Insider Selling: Magnite, Inc. (NASDAQ:MGNI) Director Sells $202,611.20 in Stock

Magnite, Inc. (NASDAQ:MGNI) Director David T. Pearson sold 11,512 shares of the firm’s stock in a transaction on Friday, June 6th. The shares were sold at an average price of $17.60, for a total value of $202,611.20. Following the completion of the sale, the director now directly owns 75,969 shares of the company’s stock, valued at approximately $1,337,054.40. This trade represents a 13.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Magnite Trading Up 0.8%

Magnite stock opened at $17.60 on Monday. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $21.29. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $2.48 billion, a price-to-earnings ratio of 293.33, a PEG ratio of 1.00 and a beta of 2.87. The firm has a 50-day moving average price of $13.21 and a two-hundred day moving average price of $15.12.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.06. The company had revenue of $145.85 million for the quarter, compared to analyst estimates of $142.18 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period last year, the company earned $0.05 earnings per share. Sell-side analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current year.

Hedge Funds Weigh In On Magnite

Several hedge funds have recently made changes to their positions in the business. Barclays PLC lifted its position in shares of Magnite by 352.9% in the 3rd quarter. Barclays PLC now owns 210,598 shares of the company’s stock valued at $2,917,000 after acquiring an additional 164,093 shares in the last quarter. KBC Group NV lifted its holdings in shares of Magnite by 66.5% in the fourth quarter. KBC Group NV now owns 5,943 shares of the company’s stock valued at $95,000 after purchasing an additional 2,374 shares in the last quarter. Jennison Associates LLC purchased a new stake in shares of Magnite in the fourth quarter valued at $818,000. Stephens Investment Management Group LLC boosted its position in shares of Magnite by 146.8% in the fourth quarter. Stephens Investment Management Group LLC now owns 996,644 shares of the company’s stock worth $15,867,000 after buying an additional 592,853 shares during the period. Finally, Legato Capital Management LLC grew its holdings in shares of Magnite by 32.1% during the fourth quarter. Legato Capital Management LLC now owns 48,123 shares of the company’s stock valued at $766,000 after buying an additional 11,705 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on MGNI shares. Craig Hallum set a $24.00 target price on Magnite and gave the stock a “buy” rating in a research report on Tuesday, May 20th. Benchmark lowered their price objective on shares of Magnite from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Thursday, May 8th. Lake Street Capital dropped their target price on shares of Magnite from $21.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, May 8th. Susquehanna upped their price target on shares of Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a report on Thursday, February 27th. Finally, Royal Bank of Canada lowered their price target on shares of Magnite from $22.00 to $19.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Magnite has an average rating of “Moderate Buy” and an average price target of $19.58.

Magnite Company Profile

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company’s platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.