David T. Pearson Sells 11,512 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) Director David T. Pearson sold 11,512 shares of the business’s stock in a transaction that occurred on Friday, June 6th. The stock was sold at an average price of $17.60, for a total transaction of $202,611.20. Following the sale, the director now directly owns 75,969 shares in the company, valued at approximately $1,337,054.40. This represents a 13.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Magnite Price Performance

MGNI stock opened at $17.60 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $2.48 billion, a P/E ratio of 293.33, a PEG ratio of 1.00 and a beta of 2.73. The business has a 50 day simple moving average of $13.21 and a 200-day simple moving average of $15.13. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $21.29.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.06. Magnite had a return on equity of 4.64% and a net margin of 2.62%. The firm had revenue of $145.85 million for the quarter, compared to analysts’ expectations of $142.18 million. During the same quarter in the previous year, the firm posted $0.05 EPS. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. As a group, equities analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms recently commented on MGNI. Royal Bank of Canada decreased their target price on Magnite from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Friday, May 2nd. Susquehanna increased their price target on shares of Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a report on Thursday, February 27th. Craig Hallum set a $24.00 price objective on shares of Magnite and gave the company a “buy” rating in a research note on Tuesday, May 20th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Magnite in a report on Thursday, May 8th. Finally, Benchmark reduced their target price on shares of Magnite from $25.00 to $24.00 and set a “buy” rating for the company in a report on Thursday, May 8th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $19.58.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Arizona State Retirement System lifted its stake in shares of Magnite by 1.5% in the fourth quarter. Arizona State Retirement System now owns 36,846 shares of the company’s stock valued at $587,000 after purchasing an additional 559 shares during the period. Truist Financial Corp increased its holdings in Magnite by 2.0% in the fourth quarter. Truist Financial Corp now owns 34,242 shares of the company’s stock valued at $545,000 after buying an additional 674 shares in the last quarter. Summit Investment Advisors Inc. lifted its position in shares of Magnite by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company’s stock valued at $210,000 after acquiring an additional 836 shares during the period. ANTIPODES PARTNERS Ltd lifted its position in shares of Magnite by 13.4% during the 4th quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company’s stock valued at $129,000 after acquiring an additional 956 shares during the period. Finally, Jones Financial Companies Lllp boosted its stake in shares of Magnite by 20.6% during the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock worth $93,000 after acquiring an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

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.