Magnite (NASDAQ:MGNI) Director Douglas Knopper Sells 37,337 Shares

Magnite, Inc. (NASDAQ:MGNI) Director Douglas Knopper sold 37,337 shares of Magnite stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $18.10, for a total value of $675,799.70. Following the sale, the director directly owned 125,810 shares in the company, valued at approximately $2,277,161. This trade represents a 22.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Magnite Stock Down 1.7%

MGNI stock opened at $18.24 on Thursday. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.65. The company has a market cap of $2.61 billion, a PE ratio of 17.54, a price-to-earnings-growth ratio of 0.88 and a beta of 2.32. The business’s 50-day simple moving average is $13.85 and its 200 day simple moving average is $13.94. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38.

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on MGNI shares. Scotiabank lifted their price objective on Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a report on Thursday, May 7th. Wells Fargo & Company lifted their price objective on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Rosenblatt Securities reaffirmed a “buy” rating and set a $39.00 price objective on shares of Magnite in a report on Thursday, February 26th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price objective on shares of Magnite in a report on Thursday, April 16th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $23.89.

Trending Headlines about Magnite

Here are the key news stories impacting Magnite this week:

• Positive Sentiment: Magnite announced a partnership with Viasat Aviation to bring programmatic advertising to in-flight screens, expanding its connected advertising reach and potentially opening a new revenue channel. Magnite and Viasat Aviation Partner to Bring Programmatic Advertising to In-Flight Screens
• Positive Sentiment: Investor sentiment appears strong, with unusual call-option activity showing a sharp jump in bullish bets on Magnite shares. Investors Purchase High Volume of Magnite Call Options (NASDAQ:MGNI)
• Positive Sentiment: Recent coverage notes Magnite shares have been gaining for multiple weeks, suggesting momentum traders are still interested despite mixed longer-term earnings-revision signals. MGNI stock eyes fifth week of gains: Magnite executives file plans to sell shares, but retail is unfazed
• Neutral Sentiment: Magnite’s stock saw unusually heavy trading and a strong session, but analysts warned that recent earnings estimate revisions may limit further near-term upside. Magnite (MGNI) Moves 10.8% Higher: Will This Strength Last?
• Negative Sentiment: Several Magnite executives and a director disclosed stock sales, including large sales by CEO Michael Barrett and CTO David Buonasera, which can weigh on investor sentiment even if the sales were preplanned or routine.

Institutional Investors Weigh In On Magnite

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of Magnite by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company’s stock worth $240,247,000 after acquiring an additional 148,198 shares in the last quarter. Capital Research Global Investors boosted its holdings in shares of Magnite by 85.0% in the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after acquiring an additional 5,937,428 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Magnite by 67.7% in the 4th quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock worth $140,053,000 after acquiring an additional 3,484,689 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Magnite by 10.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock worth $47,322,000 after acquiring an additional 367,854 shares in the last quarter. Finally, Granahan Investment Management LLC boosted its holdings in shares of Magnite by 6.3% in the 3rd quarter. Granahan Investment Management LLC now owns 3,873,179 shares of the company’s stock worth $84,358,000 after acquiring an additional 230,393 shares in the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Company Profile

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).