Magnite (NASDAQ:MGNI) Director Robert Spillane Sells 10,363 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) Director Robert Spillane sold 10,363 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $23.76, for a total value of $246,224.88. Following the completion of the transaction, the director directly owned 57,715 shares in the company, valued at $1,371,308.40. The trade was a 15.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Magnite Trading Up 0.3%

MGNI stock opened at $23.78 on Thursday. The business has a fifty day moving average price of $22.23 and a 200 day moving average price of $17.11. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $26.19. The stock has a market capitalization of $3.41 billion, a price-to-earnings ratio of 21.82, a P/E/G ratio of 0.93 and a beta of 2.30. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.03.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. The company 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 was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.20 earnings per share. Analysts expect that Magnite, Inc. will post 0.68 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Wells Fargo & Company increased their price objective on shares of Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Friday, August 7th. Benchmark boosted their target price on shares of Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Royal Bank Of Canada boosted their target price on shares of Magnite from $20.00 to $27.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. Needham & Company LLC upped their target price on shares of Magnite from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, September 3rd. Finally, Rosenblatt Securities increased their price target on shares of Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.80.

Institutional Trading of Magnite

Institutional investors and hedge funds have recently made changes to their positions in the business. Tidal Investments LLC grew its stake in shares of Magnite by 24.0% during the second quarter. Tidal Investments LLC now owns 165,838 shares of the company’s stock worth $3,148,000 after purchasing an additional 32,074 shares during the period. WINTON GROUP Ltd bought a new position in Magnite during the second quarter worth about $2,314,000. Allworth Financial LP grew its position in shares of Magnite by 63.7% during the 2nd quarter. Allworth Financial LP now owns 1,567 shares of the company’s stock worth $30,000 after buying an additional 610 shares during the period. Nykredit A S bought a new stake in shares of Magnite in the 2nd quarter valued at about $25,000. Finally, Corient Private Wealth LP bought a new stake in shares of Magnite in the 2nd quarter valued at about $481,000. Institutional investors own 73.40% of the company’s stock.

About Magnite

Magnite, Inc is an independent sell-side advertising technology company that operates a global platform for digital media owners and app developers. Its technology helps publishers and media companies manage, package, sell and optimize advertising inventory across connected television (CTV), online video, mobile, desktop, audio and digital out-of-home channels.

Magnite’s platform connects publishers with agencies, brands and demand-side platforms, supporting automated, data-driven programmatic advertising transactions.