, February 26th. Finally, Scotiabank raised their price objective on Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research note on Thursday, May 7th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $24.38.

Hedge Funds Weigh In On Magnite

Large investors have recently bought and sold shares of the stock. Neo Ivy Capital Management bought a new position in Magnite during the 3rd quarter valued at $27,000. US Bancorp DE raised its stake in shares of Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after purchasing an additional 688 shares during the period. State of Wyoming bought a new stake in shares of Magnite during the 3rd quarter worth $39,000. Central Pacific Bank Trust Division bought a new stake in shares of Magnite during the 4th quarter worth $41,000. Finally, Strategic Advocates LLC bought a new stake in shares of Magnite during the 3rd quarter worth $42,000. 73.40% of the stock is currently owned by institutional investors.

About Magnite

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).