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

Magnite, Inc. (NASDAQ:MGNI) Director Paul Caine sold 5,000 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $24.35, for a total value of $121,750.00. Following the sale, the director directly owned 157,401 shares in the company, valued at $3,832,714.35. The trade was a 3.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Friday, July 10th, Paul Caine sold 5,000 shares of Magnite stock. The stock was sold at an average price of $20.64, for a total value of $103,200.00.

Magnite Stock Up 1.0%

NASDAQ:MGNI opened at $24.58 on Friday. Magnite, Inc. has a 1 year low of $10.82 and a 1 year high of $26.65. The stock has a 50-day moving average price of $19.45 and a two-hundred day moving average price of $15.21. The stock has a market cap of $3.53 billion, a price-to-earnings ratio of 22.55, a PEG ratio of 1.15 and a beta of 2.26. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The company had revenue of $192.82 million for the quarter, compared to analyst estimates of $179.15 million. During the same quarter last year, the firm posted $0.20 earnings per share. Magnite’s revenue was up 11.3% compared to the same quarter last year. As a group, equities analysts expect that Magnite, Inc. will post 0.56 earnings per share for the current year.

Institutional Investors Weigh In On Magnite

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Magnite during the 2nd quarter worth approximately $241,296,000. Capital Research Global Investors boosted its holdings in Magnite by 85.0% during the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after purchasing an additional 5,937,428 shares during the last quarter. Wellington Management Group LLP grew its position in Magnite by 67.7% in the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after purchasing an additional 3,484,689 shares in the last quarter. Ophir Asset Management Pty Ltd acquired a new stake in Magnite in the 4th quarter valued at $38,695,000. Finally, 325 Capital LLC lifted its position in Magnite by 208.5% during the 4th quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock worth $32,547,000 after buying an additional 1,355,326 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on MGNI shares. Rosenblatt Securities lifted their price target on shares of Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Benchmark increased their price objective on shares of Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Evercore restated an “outperform” rating and set a $25.00 price objective on shares of Magnite in a report on Thursday, August 6th. Royal Bank Of Canada boosted their price objective on shares of Magnite from $20.00 to $27.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. Finally, Susquehanna upped their target price on shares of Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a research note on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.30.

About Magnite

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).