Insider Selling: Magnite (NASDAQ:MGNI) Director Sells $1,428,969.50 in Stock

Magnite, Inc. (NASDAQ:MGNI) Director James Rossman sold 49,190 shares of the stock in a transaction dated Wednesday, November 11th. The shares were sold at an average price of $29.05, for a total transaction of $1,428,969.50. Following the completion of the sale, the director owned 58,287 shares of the company’s stock, valued at approximately $1,693,237.35. This trade represents a 45.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Magnite Stock Performance

Shares of Magnite stock traded up $0.13 during mid-day trading on Thursday, hitting $29.34. 2,147,701 shares of the stock were exchanged, compared to its average volume of 2,526,010. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $29.67. The company has a 50-day simple moving average of $24.39 and a 200 day simple moving average of $18.06. The company has a market capitalization of $4.21 billion, a P/E ratio of 24.66, a P/E/G ratio of 0.96 and a beta of 2.44. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.04 and a current ratio of 1.04.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, November 4th. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.04. The company had revenue of $204.20 million during the quarter, compared to analyst estimates of $190.19 million. Magnite had a return on equity of 10.94% and a net margin of 23.58%. Magnite’s quarterly revenue was up 22.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.20 earnings per share. Sell-side analysts anticipate that Magnite, Inc. will post 0.61 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on MGNI shares. Royal Bank Of Canada increased their price target on shares of Magnite from $27.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday, November 5th. Craig Hallum reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Magnite in a research report on Thursday, September 17th. Susquehanna boosted their target price on shares of Magnite from $30.00 to $35.00 and gave the company a “positive” rating in a research note on Thursday, November 5th. Evercore reiterated an “outperform” rating and issued a $25.00 target price on shares of Magnite in a research note on Thursday, August 6th. Finally, Scotiabank increased their target price on shares of Magnite from $27.00 to $30.00 and gave the company a “sector outperform” rating in a research report on Thursday, November 5th. Ten research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Magnite currently has an average rating of “Moderate Buy” and a consensus target price of $31.00.

Institutional Trading of Magnite

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in shares of Magnite during the second quarter valued at about $241,296,000. Canada Pension Plan Investment Board purchased a new position in Magnite in the 2nd quarter worth approximately $56,847,000. Dimensional Fund Advisors LP lifted its position in Magnite by 10.2% in the first quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock valued at $47,322,000 after purchasing an additional 367,854 shares during the last quarter. Bank of America Corp DE bought a new stake in Magnite in the second quarter valued at approximately $22,431,000. Finally, Bank of New York Mellon Corp bought a new stake in Magnite in the second quarter valued at approximately $22,059,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Key Magnite News

These are some of the MGNI news items that stood out recently:

• Positive Sentiment: Recent results were stronger than expected: Magnite beat quarterly EPS and revenue estimates, with revenue up 22.4% year over year. Coverage also points to a raised outlook and an expanded Gracenote connected-TV deal, which could support future growth. Article: Is Magnite Undervalued Following Its Gracenote CTV Deal Expansion?
• Neutral Sentiment: One assessment says the stock may be near fair value despite the raised outlook, suggesting that strong fundamentals may already be reflected in the valuation. Article: Magnite Stock May Be Near Fair Value Despite Raised Outlook
• Negative Sentiment: Six insiders reported sales totaling about 91,963 shares across November 9 and 11. Director James Rossman sold 49,190 shares, reducing his stake by 45.77%; the other sellers included the CFO and CAO. These sales can concern investors, though the CTO’s small sale was under a pre-arranged trading plan, and insiders retain substantial holdings. SEC filing for director James Rossman

About Magnite

Magnite, Inc. operates a sell-side advertising platform that helps publishers, streaming services and app developers sell digital advertising inventory through programmatic auctions. Its technology connects those sellers with advertisers and their agencies seeking to buy ad placements. The company supports advertising across connected TV, online video, mobile applications and desktop formats. Its offerings include tools for managing and monetizing ad inventory, including streaming-focused ad-serving technology.