Insider Selling: Magnite, Inc. (NASDAQ:MGNI) Insider Sells 9,692 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) insider Sean Patrick Buckley sold 9,692 shares of the business’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $15.73, for a total value of $152,455.16. Following the completion of the sale, the insider now directly owns 347,394 shares in the company, valued at approximately $5,464,507.62. This represents a 2.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Sean Patrick Buckley also recently made the following trade(s):

• On Wednesday, February 19th, Sean Patrick Buckley sold 10,527 shares of Magnite stock. The stock was sold at an average price of $19.13, for a total value of $201,381.51.

Magnite Stock Down 2.1%

NASDAQ:MGNI opened at $15.54 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market cap of $2.19 billion, a PE ratio of 259.00, a PEG ratio of 1.00 and a beta of 2.73. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $21.29. The stock has a 50-day simple moving average of $12.15 and a 200 day simple moving average of $14.97.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.06. Magnite had a return on equity of 4.64% and a net margin of 2.62%. The business had revenue of $145.85 million during the quarter, compared to the consensus estimate of $142.18 million. During the same period last year, the company earned $0.05 earnings per share. Magnite’s quarterly revenue was up 4.3% on a year-over-year basis. On average, sell-side analysts expect that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on MGNI shares. Needham & Company LLC boosted their price objective on Magnite from $14.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. Lake Street Capital cut their price target on Magnite from $21.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, May 8th. Rosenblatt Securities reaffirmed a “buy” rating and set a $18.00 price target on shares of Magnite in a research note on Thursday, May 8th. Royal Bank of Canada cut their price target on Magnite from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Friday, May 2nd. Finally, Benchmark cut their price target on Magnite from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Thursday, May 8th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $18.92.

Institutional Trading of Magnite

Hedge funds have recently made changes to their positions in the business. SBI Securities Co. Ltd. bought a new stake in Magnite in the 4th quarter valued at $25,000. MCF Advisors LLC raised its position in shares of Magnite by 2,100.0% in the first quarter. MCF Advisors LLC now owns 2,200 shares of the company’s stock valued at $25,000 after purchasing an additional 2,100 shares during the period. Smartleaf Asset Management LLC lifted its stake in shares of Magnite by 74.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company’s stock worth $33,000 after buying an additional 1,203 shares during the last quarter. AllSquare Wealth Management LLC boosted its holdings in shares of Magnite by 76.8% during the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company’s stock worth $41,000 after buying an additional 1,555 shares during the period. Finally, GAMMA Investing LLC raised its holdings in Magnite by 10,170.3% in the 1st quarter. GAMMA Investing LLC now owns 3,800 shares of the company’s stock valued at $43,000 after acquiring an additional 3,763 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

About Magnite

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company’s platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.