Michael Barrett Sells 178,596 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) CEO Michael Barrett sold 178,596 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $16.59, for a total transaction of $2,962,907.64. Following the completion of the sale, the chief executive officer owned 403,074 shares of the company’s stock, valued at approximately $6,686,997.66. This represents a 30.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Magnite Stock Performance

MGNI stock traded down $0.31 during trading hours on Wednesday, reaching $18.24. The stock had a trading volume of 6,567,789 shares, compared to its average volume of 2,498,963. The stock has a market capitalization of $2.61 billion, a PE ratio of 17.54, a price-to-earnings-growth ratio of 0.79 and a beta of 2.32. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. The stock has a 50-day simple moving average of $13.73 and a 200 day simple moving average of $13.91. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $26.65.

Magnite (NASDAQ:MGNI) last issued its 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. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The business had revenue of $164.37 million during the quarter, compared to the consensus estimate of $159.24 million. During the same period last year, the business posted $0.12 EPS. Magnite’s revenue was up 5.5% on a year-over-year basis. Analysts predict that Magnite, Inc. will post 0.6 EPS for the current fiscal year.

Institutional Investors Weigh In On Magnite

Hedge funds have recently bought and sold shares of the stock. Smartleaf Asset Management LLC lifted its holdings in Magnite by 20.5% during the 2nd quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock worth $82,000 after purchasing an additional 577 shares during the last quarter. 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 buying an additional 688 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Magnite by 45.1% during the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock worth $53,000 after buying an additional 755 shares in the last quarter. AYAL Capital Advisors Ltd lifted its holdings in shares of Magnite by 0.5% during the fourth quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company’s stock worth $3,246,000 after buying an additional 1,000 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its holdings in shares of Magnite by 2.4% during the third quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company’s stock worth $992,000 after buying an additional 1,047 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Wells Fargo & Company raised their price objective on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Friday, May 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price target on shares of Magnite in a report on Thursday, April 16th. Benchmark cut their price target on Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Scotiabank raised their price target on Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a report on Thursday, May 7th. Finally, Rosenblatt Securities restated a “buy” rating and set a $39.00 target price on shares of Magnite in a research note on Thursday, February 26th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Magnite presently has an average rating of “Moderate Buy” and an average target price of $23.89.

Magnite Company Profile

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).