Magnite (NASDAQ:MGNI) CAO Brian Gephart Sells 12,479 Shares

Magnite, Inc. (NASDAQ:MGNI) CAO Brian Gephart sold 12,479 shares of the company’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $24.68, for a total transaction of $307,981.72. Following the sale, the chief accounting officer directly owned 106,117 shares in the company, valued at approximately $2,618,967.56. The trade was a 10.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Magnite Stock Performance

NASDAQ MGNI opened at $24.34 on Thursday. The business’s 50 day moving average price is $19.25 and its 200-day moving average price is $15.14. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $26.65. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02. The company has a market cap of $3.49 billion, a P/E ratio of 22.33, a P/E/G ratio of 1.49 and a beta of 2.26.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The business had revenue of $192.82 million for the quarter, compared to the consensus estimate of $179.15 million. During the same period in the prior year, the firm earned $0.20 EPS. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. Sell-side analysts predict that Magnite, Inc. will post 0.44 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on MGNI shares. Benchmark lifted their price target on Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Rosenblatt Securities lifted their target price on shares of Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research note on Friday, August 7th. Susquehanna lifted their price target on Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a research note on Thursday, August 6th. Finally, Wells Fargo & Company lifted their target price on shares of Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Friday, August 7th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $28.30.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MGNI. Allworth Financial LP acquired a new stake in Magnite during the second quarter worth about $30,000. US Bancorp DE boosted its holdings in Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after purchasing an additional 688 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in Magnite by 45.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after purchasing an additional 755 shares during the last quarter. Harbor Investment Advisory LLC purchased a new stake in shares of Magnite in the 2nd quarter valued at approximately $62,000. Finally, Smartleaf Asset Management LLC grew its stake in shares of Magnite by 20.5% in the 2nd quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock valued at $82,000 after buying an additional 577 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

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).