Insider Selling: Magnite, Inc. (NASDAQ:MGNI) Insider Sells 8,328 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) insider Adam Lee Soroca sold 8,328 shares of the business’s stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $17.70, for a total value of $147,405.60. Following the sale, the insider now directly owns 437,117 shares of the company’s stock, valued at $7,736,970.90. This represents a 1.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Adam Lee Soroca also recently made the following trade(s):

• On Tuesday, May 20th, Adam Lee Soroca sold 8,328 shares of Magnite stock. The shares were sold at an average price of $17.00, for a total value of $141,576.00.
• On Friday, May 16th, Adam Lee Soroca sold 11,366 shares of Magnite stock. The shares were sold at an average price of $15.73, for a total value of $178,787.18.

Magnite Trading Up 0.8%

Shares of MGNI stock opened at $17.60 on Friday. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $21.29. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The stock’s 50 day simple moving average is $13.21 and its two-hundred day simple moving average is $15.14. The company has a market cap of $2.48 billion, a PE ratio of 293.33, a price-to-earnings-growth ratio of 1.00 and a beta of 2.73.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.06. Magnite had a return on equity of 4.64% and a net margin of 2.62%. The business had revenue of $145.85 million for the quarter, compared to the consensus estimate of $142.18 million. During the same period in the prior year, the business posted $0.05 earnings per share. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. Research analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current year.

Institutional Investors Weigh In On Magnite

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Magnite by 1.0% in the first quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company’s stock worth $156,814,000 after buying an additional 138,417 shares during the period. Capital Research Global Investors purchased a new stake in shares of Magnite in the fourth quarter worth approximately $122,986,000. Wellington Management Group LLP raised its holdings in shares of Magnite by 6.8% in the fourth quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company’s stock worth $111,918,000 after buying an additional 450,341 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Magnite by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company’s stock worth $87,957,000 after buying an additional 170,532 shares during the period. Finally, Boston Partners raised its holdings in shares of Magnite by 10.9% in the first quarter. Boston Partners now owns 5,276,356 shares of the company’s stock worth $60,187,000 after buying an additional 520,033 shares during the period. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MGNI. Susquehanna increased their price target on Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research note on Thursday, February 27th. Benchmark dropped their price target on Magnite from $25.00 to $24.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Lake Street Capital decreased their price objective on Magnite from $21.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, May 8th. Craig Hallum set a $24.00 price objective on Magnite and gave the company a “buy” rating in a research report on Tuesday, May 20th. Finally, Royal Bank of Canada decreased their price objective on Magnite from $22.00 to $19.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.58.

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.