Magnite (NASDAQ:MGNI) Director Sells $168,487.90 in Stock

Magnite, Inc. (NASDAQ:MGNI) Director David Pearson sold 10,766 shares of the business’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $15.65, for a total value of $168,487.90. Following the sale, the director owned 79,001 shares of the company’s stock, valued at approximately $1,236,365.65. This represents a 11.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Magnite Stock Performance

Shares of NASDAQ:MGNI traded down $0.14 during mid-day trading on Wednesday, reaching $15.67. 2,741,889 shares of the company traded hands, compared to its average volume of 2,324,133. The company’s 50 day moving average price is $13.32 and its 200-day moving average price is $13.85. The firm has a market cap of $2.24 billion, a PE ratio of 15.07, a PEG ratio of 0.75 and a beta of 2.32. 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 52 week low of $10.82 and a 52 week high of $26.65.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The company had revenue of $164.37 million during the quarter, compared to the consensus estimate of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The firm’s revenue was up 5.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.12 EPS. On average, equities analysts expect that Magnite, Inc. will post 0.6 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Magnite by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company’s stock worth $240,247,000 after purchasing an additional 148,198 shares in the last quarter. Capital Research Global Investors lifted its holdings in Magnite by 85.0% in 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 in the last quarter. Wellington Management Group LLP lifted 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 worth $140,053,000 after purchasing an additional 3,484,689 shares in the last quarter. Dimensional Fund Advisors LP lifted 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 worth $47,322,000 after purchasing an additional 367,854 shares in the last quarter. Finally, Granahan Investment Management LLC lifted its holdings in Magnite by 6.3% in the 3rd quarter. Granahan Investment Management LLC now owns 3,873,179 shares of the company’s stock worth $84,358,000 after purchasing an additional 230,393 shares in the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Scotiabank boosted their price objective on Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research note on Thursday, May 7th. Rosenblatt Securities reiterated a “buy” rating and set a $39.00 price objective on shares of Magnite in a research note on Thursday, February 26th. Evercore reiterated an “outperform” rating and set a $21.00 price objective on shares of Magnite in a research note on Thursday, May 7th. Wells Fargo & Company boosted their price objective on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Friday, May 8th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $25.00 price objective on shares of Magnite in a research note on Thursday, April 16th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $23.89.

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).