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 that occurred on Friday, November 21st. The stock was sold at an average price of $14.22, for a total value of $177,750.00. Following the completion of the transaction, the director owned 53,917 shares in the company, valued at $766,699.74. The trade was a 18.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Magnite Stock Performance

Shares of MGNI traded up $0.95 on Friday, reaching $14.08. 4,524,795 shares of the company’s stock traded hands, compared to its average volume of 2,813,033. The stock’s 50 day simple moving average is $18.89 and its two-hundred day simple moving average is $20.14. The stock has a market cap of $2.02 billion, a PE ratio of 48.55, a PEG ratio of 1.42 and a beta of 3.13. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $26.65. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.20 earnings per share for the quarter, hitting the consensus estimate of $0.20. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The business had revenue of $179.49 million for the quarter, compared to analysts’ expectations of $163.29 million. During the same quarter in the previous year, the firm earned $0.17 earnings per share. The business’s revenue was up 11.6% on a year-over-year basis. Magnite has set its Q4 2025 guidance at EPS. FY 2025 guidance at EPS. On average, analysts forecast that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. CIBC Bancorp USA Inc. purchased a new stake in shares of Magnite in the third quarter worth $325,000. Castleark Management LLC increased its stake in Magnite by 35.0% in the 3rd quarter. Castleark Management LLC now owns 193,185 shares of the company’s stock worth $4,208,000 after acquiring an additional 50,035 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its holdings in shares of Magnite by 2.4% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company’s stock valued at $992,000 after acquiring an additional 1,047 shares in the last quarter. Dark Forest Capital Management LP boosted its position in shares of Magnite by 41.0% during the 3rd quarter. Dark Forest Capital Management LP now owns 69,509 shares of the company’s stock valued at $1,514,000 after acquiring an additional 20,205 shares during the last quarter. Finally, XTX Topco Ltd purchased a new position in shares of Magnite during the third quarter worth about $1,774,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on MGNI shares. Wells Fargo & Company reduced 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 report on Friday, November 7th. Rosenblatt Securities reissued a “buy” rating and set a $39.00 target price on shares of Magnite in a research report on Thursday, November 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a report on Wednesday, October 8th. Wall Street Zen downgraded Magnite from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Royal Bank Of Canada raised their target price on Magnite from $19.00 to $27.00 and gave the stock an “outperform” rating in a research report on Thursday, July 31st. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Magnite has a consensus rating of “Moderate Buy” and an average price target of $26.20.

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.