Insider Selling: Magnite (NASDAQ:MGNI) Director Sells $1,428,969.50 in Stock

Magnite, Inc. (NASDAQ:MGNI) Director James Rossman sold 49,190 shares of the stock in a transaction on Wednesday, November 11th. The shares were sold at an average price of $29.05, for a total transaction of $1,428,969.50. Following the sale, the director directly owned 58,287 shares of the company’s stock, valued at $1,693,237.35. The trade was a 45.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Magnite Trading Up 0.4%

Shares of MGNI stock traded up $0.13 during mid-day trading on Thursday, reaching $29.34. The stock had a trading volume of 2,147,701 shares, compared to its average volume of 2,526,010. The stock’s 50-day moving average price is $24.39 and its two-hundred day moving average price is $18.06. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $29.67. The firm has a market capitalization of $4.21 billion, a PE ratio of 24.66, a price-to-earnings-growth ratio of 0.96 and a beta of 2.44. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.36.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, November 4th. The company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The company had revenue of $204.20 million during the quarter, compared to analyst estimates of $190.19 million. Magnite had a net margin of 23.58% and a return on equity of 10.94%. Magnite’s revenue for the quarter was up 22.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.20 earnings per share. Equities analysts expect that Magnite, Inc. will post 0.61 earnings per share for the current fiscal year.

Institutional Trading of Magnite

A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new position in shares of Magnite in the 2nd quarter worth about $241,296,000. Canada Pension Plan Investment Board bought a new stake in Magnite during the second quarter worth about $56,847,000. Dimensional Fund Advisors LP grew its holdings in Magnite by 10.2% in the first quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock worth $47,322,000 after purchasing an additional 367,854 shares during the period. Bank of America Corp DE purchased a new stake in Magnite in the second quarter worth about $22,431,000. Finally, Bank of New York Mellon Corp purchased a new stake in Magnite in the second quarter worth about $22,059,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MGNI. Wells Fargo & Company lifted their price objective on Magnite from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 5th. Evercore restated an “outperform” rating and set a $25.00 target price on shares of Magnite in a report on Thursday, August 6th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $40.00 price target on shares of Magnite in a research note on Friday, October 2nd. Susquehanna raised their price target on Magnite from $30.00 to $35.00 and gave the stock a “positive” rating in a research note on Thursday, November 5th. Finally, Scotiabank lifted their price target on shares of Magnite from $27.00 to $30.00 and gave the company a “sector outperform” rating in a report on Thursday, November 5th. Ten analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.00.

Key Stories Impacting Magnite

Here are a few of the latest stories about MGNI:

• Positive Sentiment: Recent results were stronger than expected: Magnite beat quarterly EPS and revenue estimates, with revenue up 22.4% year over year. Coverage also points to a raised outlook and an expanded Gracenote connected-TV deal, which could support future growth. Article: Is Magnite Undervalued Following Its Gracenote CTV Deal Expansion?
• Neutral Sentiment: One assessment says the stock may be near fair value despite the raised outlook, suggesting that strong fundamentals may already be reflected in the valuation. Article: Magnite Stock May Be Near Fair Value Despite Raised Outlook
• Negative Sentiment: Six insiders reported sales totaling about 91,963 shares across November 9 and 11. Director James Rossman sold 49,190 shares, reducing his stake by 45.77%; the other sellers included the CFO and CAO. These sales can concern investors, though the CTO’s small sale was under a pre-arranged trading plan, and insiders retain substantial holdings. SEC filing for director James Rossman

Magnite Company Profile

Magnite, Inc. operates a sell-side advertising platform that helps publishers, streaming services and app developers sell digital advertising inventory through programmatic auctions. Its technology connects those sellers with advertisers and their agencies seeking to buy ad placements. The company supports advertising across connected TV, online video, mobile applications and desktop formats. Its offerings include tools for managing and monetizing ad inventory, including streaming-focused ad-serving technology.