Paul Caine Sells 5,000 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) Director Paul Caine sold 5,000 shares of Magnite stock in a transaction that occurred on Friday, July 10th. The stock was sold at an average price of $20.64, for a total value of $103,200.00. Following the sale, the director owned 162,401 shares in the company, valued at $3,351,956.64. This represents a 2.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Magnite Stock Up 1.4%

MGNI stock opened at $20.49 on Thursday. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.65. 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 company has a market capitalization of $2.93 billion, a P/E ratio of 19.70, a PEG ratio of 1.03 and a beta of 2.25. The firm has a 50 day simple moving average of $16.47 and a 200-day simple moving average of $14.47.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.02. The firm had revenue of $164.37 million for the quarter, compared to analysts’ expectations of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.12 earnings per share. On average, equities research analysts predict that Magnite, Inc. will post 0.55 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Magnite

Institutional investors have recently made changes to their positions in the stock. Handelsbanken Fonder AB raised its position in shares of Magnite by 37.9% during the 2nd quarter. Handelsbanken Fonder AB now owns 47,300 shares of the company’s stock worth $898,000 after purchasing an additional 13,000 shares during the period. Fulton Bank N.A. boosted its position in Magnite by 7.5% during the 2nd quarter. Fulton Bank N.A. now owns 33,041 shares of the company’s stock valued at $627,000 after purchasing an additional 2,301 shares during the period. Harbor Investment Advisory LLC bought a new position in Magnite during the 2nd quarter worth $62,000. Central Pacific Bank Trust Division grew its stake in Magnite by 100.0% during the 2nd quarter. Central Pacific Bank Trust Division now owns 5,000 shares of the company’s stock worth $95,000 after buying an additional 2,500 shares during the last quarter. Finally, Moody National Bank Trust Division increased its position in Magnite by 82.3% in the second quarter. Moody National Bank Trust Division now owns 97,202 shares of the company’s stock worth $1,845,000 after buying an additional 43,887 shares during the period. 73.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Scotiabank boosted their price objective on Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a report on Thursday, May 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 target price on shares of Magnite in a report on Thursday, April 16th. BTIG Research started coverage on Magnite in a research report on Tuesday, June 9th. They issued a “buy” rating and a $20.00 target price for the company. Royal Bank Of Canada reiterated an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Finally, Weiss Ratings raised Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Magnite presently has a consensus rating of “Moderate Buy” and a consensus target price 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).