Insider Selling: Magnite (NASDAQ:MGNI) Director Sells 10,766 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) Director David Pearson sold 10,766 shares of the business’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $15.65, for a total value of $168,487.90. Following the completion of the transaction, the director directly owned 79,001 shares of the company’s stock, valued at approximately $1,236,365.65. This trade represents a 11.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Magnite Stock Performance

NASDAQ:MGNI traded down $0.14 during mid-day trading on Wednesday, reaching $15.67. The company’s stock had a trading volume of 2,741,889 shares, compared to its average volume of 2,324,133. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $26.65. The firm’s fifty day moving average price is $13.32 and its two-hundred day moving average price is $13.85. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. The stock has a market cap of $2.24 billion, a P/E ratio of 15.07, a PEG ratio of 0.75 and a beta of 2.32.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, topping 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 business had revenue of $164.37 million during the quarter, compared to analyst estimates of $159.24 million. During the same quarter in the previous year, the firm earned $0.12 EPS. Magnite’s revenue was up 5.5% on a year-over-year basis. On average, equities analysts forecast that Magnite, Inc. will post 0.6 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have weighed in on MGNI shares. Royal Bank Of Canada reissued an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. Needham & Company LLC reissued a “buy” rating and issued a $25.00 target price on shares of Magnite in a research report on Thursday, April 16th. Wells Fargo & Company boosted their target price on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Friday, May 8th. Evercore reissued an “outperform” rating and issued a $21.00 target price on shares of Magnite in a research report on Thursday, May 7th. Finally, Scotiabank boosted their price target on Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research note on Thursday, May 7th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $23.89.

Institutional Investors Weigh In On Magnite

A number of large investors have recently made changes to their positions in MGNI. Capital Research Global Investors grew its stake in shares of Magnite by 85.0% during the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after purchasing an additional 5,937,428 shares during the period. Wellington Management Group LLP grew its stake in shares of Magnite by 67.7% during the 4th quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after purchasing an additional 3,484,689 shares during the period. Ophir Asset Management Pty Ltd bought a new stake in shares of Magnite during the 4th quarter valued at about $38,695,000. 325 Capital LLC grew its stake in shares of Magnite by 208.5% during the 4th quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock valued at $32,547,000 after purchasing an additional 1,355,326 shares during the period. Finally, Blue Grotto Capital LLC grew its stake in shares of Magnite by 443.8% during the 3rd quarter. Blue Grotto Capital LLC now owns 1,548,796 shares of the company’s stock valued at $33,733,000 after purchasing an additional 1,263,992 shares during the period. 73.40% of the stock is currently owned by institutional investors.

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).