Magnite (NASDAQ:MGNI) Director Sells $103,200.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) Director Paul Caine sold 5,000 shares of Magnite stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $20.64, for a total value of $103,200.00. Following the transaction, the director directly owned 162,401 shares in the company, valued at approximately $3,351,956.64. The trade was a 2.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Magnite Trading Down 2.8%

NASDAQ MGNI opened at $19.91 on Friday. The firm has a market capitalization of $2.85 billion, a P/E ratio of 19.14, a PEG ratio of 1.04 and a beta of 2.25. The business has a fifty day simple moving average of $16.59 and a 200 day simple moving average of $14.50. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.65. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data 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. 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 analysts’ expectations of $159.24 million. During the same period last year, the business earned $0.12 EPS. The business’s revenue was up 5.5% on a year-over-year basis. On average, analysts predict that Magnite, Inc. will post 0.55 EPS for the current fiscal year.

Hedge Funds Weigh In On Magnite

Several institutional investors have recently added to or reduced their stakes in MGNI. US Bancorp DE raised its position in 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. Strategic Advocates LLC purchased a new position in Magnite in the third quarter valued at about $42,000. PNC Financial Services Group Inc. grew its position in shares of Magnite by 45.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after acquiring an additional 755 shares during the period. Central Pacific Bank Trust Division bought a new position in shares of Magnite during the 4th quarter valued at approximately $41,000. Finally, Harbor Investment Advisory LLC purchased a new stake in shares of Magnite during the 2nd quarter worth approximately $62,000. Institutional investors own 73.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Scotiabank boosted their price target on shares of Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a report on Thursday, May 7th. Weiss Ratings upgraded shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Evercore reissued an “outperform” rating and set a $21.00 target price on shares of Magnite in a research report on Thursday, May 7th. Royal Bank Of Canada restated an “outperform” rating on shares of Magnite in a research note on Thursday, May 28th. Finally, BTIG Research began coverage on Magnite in a research report on Tuesday, June 9th. They set a “buy” rating and a $20.00 price target for the company. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Magnite presently has an average rating of “Moderate Buy” and a consensus price target 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).