Magnite (NASDAQ:MGNI) Insider Katie Seitz Evans Sells 26,178 Shares of Company Stock

Magnite, Inc. (NASDAQ:MGNI) insider Katie Evans sold 26,178 shares of the company’s stock in a transaction that occurred on Monday, November 9th. The stock was sold at an average price of $28.96, for a total transaction of $758,114.88. Following the transaction, the insider owned 415,622 shares of the company’s stock, valued at approximately $12,036,413.12. This represents a 5.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Katie Seitz Evans also recently made the following trade(s):

• On Friday, September 11th, Katie Evans sold 13,997 shares of Magnite stock. The shares were sold at an average price of $24.00, for a total transaction of $335,928.00.
• On Wednesday, September 9th, Katie Evans sold 11,100 shares of Magnite stock. The shares were sold at an average price of $23.46, for a total transaction of $260,406.00.
• On Tuesday, September 8th, Katie Evans sold 32,285 shares of Magnite stock. The stock was sold at an average price of $23.63, for a total transaction of $762,894.55.

Magnite Stock Performance

NASDAQ MGNI opened at $29.34 on Friday. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $29.67. The stock has a market cap of $4.21 billion, a PE ratio of 24.66, a PEG ratio of 0.97 and a beta of 2.44. 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 firm’s fifty day moving average price is $24.48 and its two-hundred day moving average price is $18.13.

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MGNI. Royal Bank Of Canada boosted their price target on Magnite from $27.00 to $30.00 and gave the stock an “outperform” rating in a report on Thursday, November 5th. Wells Fargo & Company raised their price objective on shares of Magnite from $22.00 to $23.00 and gave the company an “equal weight” rating in a report on Thursday, November 5th. Evercore reiterated an “outperform” rating and set a $25.00 target price on shares of Magnite in a research report on Thursday, August 6th. BTIG Research lifted their target price on shares of Magnite from $27.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday. Finally, Benchmark upped their price target on Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Ten analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $31.00.

Magnite News Roundup

Here’s some of the latest news about MGNI:

• Positive Sentiment: Magnite’s recent results provide a growth backdrop: it beat quarterly EPS and revenue estimates, with revenue up 22.4% year over year. A report also points to a raised outlook, while another highlights the expanded Gracenote connected-TV deal as a potential source of value. Magnite stock and raised outlook Magnite and Gracenote deal expansion
• Neutral Sentiment: One valuation analysis says MGNI may be near fair value despite the raised outlook, tempering the more optimistic view that the expanded Gracenote deal leaves the shares undervalued. Magnite valuation analysis
• Negative Sentiment: SEC disclosures show multiple Magnite directors and executives sold shares in transactions dated November 9 and 11. Together, the reported sales totaled about 91,963 shares, worth approximately $2.67 million. The largest disclosed sale was by director James Rossman; CTO David Buonasera’s smaller sale was made under a pre-arranged trading plan. Insider selling can raise concerns about near-term sentiment, although sellers retained substantial holdings. Magnite insider sale report James Rossman SEC filing

Institutional Trading of Magnite

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Benjamin Edwards Inc. bought a new stake in shares of Magnite during the third quarter valued at approximately $255,000. First Trust Advisors LP bought a new stake in shares of Magnite in the 3rd quarter worth $6,938,000. Global Retirement Partners LLC grew its stake in shares of Magnite by 2,723.8% in the 3rd quarter. Global Retirement Partners LLC now owns 2,259 shares of the company’s stock worth $57,000 after acquiring an additional 2,179 shares in the last quarter. Quantedge Capital Pte Ltd bought a new stake in shares of Magnite in the 3rd quarter worth $260,000. Finally, Russell Investments Group Ltd. grew its stake in shares of Magnite by 30.5% in the 3rd quarter. Russell Investments Group Ltd. now owns 97,174 shares of the company’s stock worth $2,455,000 after acquiring an additional 22,736 shares in the last quarter. 73.40% of the stock is owned by institutional investors.

About Magnite

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.