Magnite (NASDAQ:MGNI) CEO Michael Barrett Sells 75,000 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) CEO Michael Barrett sold 75,000 shares of the stock in a transaction on Monday, June 29th. The stock was sold at an average price of $19.50, for a total value of $1,462,500.00. Following the sale, the chief executive officer directly owned 403,074 shares in the company, valued at approximately $7,859,943. This trade represents a 15.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Magnite Stock Up 6.8%

Shares of NASDAQ MGNI opened at $20.28 on Thursday. The stock has a market capitalization of $2.90 billion, a P/E ratio of 19.50, a PEG ratio of 0.97 and a beta of 2.25. The stock’s fifty day moving average is $14.98 and its 200 day moving average is $14.18. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.65. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02.

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, topping analysts’ consensus estimates of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The firm had revenue of $164.37 million for the quarter, compared to the consensus estimate of $159.24 million. During the same period in the prior year, the company posted $0.12 earnings per share. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. Sell-side analysts forecast that Magnite, Inc. will post 0.55 earnings per share for the current fiscal year.

Analysts Set New Price Targets

MGNI has been the topic of a number of research reports. Needham & Company LLC restated a “buy” rating and set a $25.00 price objective on shares of Magnite in a research report on Thursday, April 16th. Scotiabank lifted their price target on Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research note on Thursday, May 7th. Evercore reissued an “outperform” rating and set a $21.00 price target on shares of Magnite in a research note on Thursday, May 7th. Royal Bank Of Canada restated an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Finally, BTIG Research started coverage on shares of Magnite in a report on Tuesday, June 9th. They issued a “buy” rating and a $20.00 price objective for the company. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $23.89.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Capital Research Global Investors boosted its position in Magnite by 85.0% in the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after purchasing an additional 5,937,428 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Magnite by 67.7% in the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after buying an additional 3,484,689 shares during the period. Ophir Asset Management Pty Ltd purchased a new position in shares of Magnite during the 4th quarter valued at $38,695,000. 325 Capital LLC lifted its position in shares of Magnite by 208.5% during the 4th quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock valued at $32,547,000 after buying an additional 1,355,326 shares during the last quarter. Finally, Blue Grotto Capital LLC grew its stake in shares of Magnite by 443.8% during the 3rd quarter. Blue Grotto Capital LLC now owns 1,548,796 shares of the company’s stock worth $33,733,000 after acquiring an additional 1,263,992 shares during the period. 73.40% of the stock is owned by institutional investors.

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).