Robert Spillane Sells 12,500 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) Director Robert Spillane sold 12,500 shares of the business’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $14.22, for a total transaction of $177,750.00. Following the completion of the transaction, the director owned 53,917 shares in the company, valued at approximately $766,699.74. The trade was a 18.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Magnite Trading Up 7.2%

Magnite stock traded up $0.95 during trading hours on Friday, reaching $14.08. 4,524,795 shares of the company’s stock were exchanged, compared to its average volume of 2,813,033. The firm’s 50 day simple moving average is $18.89 and its 200 day simple moving average is $20.14. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $26.65. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $2.02 billion, a PE ratio of 48.55, a PEG ratio of 1.42 and a beta of 3.13.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, November 5th. The company reported $0.20 EPS for the quarter, meeting the consensus estimate of $0.20. The company had revenue of $179.49 million for the quarter, compared to analyst estimates of $163.29 million. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.17 EPS. Magnite has set its Q4 2025 guidance at EPS. FY 2025 guidance at EPS. Research analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MGNI. Wall Street Zen downgraded shares of Magnite from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Wells Fargo & Company decreased their price target on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Friday, November 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a report on Wednesday, October 8th. Needham & Company LLC raised their target price on Magnite from $18.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Finally, Susquehanna boosted their target price on Magnite from $22.00 to $28.00 and gave the company a “positive” rating in a research report on Thursday, August 7th. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $26.20.

Institutional Trading of Magnite

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Envestnet Asset Management Inc. lifted its holdings in shares of Magnite by 16.7% in the first quarter. Envestnet Asset Management Inc. now owns 220,544 shares of the company’s stock valued at $2,516,000 after purchasing an additional 31,604 shares in the last quarter. ANTIPODES PARTNERS Ltd raised its position in Magnite by 176.7% in the 1st quarter. ANTIPODES PARTNERS Ltd now owns 22,339 shares of the company’s stock valued at $255,000 after buying an additional 14,267 shares during the last quarter. Cetera Investment Advisers lifted its stake in Magnite by 42.5% during the 1st quarter. Cetera Investment Advisers now owns 33,821 shares of the company’s stock valued at $386,000 after acquiring an additional 10,089 shares in the last quarter. Pacer Advisors Inc. purchased a new position in Magnite during the 1st quarter worth $12,576,000. Finally, Kapitalo Investimentos Ltda bought a new stake in shares of Magnite in the 1st quarter worth $182,000. 73.40% of the stock is owned by institutional investors.

About Magnite

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company’s platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.