Magnite (NASDAQ:MGNI) Director Sells $241,600.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) Director Rachel Lam sold 10,000 shares of the firm’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $24.16, for a total transaction of $241,600.00. Following the transaction, the director owned 230,620 shares in the company, valued at $5,571,779.20. This represents a 4.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Magnite Stock Up 0.6%

MGNI stock opened at $24.73 on Friday. The firm has a market cap 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. The company has a fifty day simple moving average of $19.65 and a 200 day simple moving average of $15.27. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.24 by $0.02. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The firm had revenue of $192.82 million for the quarter, compared to the consensus estimate of $179.15 million. During the same period in the prior year, the business posted $0.20 earnings per share. The business’s quarterly revenue was up 11.3% on a year-over-year basis. Sell-side analysts anticipate that Magnite, Inc. will post 0.61 EPS for the current fiscal year.

Hedge Funds Weigh In On Magnite

Institutional investors have recently made changes to their positions in the business. Jupiter Topco LLC acquired a new stake in shares of Magnite in the second quarter worth $1,109,000. Meros Investment Management LP bought a new position in Magnite during the second quarter worth $18,815,538,000. EFG International AG acquired a new position in Magnite during the 2nd quarter valued at $28,000. Canada Pension Plan Investment Board acquired a new position in Magnite during the 2nd quarter valued at $56,847,000. Finally, Manatuck Hill Partners LLC bought a new stake in Magnite in the 2nd quarter valued at $8,541,000. 73.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. BTIG Research increased their price objective on Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Evercore reiterated an “outperform” rating and set a $25.00 price target on shares of Magnite in a report on Thursday, August 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a research report on Friday, August 7th. Scotiabank reissued an “outperform” rating and issued a $27.00 price target on shares of Magnite in a research report on Thursday, August 6th. Finally, Wells Fargo & Company boosted their price objective on shares of Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Friday, August 7th. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Magnite presently has an average rating of “Moderate Buy” and a consensus price target of $28.30.

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).