Magnite (NASDAQ:MGNI) Insider Sells 9,597 Shares of Company Stock

Magnite, Inc. (NASDAQ:MGNI) insider Aaron Saltz sold 9,597 shares of the business’s stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $28.75, for a total transaction of $275,913.75. Following the completion of the transaction, the insider owned 214,792 shares in the company, valued at approximately $6,175,270. The trade was a 4.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Aaron Saltz also recently made the following trade(s):

• On Thursday, September 10th, Aaron Saltz sold 40,000 shares of Magnite stock. The shares were sold at an average price of $23.41, for a total transaction of $936,400.00.

Magnite Stock Performance

Shares of MGNI stock traded up $0.13 during trading hours on Thursday, hitting $29.34. 2,148,142 shares of the company were exchanged, compared to its average volume of 2,526,010. The firm has a fifty day simple moving average of $24.39 and a 200 day simple moving average of $18.06. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.36. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $29.67. The stock has a market capitalization of $4.21 billion, a price-to-earnings ratio of 24.66, a P/E/G ratio of 0.96 and a beta of 2.44.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, November 4th. The company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.29 by $0.04. Magnite had a return on equity of 10.94% and a net margin of 23.58%. The business had revenue of $204.20 million for the quarter, compared to the consensus estimate of $190.19 million. During the same quarter in the prior year, the business earned $0.20 earnings per share. Magnite’s revenue for the quarter was up 22.4% on a year-over-year basis. Research analysts predict that Magnite, Inc. will post 0.61 earnings per share for the current fiscal year.

Magnite News Roundup

Here’s some of the latest news about MGNI:

• Positive Sentiment: Recent results were stronger than expected: Magnite beat quarterly EPS and revenue estimates, with revenue up 22.4% year over year. Coverage also points to a raised outlook and an expanded Gracenote connected-TV deal, which could support future growth. Article: Is Magnite Undervalued Following Its Gracenote CTV Deal Expansion?
• Neutral Sentiment: One assessment says the stock may be near fair value despite the raised outlook, suggesting that strong fundamentals may already be reflected in the valuation. Article: Magnite Stock May Be Near Fair Value Despite Raised Outlook
• Negative Sentiment: Six insiders reported sales totaling about 91,963 shares across November 9 and 11. Director James Rossman sold 49,190 shares, reducing his stake by 45.77%; the other sellers included the CFO and CAO. These sales can concern investors, though the CTO’s small sale was under a pre-arranged trading plan, and insiders retain substantial holdings. SEC filing for director James Rossman

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Scotiabank lifted their price objective on Magnite from $27.00 to $30.00 and gave the stock a “sector outperform” rating in a report on Thursday, November 5th. B. Riley Financial upped their price objective on shares of Magnite from $27.00 to $30.00 and gave the company a “buy” rating in a report on Friday, September 18th. Evercore reiterated an “outperform” rating and set a $25.00 target price on shares of Magnite in a research report on Thursday, August 6th. BTIG Research lifted their target price on shares of Magnite from $27.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday. Finally, Weiss Ratings lowered shares of Magnite from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, November 4th. Ten research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $31.00.

Hedge Funds Weigh In On Magnite

Several hedge funds have recently made changes to their positions in the stock. Nykredit A S bought a new stake in shares of Magnite during the 2nd quarter valued at $25,000. Covestor Ltd boosted its stake in Magnite by 562.1% in the 3rd quarter. Covestor Ltd now owns 1,066 shares of the company’s stock worth $26,000 after purchasing an additional 905 shares during the period. EFG International AG bought a new position in Magnite in the 2nd quarter worth about $28,000. Allworth Financial LP purchased a new position in Magnite during the 2nd quarter valued at about $30,000. Finally, Signaturefd LLC grew its holdings in Magnite by 35.8% during the 3rd quarter. Signaturefd LLC now owns 1,715 shares of the company’s stock valued at $43,000 after buying an additional 452 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

About Magnite

Magnite, Inc. operates a sell-side advertising platform that helps publishers, streaming services and app developers sell digital advertising inventory through programmatic auctions. Its technology connects those sellers with advertisers and their agencies seeking to buy ad placements. The company supports advertising across connected TV, online video, mobile applications and desktop formats. Its offerings include tools for managing and monetizing ad inventory, including streaming-focused ad-serving technology.