Michael Barrett Sells 178,596 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) CEO Michael Barrett sold 178,596 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $16.59, for a total value of $2,962,907.64. Following the completion of the transaction, the chief executive officer directly owned 403,074 shares in the company, valued at approximately $6,686,997.66. The trade was a 30.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Magnite Price Performance

Shares of NASDAQ MGNI opened at $17.89 on Friday. The stock has a fifty day moving average price of $13.97 and a 200 day moving average price of $13.96. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $26.65. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. The company has a market cap of $2.56 billion, a PE ratio of 17.20, a P/E/G ratio of 0.86 and a beta of 2.32.

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

Wall Street Analyst Weigh In

MGNI has been the subject of several analyst reports. Evercore reissued an “outperform” rating and set a $21.00 price target on shares of Magnite in a report on Thursday, May 7th. Weiss Ratings raised Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. Benchmark cut their target price on Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. Finally, Wells Fargo & Company raised 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 investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.89.

Key Headlines Impacting Magnite

Here are the key news stories impacting Magnite this week:

• Positive Sentiment: Magnite announced a partnership with Viasat Aviation to bring programmatic ads to in-flight Wi‑Fi and entertainment screens, which could expand its connected advertising reach and open a new revenue stream. Magnite and Viasat Aviation Partner to Bring Programmatic Advertising to In-Flight Screens
• Positive Sentiment: Unusually high call-option activity suggests traders are betting on further upside in MGNI, reinforcing the recent bullish momentum. Investors Purchase High Volume of Magnite Call Options (NASDAQ:MGNI)
• Positive Sentiment: Recent coverage says MGNI has been on a multi-week winning streak, showing that momentum buyers remain active even as insiders sell shares. MGNI stock eyes fifth week of gains: Magnite executives file plans to sell shares, but retail is unfazed
• Neutral Sentiment: Magnite’s recent strong trading has been accompanied by analyst caution that earnings estimate revisions may limit near-term upside. Magnite (MGNI) Moves 10.8% Higher: Will This Strength Last?
• Negative Sentiment: CEO Michael Barrett, CTO David Buonasera, and Director Douglas Knopper all disclosed sizable share sales, which can pressure sentiment even if the transactions were preplanned.

Hedge Funds Weigh In On Magnite

Institutional investors and hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its holdings in Magnite by 28.9% during the third quarter. JPMorgan Chase & Co. now owns 1,209,413 shares of the company’s stock worth $26,341,000 after purchasing an additional 271,325 shares during the last quarter. Kopion Asset Management LLC grew its holdings in Magnite by 149.2% in the fourth quarter. Kopion Asset Management LLC now owns 614,459 shares of the company’s stock valued at $9,973,000 after purchasing an additional 367,858 shares during the last quarter. Stephens Investment Management Group LLC increased its position in shares of Magnite by 17.0% in the fourth quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company’s stock valued at $18,317,000 after buying an additional 164,035 shares in the last quarter. Kennedy Capital Management LLC increased its position in shares of Magnite by 39.6% in the third quarter. Kennedy Capital Management LLC now owns 1,213,613 shares of the company’s stock valued at $26,432,000 after buying an additional 344,466 shares in the last quarter. Finally, Picton Mahoney Asset Management raised its stake in shares of Magnite by 203.0% during the 3rd quarter. Picton Mahoney Asset Management now owns 387,332 shares of the company’s stock worth $8,436,000 after buying an additional 259,482 shares during the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

About Magnite

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).