David Pearson Sells 10,766 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) Director David Pearson sold 10,766 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $15.65, for a total value of $168,487.90. Following the transaction, the director owned 79,001 shares of the company’s stock, valued at $1,236,365.65. This represents a 11.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Magnite Stock Performance

NASDAQ MGNI opened at $16.20 on Friday. The stock has a market capitalization of $2.32 billion, a PE ratio of 15.58, a P/E/G ratio of 0.74 and a beta of 2.32. The business has a 50 day simple moving average of $13.41 and a two-hundred day simple moving average of $13.86. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $26.65.

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of MGNI. Capital Research Global Investors boosted its position in shares of Magnite by 85.0% during the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after buying an additional 5,937,428 shares during the period. Wellington Management Group LLP boosted its position in shares of Magnite by 67.7% during the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after buying an additional 3,484,689 shares during the period. Ophir Asset Management Pty Ltd purchased a new position in shares of Magnite during the fourth quarter valued at approximately $38,695,000. 325 Capital LLC boosted its position in shares of Magnite by 208.5% during the fourth quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock valued at $32,547,000 after buying an additional 1,355,326 shares during the period. Finally, Blue Grotto Capital LLC boosted its position in shares of Magnite by 443.8% during the third quarter. Blue Grotto Capital LLC now owns 1,548,796 shares of the company’s stock valued at $33,733,000 after buying an additional 1,263,992 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Benchmark reduced their price objective on Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Weiss Ratings raised Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Rosenblatt Securities reissued a “buy” rating and set a $39.00 price objective on shares of Magnite in a research note on Thursday, February 26th. Wells Fargo & Company boosted their price objective on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. Finally, Evercore reissued an “outperform” rating and set a $21.00 price objective on shares of Magnite in a research note on Thursday, May 7th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Magnite presently has an average rating of “Moderate Buy” and a consensus target price of $23.89.

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).