Sarah Patricia Harden Sells 30,550 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) Director Sarah Patricia Harden sold 30,550 shares of the firm’s stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $23.31, for a total transaction of $712,120.50. Following the completion of the sale, the director directly owned 133,187 shares in the company, valued at $3,104,588.97. This represents a 18.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Sarah Patricia Harden also recently made the following trade(s):

• On Friday, August 28th, Sarah Patricia Harden sold 18,436 shares of Magnite stock. The stock was sold at an average price of $24.00, for a total transaction of $442,464.00.

Magnite Stock Performance

NASDAQ:MGNI opened at $23.70 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. The company has a market cap of $3.40 billion, a P/E ratio of 21.74, a P/E/G ratio of 1.03 and a beta of 2.26. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $26.63. The firm’s 50 day moving average is $21.04 and its two-hundred day moving average is $15.99.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, beating 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 company had revenue of $192.82 million for the quarter, compared to analyst estimates of $179.15 million. During the same quarter last year, the business earned $0.20 EPS. Magnite’s revenue for the quarter was up 11.3% on a year-over-year basis. Analysts expect that Magnite, Inc. will post 0.61 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Nykredit A S purchased a new position in shares of Magnite during the 2nd quarter valued at approximately $25,000. EFG International AG bought a new stake in shares of Magnite in the second quarter worth $28,000. Allworth Financial LP acquired a new stake in Magnite in the second quarter valued at $30,000. US Bancorp DE raised its holdings in Magnite by 75.8% in the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after acquiring an additional 688 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in Magnite by 106.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock valued at $45,000 after acquiring an additional 1,949 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on MGNI. Wells Fargo & Company boosted their price target on Magnite from $21.00 to $22.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. Evercore reiterated an “outperform” rating and issued a $25.00 target price on shares of Magnite in a research note on Thursday, August 6th. Susquehanna raised their target price on Magnite from $22.00 to $30.00 and gave the company a “positive” rating in a report on Thursday, August 6th. B. Riley Financial boosted their price target on Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, Benchmark upped their price target on Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Magnite presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.30.

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).