Magnite (NASDAQ:MGNI) Director Paul Caine Sells 5,000 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) Director Paul Caine sold 5,000 shares of the stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $20.64, for a total value of $103,200.00. Following the sale, the director owned 162,401 shares of the company’s stock, valued at $3,351,956.64. This represents a 2.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Magnite Trading Down 1.0%

Shares of MGNI opened at $20.20 on Wednesday. The firm has a market cap of $2.89 billion, a P/E ratio of 19.42, a price-to-earnings-growth ratio of 1.04 and a beta of 2.25. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. Magnite, Inc. has a 1 year low of $10.82 and a 1 year high of $26.65. The company has a 50 day simple moving average of $16.33 and a two-hundred day simple moving average of $14.44.

Magnite (NASDAQ:MGNI) last released 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. The firm had revenue of $164.37 million for the quarter, compared to the consensus estimate of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.12 earnings per share. On average, equities analysts expect that Magnite, Inc. will post 0.55 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MGNI has been the topic of a number of research reports. BTIG Research started coverage on Magnite in a research note on Tuesday, June 9th. They issued a “buy” rating and a $20.00 price objective on the stock. Evercore reiterated an “outperform” rating and set a $21.00 target price on shares of Magnite in a research report on Thursday, May 7th. Wells Fargo & Company raised their target price on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price target on shares of Magnite in a research note on Thursday, April 16th. Finally, Scotiabank upped their price target on shares of Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research note on Thursday, May 7th. Eight investment 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 has an average rating of “Moderate Buy” and an average price target of $23.89.

Institutional Investors Weigh In On Magnite

Several institutional investors have recently modified their holdings of the stock. US Bancorp DE raised its stake in shares of Magnite by 75.8% in the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after acquiring an additional 688 shares during the period. Strategic Advocates LLC purchased a new position in shares of Magnite during the 3rd quarter worth about $42,000. PNC Financial Services Group Inc. grew its holdings in Magnite by 45.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after purchasing an additional 755 shares during the last quarter. Central Pacific Bank Trust Division purchased a new stake in Magnite in the 4th quarter worth about $41,000. Finally, Harbor Investment Advisory LLC purchased a new stake in Magnite in the 2nd quarter worth about $62,000. 73.40% of the stock is owned by institutional investors.

Magnite Company Profile

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).