Douglas Knopper Sells 10,766 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) Director Douglas Knopper sold 10,766 shares of the business’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $15.73, for a total value of $169,349.18. Following the transaction, the director owned 163,147 shares of the company’s stock, valued at approximately $2,566,302.31. The trade was a 6.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Magnite Price Performance

Magnite stock opened at $16.20 on Friday. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.65. The business has a 50-day simple moving average of $13.41 and a 200 day simple moving average of $13.86. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The stock has a market cap of $2.32 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 0.74 and a beta of 2.32.

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

Hedge Funds Weigh In On Magnite

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Smartleaf Asset Management LLC boosted its holdings in shares of Magnite by 20.5% in the 2nd quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock worth $82,000 after purchasing an additional 577 shares in the last quarter. US Bancorp DE boosted its holdings in shares of Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after purchasing an additional 688 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Magnite by 45.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock worth $53,000 after purchasing an additional 755 shares in the last quarter. AYAL Capital Advisors Ltd boosted its holdings in shares of Magnite by 0.5% in the 4th quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company’s stock worth $3,246,000 after purchasing an additional 1,000 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co boosted 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 worth $992,000 after purchasing an additional 1,047 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MGNI has been the subject of several recent analyst reports. Wells Fargo & Company boosted their target price on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Friday, May 8th. Royal Bank Of Canada restated an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. Rosenblatt Securities restated a “buy” rating and set a $39.00 target price on shares of Magnite in a research report on Thursday, February 26th. Benchmark reduced their target price on Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Finally, BTIG Research initiated coverage on Magnite in a research report on Tuesday. They set a “buy” rating and a $20.00 target price for the company. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $23.89.

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).