Insider Selling: Magnite (NASDAQ:MGNI) Director Sells $133,300.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) Director Robert Spillane sold 10,000 shares of Magnite stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $13.33, for a total value of $133,300.00. Following the sale, the director directly owned 43,917 shares in the company, valued at $585,413.61. The trade was a 18.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Magnite Stock Performance

Shares of MGNI stock opened at $13.20 on Friday. The business’s 50-day moving average price is $12.70 and its 200-day moving average price is $13.88. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.65. The firm has a market capitalization of $1.89 billion, a price-to-earnings ratio of 12.69, a PEG ratio of 0.62 and a beta of 2.33. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The firm had revenue of $164.37 million for the quarter, compared to analyst estimates of $159.24 million. During the same period last year, the firm posted $0.12 earnings per share. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. Equities research analysts forecast that Magnite, Inc. will post 0.6 EPS for the current year.

Hedge Funds Weigh In On Magnite

A number of hedge funds have recently made changes to their positions in MGNI. Capital Research Global Investors raised its position in shares of Magnite by 85.0% during the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after acquiring an additional 5,937,428 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Magnite by 67.7% during the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock worth $140,053,000 after acquiring an additional 3,484,689 shares during the last quarter. Ophir Asset Management Pty Ltd bought a new position in shares of Magnite during the fourth quarter worth about $38,695,000. 325 Capital LLC raised its position in shares of Magnite by 208.5% during the fourth quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock worth $32,547,000 after acquiring an additional 1,355,326 shares during the last quarter. Finally, Blue Grotto Capital LLC raised its position in shares of Magnite by 443.8% during the third quarter. Blue Grotto Capital LLC now owns 1,548,796 shares of the company’s stock worth $33,733,000 after acquiring an additional 1,263,992 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on MGNI shares. Needham & Company LLC reissued a “buy” rating and set a $25.00 price target on shares of Magnite in a research note on Thursday, April 16th. Royal Bank Of Canada cut their price target on Magnite from $23.00 to $20.00 and set an “outperform” rating on the stock in a research note on Thursday, May 7th. Weiss Ratings raised Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Benchmark cut their price target on Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Finally, Evercore restated an “outperform” rating and set a $21.00 price objective on shares of Magnite in a research report on Thursday, May 7th. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $24.38.

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).