Magnite (NASDAQ:MGNI) Director Sells 20,000 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) Director Diane Yu sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, November 12th. The shares were sold at an average price of $29.17, for a total value of $583,400.00. Following the completion of the transaction, the director owned 61,279 shares of the company’s stock, valued at $1,787,508.43. This represents a 24.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

Magnite Stock Down 0.2%

NASDAQ MGNI traded down $0.05 during trading hours on Friday, reaching $29.29. 2,292,291 shares of the company’s stock were exchanged, compared to its average volume of 2,524,951. The company’s 50-day moving average is $24.58 and its two-hundred day moving average is $18.20. Magnite, Inc. has a one year low of $10.82 and a one year high of $29.78. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market capitalization of $4.20 billion, a price-to-earnings ratio of 24.61, a price-to-earnings-growth ratio of 0.97 and a beta of 2.44.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, November 4th. The company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.29 by $0.04. Magnite had a net margin of 23.58% and a return on equity of 10.94%. The firm had revenue of $204.20 million for the quarter, compared to the consensus estimate of $190.19 million. During the same period last year, the company posted $0.20 EPS. The business’s quarterly revenue was up 22.4% on a year-over-year basis. On average, analysts forecast that Magnite, Inc. will post 0.62 EPS for the current fiscal year.

Latest Magnite News

Investors following MGNI have been watching these news items:

• Positive Sentiment: An analysis describes Magnite’s CTV growth as solid, while coverage of its expanded Gracenote deal sees potential value in the company’s streaming-TV opportunity. These themes add to the backdrop of a recent quarter in which Magnite beat earnings and revenue estimates. Gracenote deal analysis
• Neutral Sentiment: Analyst commentary is not uniformly bullish on upside: one valuation assessment says MGNI may be near fair value despite a raised outlook. Magnite fair-value analysis
• Negative Sentiment: Several Magnite executives and a director reported selling shares in transactions dated November 9 and 11, totaling roughly 92,000 shares, or about $2.7 million. The CTO’s sale was under a pre-arranged trading plan, and sellers retained substantial holdings, but the cluster of sales may still temper investor sentiment. Magnite insider sales report

Institutional Trading of Magnite

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Meros Investment Management LP bought a new stake in shares of Magnite in the second quarter worth $18,815,538. Jupiter Topco LLC acquired a new position in Magnite during the second quarter worth $1,109,000. Manatuck Hill Partners LLC bought a new position in Magnite in the second quarter valued at $8,541,000. Legal & General Group Plc bought a new position in Magnite in the second quarter valued at $2,221,000. Finally, WINTON GROUP Ltd bought a new position in Magnite in the second quarter valued at $2,314,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MGNI. Scotiabank raised their price objective on shares of Magnite from $27.00 to $30.00 and gave the stock a “sector outperform” rating in a report on Thursday, November 5th. Susquehanna lifted their price target on Magnite from $30.00 to $35.00 and gave the company a “positive” rating in a research note on Thursday, November 5th. BTIG Research boosted their price target on Magnite from $27.00 to $33.00 and gave the company a “buy” rating in a report on Monday. Craig Hallum reaffirmed a “buy” rating and set a $32.00 price objective on shares of Magnite in a research report on Thursday, September 17th. Finally, Royal Bank Of Canada increased their price objective on Magnite from $27.00 to $30.00 and gave the stock an “outperform” rating in a report on Thursday, November 5th. Ten analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $31.00.

Magnite Company Profile

Magnite, Inc. operates a sell-side advertising platform that helps publishers, streaming services and app developers sell digital advertising inventory through programmatic auctions. Its technology connects those sellers with advertisers and their agencies seeking to buy ad placements. The company supports advertising across connected TV, online video, mobile applications and desktop formats. Its offerings include tools for managing and monetizing ad inventory, including streaming-focused ad-serving technology.