Insider Selling: Magnite (NASDAQ:MGNI) CAO Sells $307,981.72 in Stock

Magnite, Inc. (NASDAQ:MGNI) CAO Brian Gephart sold 12,479 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $24.68, for a total value of $307,981.72. Following the completion of the sale, the chief accounting officer directly owned 106,117 shares in the company, valued at approximately $2,618,967.56. This represents a 10.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Magnite Price Performance

Shares of NASDAQ:MGNI opened at $24.73 on Friday. The business has a fifty day moving average price of $19.65 and a 200-day moving average price of $15.27. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.03. The company has a market capitalization of $3.55 billion, a PE ratio of 22.69, a PEG ratio of 1.07 and a beta of 2.26. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $26.65.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) 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 company had revenue of $192.82 million for the quarter, compared to analysts’ expectations of $179.15 million. During the same quarter in the previous year, the business posted $0.20 EPS. Magnite’s revenue was up 11.3% compared to the same quarter last year. As a group, equities analysts expect that Magnite, Inc. will post 0.61 EPS for the current fiscal year.

Institutional Investors Weigh In On Magnite

Several large investors have recently bought and sold shares of MGNI. EFG International AG bought a new position in Magnite during the 2nd quarter valued at about $28,000. Allworth Financial LP purchased a new stake in shares of Magnite during the 2nd quarter valued at about $30,000. US Bancorp DE grew its stake in shares of Magnite by 75.8% in the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after acquiring an additional 688 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Magnite by 106.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock worth $45,000 after acquiring an additional 1,949 shares during the period. Finally, Smartleaf Asset Management LLC raised its holdings in shares of Magnite by 98.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,678 shares of the company’s stock valued at $61,000 after purchasing an additional 1,824 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Royal Bank Of Canada upped 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 raised their price target on shares of Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Susquehanna boosted their price objective on shares of Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a report on Thursday, August 6th. BTIG Research boosted their price objective on shares of Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Finally, Rosenblatt Securities upped their price objective on Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $28.30.

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).