Magnite (NASDAQ:MGNI) Director Douglas Knopper Sells 10,766 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) Director Douglas Knopper sold 10,766 shares of the stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $15.73, for a total value of $169,349.18. Following the sale, the director owned 163,147 shares in the company, valued at $2,566,302.31. The trade was a 6.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Magnite Stock Performance

NASDAQ:MGNI opened at $15.67 on Thursday. The stock’s fifty day moving average is $13.32 and its 200 day moving average is $13.85. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $26.65. The firm has a market capitalization of $2.24 billion, a PE ratio of 15.07, a PEG ratio of 0.75 and a beta of 2.32. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02.

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

Institutional Trading of Magnite

Hedge funds have recently added to or reduced their stakes in the business. Neo Ivy Capital Management purchased a new stake in Magnite in the third quarter worth about $27,000. US Bancorp DE lifted its stake in Magnite by 75.8% in the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after acquiring an additional 688 shares during the period. State of Wyoming purchased a new stake in Magnite in the third quarter worth about $39,000. Central Pacific Bank Trust Division purchased a new stake in Magnite in the fourth quarter worth about $41,000. Finally, Strategic Advocates LLC purchased a new stake in Magnite in the third quarter worth about $42,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MGNI. Rosenblatt Securities reiterated a “buy” rating and issued a $39.00 target price on shares of Magnite in a research note on Thursday, February 26th. Wells Fargo & Company increased their target price on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. Weiss Ratings upgraded Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Needham & Company LLC reiterated a “buy” rating and issued a $25.00 target price on shares of Magnite in a research note on Thursday, April 16th. Finally, Royal Bank Of Canada reiterated an “outperform” rating on shares of Magnite in a research note on Thursday, May 28th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Magnite has a consensus rating of “Moderate Buy” and an average price target of $23.89.

About Magnite

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).