Magnite, Inc. (NASDAQ:MGNI) Insider Sells $370,000.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) insider Katie Seitz Evans sold 20,000 shares of the firm’s stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $18.50, for a total value of $370,000.00. Following the completion of the sale, the insider now directly owns 442,788 shares in the company, valued at approximately $8,191,578. The trade was a 4.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Katie Seitz Evans also recently made the following trade(s):

• On Thursday, June 5th, Katie Seitz Evans sold 35,000 shares of Magnite stock. The shares were sold at an average price of $17.36, for a total value of $607,600.00.

Magnite Stock Performance

Magnite stock opened at $18.72 on Friday. The stock’s 50 day moving average price is $14.85 and its 200 day moving average price is $15.23. The firm 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 one year low of $8.22 and a one year high of $21.29.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.06. Magnite had a return on equity of 6.71% and a net margin of 4.58%. The company had revenue of $145.85 million for the quarter, compared to the consensus estimate of $142.18 million. During the same period in the previous year, the business earned $0.05 EPS. Magnite’s revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, sell-side analysts expect that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Institutional Investors Weigh In On Magnite

Hedge funds and other institutional investors have recently bought and sold shares of the business. SBI Securities Co. Ltd. purchased a new stake in Magnite during the 4th quarter worth approximately $25,000. MCF Advisors LLC increased its holdings in Magnite by 2,100.0% during the 1st quarter. MCF Advisors LLC now owns 2,200 shares of the company’s stock worth $25,000 after purchasing an additional 2,100 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in Magnite by 74.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company’s stock worth $33,000 after purchasing an additional 1,203 shares during the last quarter. AllSquare Wealth Management LLC increased its holdings in Magnite by 76.8% during the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company’s stock worth $41,000 after purchasing an additional 1,555 shares during the last quarter. Finally, Larson Financial Group LLC increased its holdings in Magnite by 179.2% during the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock worth $58,000 after purchasing an additional 2,341 shares during the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MGNI has been the topic of several research analyst reports. Lake Street Capital reduced their price objective on Magnite from $21.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, May 8th. Benchmark reduced their price objective on Magnite from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Thursday, May 8th. Craig Hallum set a $24.00 price objective on Magnite and gave the company a “buy” rating in a research note on Tuesday, May 20th. Royal Bank Of Canada reduced their price objective on Magnite from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Friday, May 2nd. Finally, Wall Street Zen raised Magnite from a “hold” rating to a “buy” rating in a research note on Saturday. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently 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.