Michael Barrett Sells 100,000 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) CEO Michael Barrett sold 100,000 shares of Magnite stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $17.50, for a total value of $1,750,000.00. Following the transaction, the chief executive officer owned 403,074 shares in the company, valued at approximately $7,053,795. This represents a 19.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Magnite Stock Down 1.7%

Shares of NASDAQ:MGNI traded down $0.31 during trading on Wednesday, hitting $18.24. 6,567,789 shares of the company’s stock traded hands, compared to its average volume of 2,498,963. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.65. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. The company has a market cap of $2.61 billion, a price-to-earnings ratio of 17.54, a price-to-earnings-growth ratio of 0.79 and a beta of 2.32. The company has a 50-day moving average price of $13.73 and a 200-day moving average price of $13.91.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The business had revenue of $164.37 million for the quarter, compared to analysts’ expectations of $159.24 million. During the same quarter in the previous year, the business posted $0.12 EPS. Magnite’s revenue for the quarter was up 5.5% on a year-over-year basis. As a group, research analysts forecast that Magnite, Inc. will post 0.6 EPS for the current fiscal year.

Institutional Trading of Magnite

Institutional investors have recently made changes to their positions in the business. Neo Ivy Capital Management bought a new stake in shares of Magnite in the third quarter worth $27,000. US Bancorp DE lifted its position in Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after buying an additional 688 shares in the last quarter. Central Pacific Bank Trust Division bought a new stake in Magnite during the 4th quarter worth about $41,000. Strategic Advocates LLC bought a new stake in Magnite during the 3rd quarter worth about $42,000. Finally, PNC Financial Services Group Inc. lifted its position in Magnite by 106.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock worth $45,000 after buying an additional 1,949 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $39.00 price objective on shares of Magnite in a research report on Thursday, February 26th. Evercore reaffirmed an “outperform” rating and issued a $21.00 price objective on shares of Magnite in a research report on Thursday, May 7th. Royal Bank Of Canada restated an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Benchmark cut their price target on Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Finally, Wells Fargo & Company boosted their price target on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $23.89.

Magnite Company Profile

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).