Brian Gephart Sells 6,250 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) CAO Brian Gephart sold 6,250 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $16.00, for a total transaction of $100,000.00. Following the completion of the sale, the chief accounting officer now directly owns 132,909 shares in the company, valued at approximately $2,126,544. The trade was a 4.49 % 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 Performance

Magnite stock traded down $0.16 during midday trading on Wednesday, hitting $14.49. The company’s stock had a trading volume of 1,977,613 shares, compared to its average volume of 2,535,241. The company has a 50-day moving average price of $17.24 and a two-hundred day moving average price of $15.27. Magnite, Inc. has a 1-year low of $8.38 and a 1-year high of $21.29. The company has a market cap of $2.07 billion, a price-to-earnings ratio of 241.50, a PEG ratio of 1.00 and a beta of 2.79. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.14). The company had revenue of $180.20 million during the quarter, compared to the consensus estimate of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. As a group, sell-side analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current year.

Hedge Funds Weigh In On Magnite

Several hedge funds have recently bought and sold shares of MGNI. Arizona State Retirement System lifted its position in shares of Magnite by 1.5% during the 4th quarter. Arizona State Retirement System now owns 36,846 shares of the company’s stock worth $587,000 after buying an additional 559 shares during the last quarter. Truist Financial Corp grew its holdings in shares of Magnite by 2.0% during the fourth quarter. Truist Financial Corp now owns 34,242 shares of the company’s stock worth $545,000 after purchasing an additional 674 shares during the last quarter. Summit Investment Advisors Inc. increased its stake in shares of Magnite by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company’s stock valued at $210,000 after buying an additional 836 shares during the period. Verdence Capital Advisors LLC raised its holdings in Magnite by 4.8% in the 3rd quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock valued at $268,000 after buying an additional 892 shares during the last quarter. Finally, ANTIPODES PARTNERS Ltd raised its holdings in Magnite by 13.4% in the 4th quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company’s stock valued at $129,000 after buying an additional 956 shares during the last quarter. 73.40% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MGNI has been the topic of a number of recent analyst reports. Macquarie reissued an “outperform” rating and set a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. Needham & Company LLC reissued a “buy” rating and set a $20.00 target price on shares of Magnite in a report on Thursday, February 27th. Scotiabank initiated coverage on Magnite in a report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target for the company. Benchmark upped their price objective on shares of Magnite from $21.00 to $25.00 and gave the company a “buy” rating in a report on Thursday, February 27th. Finally, Wolfe Research increased their price objective on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $19.27.

About Magnite

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company’s platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.