Magnite (NASDAQ:MGNI) Director Rachel Lam Sells 10,000 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) Director Rachel Lam sold 10,000 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $24.16, for a total transaction of $241,600.00. Following the transaction, the director owned 230,620 shares in the company, valued at approximately $5,571,779.20. This represents a 4.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

Magnite Stock Up 0.2%

Shares of NASDAQ MGNI traded up $0.04 during mid-day trading on Wednesday, reaching $24.34. 3,320,117 shares of the company were exchanged, compared to its average volume of 2,594,091. The stock has a market cap of $3.49 billion, a price-to-earnings ratio of 22.33, a P/E/G ratio of 1.48 and a beta of 2.26. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. The firm has a 50-day moving average of $19.05 and a 200 day moving average of $15.08. Magnite, Inc. has a 1 year low of $10.82 and a 1 year high of $26.65.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.24 by $0.02. The business had revenue of $192.82 million during the quarter, compared to analyst estimates of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The company’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.20 earnings per share. On average, research analysts expect that Magnite, Inc. will post 0.44 earnings per share for the current year.

Institutional Trading of Magnite

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Allworth Financial LP purchased a new position in shares of Magnite in the second quarter worth about $30,000. US Bancorp DE lifted its holdings in shares of Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after purchasing an additional 688 shares during the period. PNC Financial Services Group Inc. boosted its position in Magnite by 106.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock valued at $45,000 after buying an additional 1,949 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in Magnite by 98.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 3,678 shares of the company’s stock valued at $61,000 after buying an additional 1,824 shares during the last quarter. Finally, Harbor Investment Advisory LLC acquired a new position in Magnite in the 2nd quarter worth approximately $62,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MGNI. B. Riley Financial raised their price target on Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Evercore restated an “outperform” rating and set a $25.00 price objective on shares of Magnite in a report on Thursday, August 6th. Susquehanna increased their price objective on shares of Magnite from $22.00 to $30.00 and gave the company a “positive” rating in a research report on Thursday, August 6th. Royal Bank Of Canada lifted their target price on shares of Magnite from $20.00 to $27.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. Finally, BTIG Research boosted their target price on shares of Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Magnite has an average rating of “Moderate Buy” and a consensus price target of $28.30.

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).