Magnite (NASDAQ:MGNI) Director Paul Caine Sells 7,500 Shares

Magnite, Inc. (NASDAQ:MGNI) Director Paul Caine sold 7,500 shares of Magnite stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $25.00, for a total transaction of $187,500.00. Following the completion of the sale, the director directly owned 171,103 shares of the company’s stock, valued at approximately $4,277,575. This trade represents a 4.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Paul Caine also recently made the following trade(s):

• On Monday, August 11th, Paul Caine sold 5,000 shares of Magnite stock. The stock was sold at an average price of $22.29, for a total transaction of $111,450.00.
• On Thursday, July 10th, Paul Caine sold 5,000 shares of Magnite stock. The stock was sold at an average price of $23.53, for a total transaction of $117,650.00.
• On Tuesday, June 24th, Paul Caine sold 5,000 shares of Magnite stock. The stock was sold at an average price of $20.00, for a total transaction of $100,000.00.

Magnite Trading Up 3.7%

Shares of MGNI stock opened at $26.52 on Friday. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $26.65. The firm has a fifty day moving average price of $23.07 and a 200-day moving average price of $17.38. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market cap of $3.78 billion, a price-to-earnings ratio of 91.45, a PEG ratio of 1.76 and a beta of 3.05.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on MGNI shares. Wall Street Zen raised shares of Magnite from a “hold” rating to a “buy” rating in a research report on Sunday, July 13th. Lake Street Capital cut their price objective on shares of Magnite from $21.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, May 8th. Craig Hallum set a $24.00 price objective on shares of Magnite and gave the company a “buy” rating in a research report on Tuesday, May 20th. Scotiabank reissued an “outperform” rating and set a $30.00 price objective (up previously from $22.00) on shares of Magnite in a research report on Thursday, August 7th. Finally, Benchmark upped their target price on shares of Magnite from $30.00 to $31.00 and gave the stock a “buy” rating in a report 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. Based on data from MarketBeat.com, Magnite currently has an average rating of “Moderate Buy” and an average price target of $25.82.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of MGNI. MCF Advisors LLC boosted its holdings 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 buying an additional 2,100 shares during the period. Smartleaf Asset Management LLC lifted its stake in Magnite by 74.9% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company’s stock worth $33,000 after purchasing an additional 1,203 shares in the last quarter. GAMMA Investing LLC lifted its stake in Magnite by 355.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,517 shares of the company’s stock worth $37,000 after purchasing an additional 1,184 shares in the last quarter. AllSquare Wealth Management LLC lifted its stake in Magnite by 76.8% in the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company’s stock worth $41,000 after purchasing an additional 1,555 shares in the last quarter. Finally, CWM LLC lifted its stake 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 in the last quarter. Institutional investors own 73.40% of the company’s stock.

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.