Robert F. Spillane Sells 15,000 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) Director Robert F. Spillane sold 15,000 shares of the company’s stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $17.57, for a total transaction of $263,550.00. Following the sale, the director now owns 66,417 shares of the company’s stock, valued at $1,166,946.69. This trade represents a 18.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Magnite Stock Performance

NASDAQ:MGNI opened at $17.10 on Friday. Magnite, Inc. has a 12-month low of $8.22 and a 12-month 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 $2.41 billion, a PE ratio of 285.00, a price-to-earnings-growth ratio of 1.00 and a beta of 2.87. The firm has a 50-day moving average price of $13.99 and a 200 day moving average price of $15.17.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.06. The company had revenue of $145.85 million during the quarter, compared to analyst estimates of $142.18 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. The company’s revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the business posted $0.05 earnings per share. Research analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

MGNI has been the subject of a number of recent analyst reports. Needham & Company LLC upped their price target on shares of Magnite from $14.00 to $18.00 and gave the company a “buy” rating in a report on Monday, May 12th. Lake Street Capital decreased their price target 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. Benchmark reduced their target price on shares of Magnite from $25.00 to $24.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Rosenblatt Securities restated a “buy” rating and set a $18.00 price target on shares of Magnite in a research note on Thursday, May 8th. Finally, Craig Hallum set a $24.00 price objective on Magnite and gave the stock a “buy” rating in a report on Tuesday, May 20th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $19.58.

Institutional Trading of Magnite

Hedge funds have recently modified their holdings of the company. Rice Hall James & Associates LLC acquired a new stake in shares of Magnite during the fourth quarter worth approximately $3,000,000. JPMorgan Chase & Co. increased its holdings in shares of Magnite by 5.9% during the fourth quarter. JPMorgan Chase & Co. now owns 1,511,439 shares of the company’s stock worth $24,062,000 after buying an additional 84,497 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Magnite by 14.5% during the fourth quarter. Principal Financial Group Inc. now owns 123,073 shares of the company’s stock worth $1,959,000 after buying an additional 15,558 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Magnite by 7.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 368,620 shares of the company’s stock worth $5,868,000 after buying an additional 24,659 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Magnite by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company’s stock worth $216,593,000 after buying an additional 257,032 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

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.