Magnite (NASDAQ:MGNI) Director Rachel Lam Sells 10,000 Shares

Magnite, Inc. (NASDAQ:MGNI) Director Rachel Lam sold 10,000 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $24.16, for a total value of $241,600.00. Following the transaction, the director directly owned 230,620 shares of the company’s stock, valued at $5,571,779.20. The trade was a 4.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Magnite Stock Performance

NASDAQ MGNI opened at $24.34 on Thursday. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $26.65. The business has a fifty day moving average of $19.25 and a 200-day moving average of $15.14. The stock has a market cap of $3.49 billion, a price-to-earnings ratio of 22.33, a price-to-earnings-growth ratio of 1.49 and a beta of 2.26.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. The business had revenue of $192.82 million for the quarter, compared to analyst estimates of $179.15 million. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.20 earnings per share. As a group, analysts predict that Magnite, Inc. will post 0.44 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Magnite

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in shares of Magnite by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company’s stock valued at $240,247,000 after acquiring an additional 148,198 shares during the period. Capital Research Global Investors boosted its position in Magnite by 85.0% during the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after purchasing an additional 5,937,428 shares during the period. BlackRock Inc. purchased a new stake in Magnite during the 2nd quarter worth $241,296,000. Wellington Management Group LLP increased its holdings in Magnite by 67.7% in the 4th quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after purchasing an additional 3,484,689 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Magnite by 10.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock valued at $47,322,000 after purchasing an additional 367,854 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Susquehanna lifted their price target on shares of Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a report on Thursday, August 6th. Needham & Company LLC reissued a “buy” rating and set a $25.00 price objective on shares of Magnite in a research note on Thursday, April 16th. Wells Fargo & Company raised their target price on shares of Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Friday, August 7th. Scotiabank restated an “outperform” rating and set a $27.00 target price on shares of Magnite in a research report on Thursday, August 6th. Finally, Evercore reaffirmed an “outperform” rating and issued a $25.00 target price on shares of Magnite in a research note on Thursday, August 6th. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $28.30.

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).