Magnite (NASDAQ:MGNI) Insider Aaron Saltz Sells 9,597 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) insider Aaron Saltz sold 9,597 shares of the company’s stock in a transaction on Monday, November 9th. The stock was sold at an average price of $28.75, for a total transaction of $275,913.75. Following the completion of the transaction, the insider directly owned 214,792 shares in the company, valued at $6,175,270. This trade represents a 4.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Aaron Saltz also recently made the following trade(s):

• On Thursday, September 10th, Aaron Saltz sold 40,000 shares of Magnite stock. The shares were sold at an average price of $23.41, for a total value of $936,400.00.

Magnite Stock Performance

Shares of MGNI stock opened at $29.34 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.04 and a quick ratio of 1.04. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $29.67. The stock’s 50-day moving average is $24.48 and its two-hundred day moving average is $18.13. The firm has a market cap of $4.21 billion, a P/E ratio of 24.66, a PEG ratio of 0.97 and a beta of 2.44.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. Magnite had a return on equity of 10.94% and a net margin of 23.58%. The company had revenue of $204.20 million during the quarter, compared to the consensus estimate of $190.19 million. During the same period last year, the business earned $0.20 EPS. The business’s quarterly revenue was up 22.4% on a year-over-year basis. Analysts predict that Magnite, Inc. will post 0.62 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have weighed in on MGNI. Rosenblatt Securities restated a “buy” rating and set a $40.00 target price on shares of Magnite in a report on Friday, October 2nd. Royal Bank Of Canada increased their price objective on Magnite from $27.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday, November 5th. B. Riley Financial boosted their target price on Magnite from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, September 18th. Weiss Ratings downgraded Magnite from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, November 4th. Finally, Needham & Company LLC boosted their price objective on shares of Magnite from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, September 3rd. Ten investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Magnite currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.00.

Magnite News Roundup

Investors following MGNI have been watching these news items:

• Positive Sentiment: Magnite’s recent results provide a growth backdrop: it beat quarterly EPS and revenue estimates, with revenue up 22.4% year over year. A report also points to a raised outlook, while another highlights the expanded Gracenote connected-TV deal as a potential source of value. Magnite stock and raised outlook Magnite and Gracenote deal expansion
• Neutral Sentiment: One valuation analysis says MGNI may be near fair value despite the raised outlook, tempering the more optimistic view that the expanded Gracenote deal leaves the shares undervalued. Magnite valuation analysis
• Negative Sentiment: SEC disclosures show multiple Magnite directors and executives sold shares in transactions dated November 9 and 11. Together, the reported sales totaled about 91,963 shares, worth approximately $2.67 million. The largest disclosed sale was by director James Rossman; CTO David Buonasera’s smaller sale was made under a pre-arranged trading plan. Insider selling can raise concerns about near-term sentiment, although sellers retained substantial holdings. Magnite insider sale report James Rossman SEC filing

Hedge Funds Weigh In On Magnite

Large investors have recently made changes to their positions in the business. Benjamin Edwards Inc. acquired a new stake in Magnite in the 3rd quarter valued at approximately $255,000. First Trust Advisors LP bought a new position in Magnite in the 3rd quarter worth approximately $6,938,000. Global Retirement Partners LLC lifted its holdings in shares of Magnite by 2,723.8% during the third quarter. Global Retirement Partners LLC now owns 2,259 shares of the company’s stock worth $57,000 after buying an additional 2,179 shares during the last quarter. Quantedge Capital Pte Ltd acquired a new position in shares of Magnite during the third quarter worth approximately $260,000. Finally, Russell Investments Group Ltd. grew its stake in shares of Magnite by 30.5% in the third quarter. Russell Investments Group Ltd. now owns 97,174 shares of the company’s stock worth $2,455,000 after acquiring an additional 22,736 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Company Profile

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.