Robert Spillane Sells 10,363 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) Director Robert Spillane sold 10,363 shares of the company’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $23.76, for a total value of $246,224.88. Following the sale, the director owned 57,715 shares in the company, valued at approximately $1,371,308.40. This represents a 15.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Magnite Price Performance

Shares of MGNI stock traded up $0.07 during trading hours on Wednesday, reaching $23.78. The stock had a trading volume of 1,214,105 shares, compared to its average volume of 2,536,720. The stock’s fifty day simple moving average is $22.16 and its 200 day simple moving average is $17.04. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.19. The firm has a market capitalization of $3.41 billion, a PE ratio of 21.82, a PEG ratio of 1.04 and a beta of 2.30.

Magnite (NASDAQ:MGNI) last posted its 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. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The business had revenue of $192.82 million for the quarter, compared to analyst estimates of $179.15 million. During the same quarter in the prior year, the firm posted $0.20 EPS. Magnite’s revenue was up 11.3% on a year-over-year basis. On average, equities research analysts predict that Magnite, Inc. will post 0.61 EPS for the current year.

Hedge Funds Weigh In On Magnite

A number of institutional investors have recently made changes to their positions in the stock. Tidal Investments LLC raised its holdings in shares of Magnite by 24.0% during the 2nd quarter. Tidal Investments LLC now owns 165,838 shares of the company’s stock valued at $3,148,000 after buying an additional 32,074 shares in the last quarter. WINTON GROUP Ltd bought a new stake in Magnite in the 2nd quarter worth approximately $2,314,000. Allworth Financial LP boosted its stake in Magnite by 63.7% in the second quarter. Allworth Financial LP now owns 1,567 shares of the company’s stock worth $30,000 after buying an additional 610 shares in the last quarter. Nykredit A S purchased a new stake in Magnite in the second quarter worth approximately $25,000. Finally, Corient Private Wealth LP bought a new position in Magnite during the second quarter valued at approximately $481,000. Institutional investors own 73.40% of the company’s stock.

Wall Street Analysts Forecast Growth

MGNI has been the topic of several research analyst reports. Rosenblatt Securities upped their price target on shares of Magnite from $39.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Wells Fargo & Company boosted their target price on Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Friday, August 7th. Benchmark upped their target price on Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. BTIG Research restated a “buy” rating and issued a $27.00 target price on shares of Magnite in a research note on Wednesday, September 9th. Finally, B. Riley Financial raised their price target on Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Nine 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, Magnite presently has a consensus rating of “Moderate Buy” and an average price target of $28.80.

Magnite Company Profile

Magnite, Inc is an independent sell-side advertising technology company that operates a global platform for digital media owners and app developers. Its technology helps publishers and media companies manage, package, sell and optimize advertising inventory across connected television (CTV), online video, mobile, desktop, audio and digital out-of-home channels.

Magnite’s platform connects publishers with agencies, brands and demand-side platforms, supporting automated, data-driven programmatic advertising transactions.