Magnite, Inc. (NASDAQ:MGNI) CFO Sells $722,866.70 in Stock

Magnite, Inc. (NASDAQ:MGNI) CFO David Day sold 38,146 shares of the business’s stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $18.95, for a total transaction of $722,866.70. Following the transaction, the chief financial officer now owns 443,528 shares of the company’s stock, valued at approximately $8,404,855.60. This represents a 7.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Magnite Stock Down 0.5%

Shares of NASDAQ:MGNI opened at $18.72 on Friday. The company has a fifty day moving average of $14.85 and a 200-day moving average of $15.23. The company has a market capitalization of $2.64 billion, a PE ratio of 93.60, a price-to-earnings-growth ratio of 1.54 and a beta of 2.87. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 0.98. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $21.29.

Magnite (NASDAQ:MGNI) last issued 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. Magnite had a net margin of 4.58% and a return on equity of 6.71%. The company had revenue of $145.85 million for the quarter, compared to analysts’ expectations of $142.18 million. During the same quarter in the previous year, the firm posted $0.05 earnings per share. Magnite’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, equities analysts predict that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Institutional Trading of Magnite

Institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. grew its stake in shares of Magnite by 5.9% in the fourth quarter. JPMorgan Chase & Co. now owns 1,511,439 shares of the company’s stock worth $24,062,000 after purchasing an additional 84,497 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Magnite by 14.5% in the fourth quarter. Principal Financial Group Inc. now owns 123,073 shares of the company’s stock worth $1,959,000 after purchasing an additional 15,558 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Magnite by 7.2% in 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 purchasing an additional 24,659 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Magnite by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company’s stock worth $216,593,000 after purchasing an additional 257,032 shares during the last quarter. Finally, Wedge Capital Management L L P NC grew its stake in shares of Magnite by 18.5% in the first quarter. Wedge Capital Management L L P NC now owns 125,166 shares of the company’s stock worth $1,428,000 after purchasing an additional 19,500 shares during the last quarter. Institutional investors own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on MGNI. Rosenblatt Securities restated a “buy” rating and set a $18.00 price objective on shares of Magnite in a research report on Thursday, May 8th. Needham & Company LLC boosted their price objective on shares of Magnite from $14.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, May 12th. Royal Bank Of Canada lowered their price target on shares of Magnite from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Friday, May 2nd. Susquehanna upped their price target on shares of Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a report on Thursday, February 27th. Finally, Benchmark lowered their price target on shares of Magnite from $25.00 to $24.00 and set a “buy” rating for the company in a report on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently 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.