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

Magnite, Inc. (NASDAQ:MGNI) Director Paul Caine sold 5,000 shares of the company’s stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $23.60, for a total transaction of $118,000.00. Following the completion of the sale, the director owned 166,103 shares of the company’s stock, valued at approximately $3,920,030.80. This represents a 2.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Paul Caine also recently made the following trade(s):

• On Monday, August 25th, Paul Caine sold 7,500 shares of Magnite stock. The stock was sold at an average price of $25.00, for a total value of $187,500.00.
• On Monday, August 11th, Paul Caine sold 5,000 shares of Magnite stock. The stock was sold at an average price of $22.29, for a total value of $111,450.00.
• On Thursday, July 10th, Paul Caine sold 5,000 shares of Magnite stock. The shares were sold at an average price of $23.53, for a total value of $117,650.00.
• On Tuesday, June 24th, Paul Caine sold 5,000 shares of Magnite stock. The stock was sold at an average price of $20.00, for a total transaction of $100,000.00.

Magnite Stock Performance

Shares of MGNI opened at $23.87 on Friday. The firm’s 50 day moving average price is $23.69 and its two-hundred day moving average price is $17.82. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.00. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $26.65. The firm has a market cap of $3.40 billion, a P/E ratio of 82.31, a PEG ratio of 1.66 and a beta of 3.05.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.03. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The firm had revenue of $162.00 million during the quarter, compared to analyst estimates of $157.05 million. During the same period in the prior year, the business earned $0.14 EPS. The company’s revenue for the quarter was up 6.4% compared to the same quarter last year. On average, analysts forecast that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Institutional Investors Weigh In On Magnite

Several hedge funds have recently bought and sold shares of the company. BNP Paribas Financial Markets acquired a new position in Magnite during the fourth quarter worth approximately $493,000. D. E. Shaw & Co. Inc. boosted its stake in shares of Magnite by 122.9% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 45,187 shares of the company’s stock worth $719,000 after acquiring an additional 24,917 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Magnite by 3.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,580 shares of the company’s stock worth $1,140,000 after acquiring an additional 2,714 shares during the last quarter. Occudo Quantitative Strategies LP bought a new stake in Magnite in the 4th quarter valued at $251,000. Finally, ProShare Advisors LLC lifted its holdings in Magnite by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 35,432 shares of the company’s stock valued at $564,000 after purchasing an additional 11,656 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have commented on MGNI shares. Rosenblatt Securities restated a “buy” rating and issued a $39.00 target price on shares of Magnite in a research note on Thursday, August 7th. Susquehanna boosted their price objective on shares of Magnite from $22.00 to $28.00 and gave the stock a “positive” rating in a research report on Thursday, August 7th. Wall Street Zen raised shares of Magnite from a “hold” rating to a “buy” rating in a research report on Sunday, July 13th. Royal Bank Of Canada increased their price objective on shares of Magnite from $19.00 to $27.00 and gave the stock an “outperform” rating in a research note on Thursday, July 31st. Finally, Wells Fargo & Company lifted their target price on Magnite from $13.00 to $24.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 8th. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Magnite presently has an average rating of “Moderate Buy” and an average target price of $25.82.

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.