Insider Selling: Magnite (NASDAQ:MGNI) Insider Sells $208,789.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) insider Aaron Saltz sold 8,522 shares of Magnite stock in a transaction on Friday, September 19th. The stock was sold at an average price of $24.50, for a total transaction of $208,789.00. Following the transaction, the insider owned 215,079 shares in the company, valued at $5,269,435.50. This represents a 3.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Monday, September 15th, Aaron Saltz sold 6,180 shares of Magnite stock. The stock was sold at an average price of $23.94, for a total transaction of $147,949.20.
• On Friday, August 29th, Aaron Saltz sold 12,403 shares of Magnite stock. The stock was sold at an average price of $26.07, for a total transaction of $323,346.21.
• On Monday, August 18th, Aaron Saltz sold 5,770 shares of Magnite stock. The stock was sold at an average price of $23.85, for a total transaction of $137,614.50.
• On Thursday, August 14th, Aaron Saltz sold 13,860 shares of Magnite stock. The stock was sold at an average price of $23.34, for a total transaction of $323,492.40.

Magnite Trading Up 8.5%

Shares of Magnite stock opened at $25.92 on Monday. The company’s fifty day simple moving average is $23.75 and its 200-day simple moving average is $18.16. The stock has a market capitalization of $3.69 billion, a PE ratio of 89.38, a P/E/G ratio of 1.78 and a beta of 3.05. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $26.65. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.03. The business had revenue of $162.00 million for the quarter, compared to analysts’ expectations of $157.05 million. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The company’s revenue was up 6.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.14 EPS. As a group, equities analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current year.

Institutional Trading of Magnite

Hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC raised its position in shares of Magnite by 355.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,517 shares of the company’s stock valued at $37,000 after buying an additional 1,184 shares in the last quarter. CWM LLC raised its position in Magnite by 133.6% in the 2nd quarter. CWM LLC now owns 1,775 shares of the company’s stock worth $43,000 after purchasing an additional 1,015 shares during the period. MCF Advisors LLC raised its position in Magnite by 2,100.0% in the 1st quarter. MCF Advisors LLC now owns 2,200 shares of the company’s stock worth $25,000 after purchasing an additional 2,100 shares during the period. MTM Investment Management LLC purchased a new stake in Magnite in the 2nd quarter worth about $58,000. Finally, Nisa Investment Advisors LLC raised its position in Magnite by 66.0% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,780 shares of the company’s stock worth $67,000 after purchasing an additional 1,105 shares during the period. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MGNI has been the topic of a number of analyst reports. Wall Street Zen cut shares of Magnite from a “buy” rating to a “hold” rating in a research note on Saturday. Rosenblatt Securities restated a “buy” rating and set a $39.00 target price on shares of Magnite in a research note on Wednesday, September 17th. Royal Bank Of Canada lifted their target price on shares of Magnite from $19.00 to $27.00 and gave the company an “outperform” rating in a research note on Thursday, July 31st. Susquehanna lifted their target price on shares of Magnite from $22.00 to $28.00 and gave the company a “positive” rating in a research note on Thursday, August 7th. Finally, Needham & Company LLC lifted their target price on shares of Magnite from $18.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Ten research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $25.82.

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.