Douglas Knopper Sells 37,337 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) Director Douglas Knopper sold 37,337 shares of Magnite stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $18.10, for a total transaction of $675,799.70. Following the sale, the director directly owned 125,810 shares of the company’s stock, valued at approximately $2,277,161. This trade represents a 22.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Magnite Stock Performance

Shares of MGNI stock opened at $17.89 on Friday. The company has a market cap of $2.56 billion, a P/E ratio of 17.20, a PEG ratio of 0.86 and a beta of 2.32. The firm has a fifty day moving average price of $13.97 and a 200 day moving average price of $13.96. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.65.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The company had revenue of $164.37 million for the quarter, compared to analysts’ expectations of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.Magnite’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period last year, the firm earned $0.12 earnings per share. Sell-side analysts predict that Magnite, Inc. will post 0.6 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

MGNI has been the subject of several recent analyst reports. BTIG Research began coverage on Magnite in a research note on Tuesday, June 9th. They set a “buy” rating and a $20.00 target price for the company. Weiss Ratings upgraded shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Wells Fargo & Company boosted their price objective on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Friday, May 8th. Benchmark lowered their target price on shares of Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $39.00 target price on shares of Magnite in a report on Thursday, February 26th. Eight investment 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 presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.89.

Institutional Trading of Magnite

A number of large investors have recently made changes to their positions in the company. Pacer Advisors Inc. purchased a new position in Magnite during the 1st quarter worth approximately $5,959,000. Optiver Holding B.V. lifted its stake in Magnite by 2,746.4% in the first quarter. Optiver Holding B.V. now owns 5,579 shares of the company’s stock valued at $66,000 after buying an additional 5,383 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Magnite by 72.6% in the first quarter. Bank of America Corp DE now owns 1,125,196 shares of the company’s stock valued at $13,367,000 after acquiring an additional 473,243 shares during the period. Amundi boosted its holdings in shares of Magnite by 74.8% in the first quarter. Amundi now owns 22,817 shares of the company’s stock valued at $271,000 after acquiring an additional 9,764 shares during the period. Finally, California State Teachers Retirement System grew its position in shares of Magnite by 29.3% during the first quarter. California State Teachers Retirement System now owns 176,528 shares of the company’s stock worth $2,097,000 after acquiring an additional 40,004 shares during the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Key Magnite News

Here are the key news stories impacting Magnite this week:

• Positive Sentiment: Magnite announced a partnership with Viasat Aviation to bring programmatic ads to in-flight Wi?Fi and entertainment screens, which could expand its connected advertising reach and open a new revenue stream. Magnite and Viasat Aviation Partner to Bring Programmatic Advertising to In-Flight Screens
• Positive Sentiment: Unusually high call-option activity suggests traders are betting on further upside in MGNI, reinforcing the recent bullish momentum. Investors Purchase High Volume of Magnite Call Options (NASDAQ:MGNI)
• Positive Sentiment: Recent coverage says MGNI has been on a multi-week winning streak, showing that momentum buyers remain active even as insiders sell shares. MGNI stock eyes fifth week of gains: Magnite executives file plans to sell shares, but retail is unfazed
• Neutral Sentiment: Magnite’s recent strong trading has been accompanied by analyst caution that earnings estimate revisions may limit near-term upside. Magnite (MGNI) Moves 10.8% Higher: Will This Strength Last?
• Negative Sentiment: CEO Michael Barrett, CTO David Buonasera, and Director Douglas Knopper all disclosed sizable share sales, which can pressure sentiment even if the transactions were preplanned.

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).