Katie Seitz Evans Sells 35,000 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) insider Katie Seitz Evans sold 35,000 shares of the company’s stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $17.36, for a total transaction of $607,600.00. Following the sale, the insider now directly owns 442,788 shares of the company’s stock, valued at $7,686,799.68. The trade was a 7.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Magnite Trading Up 0.8%

Shares of MGNI 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. Magnite, Inc. has a 12-month low of $8.22 and a 12-month high of $21.29. The firm has a 50-day moving average price of $13.21 and a 200 day moving average price of $15.13. The firm has a market capitalization of $2.48 billion, a P/E ratio of 293.33, a P/E/G ratio of 1.00 and a beta of 2.73.

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

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of MGNI. Barclays PLC lifted its position in Magnite by 352.9% in the third quarter. Barclays PLC now owns 210,598 shares of the company’s stock valued at $2,917,000 after buying an additional 164,093 shares during the last quarter. KBC Group NV lifted its position in Magnite by 66.5% in the fourth quarter. KBC Group NV now owns 5,943 shares of the company’s stock valued at $95,000 after buying an additional 2,374 shares during the last quarter. Jennison Associates LLC acquired a new position in Magnite in the fourth quarter valued at about $818,000. Stephens Investment Management Group LLC lifted its position in Magnite by 146.8% in the fourth quarter. Stephens Investment Management Group LLC now owns 996,644 shares of the company’s stock valued at $15,867,000 after buying an additional 592,853 shares during the last quarter. Finally, Legato Capital Management LLC lifted its position in Magnite by 32.1% in the fourth quarter. Legato Capital Management LLC now owns 48,123 shares of the company’s stock valued at $766,000 after buying an additional 11,705 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MGNI. Royal Bank of Canada dropped their target price on shares of Magnite from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Friday, May 2nd. Needham & Company LLC upped their target price on shares of Magnite from $14.00 to $18.00 and gave the stock a “buy” rating in a report on Monday, May 12th. Benchmark dropped 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. Craig Hallum set a $24.00 price objective on shares of Magnite and gave the company a “buy” rating in a report on Tuesday, May 20th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $18.00 price objective on shares of Magnite in a report on Thursday, May 8th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.58.

Magnite Company Profile

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.