Magnite (NASDAQ:MGNI) Director Paul Caine Sells 12,500 Shares of Company Stock

Magnite, Inc. (NASDAQ:MGNI) Director Paul Caine sold 12,500 shares of the company’s stock in a transaction dated Monday, October 12th. The stock was sold at an average price of $25.29, for a total transaction of $316,125.00. Following the completion of the sale, the director directly owned 124,901 shares in the company, valued at approximately $3,158,746.29. The trade was a 9.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paul Caine also recently made the following trade(s):

• On Thursday, September 17th, Paul Caine sold 7,500 shares of Magnite stock. The stock was sold at an average price of $26.50, for a total transaction of $198,750.00.
• On Thursday, September 10th, Paul Caine sold 5,000 shares of Magnite stock. The stock was sold at an average price of $23.53, for a total transaction of $117,650.00.
• On Monday, August 10th, Paul Caine sold 5,000 shares of Magnite stock. The shares were sold at an average price of $24.35, for a total transaction of $121,750.00.

Magnite Trading Down 5.7%

Shares of MGNI stock opened at $23.87 on Thursday. The company has a market capitalization of $3.42 billion, a P/E ratio of 46.04, a P/E/G ratio of 0.83 and a beta of 2.33. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $26.84. 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 firm has a 50-day moving average price of $24.33 and a 200 day moving average price of $18.81.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.02. The firm had revenue of $192.82 million for the quarter, compared to analysts’ expectations of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.20 earnings per share. Research analysts forecast that Magnite, Inc. will post 0.61 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Magnite

A number of institutional investors have recently modified their holdings of MGNI. GAMMA Investing LLC increased its position in Magnite by 32.1% in the third quarter. GAMMA Investing LLC now owns 2,916 shares of the company’s stock worth $74,000 after purchasing an additional 708 shares during the period. Versant Capital Management Inc raised its holdings in Magnite by 20.1% during the 3rd quarter. Versant Capital Management Inc now owns 5,662 shares of the company’s stock worth $143,000 after purchasing an additional 947 shares during the last quarter. Tidal Investments LLC lifted its position in Magnite by 24.0% during the 2nd quarter. Tidal Investments LLC now owns 165,838 shares of the company’s stock valued at $3,148,000 after purchasing an additional 32,074 shares during the period. WINTON GROUP Ltd bought a new position in shares of Magnite in the 2nd quarter valued at about $2,314,000. Finally, Allworth Financial LP boosted its stake in shares of Magnite by 63.7% in the 2nd quarter. Allworth Financial LP now owns 1,567 shares of the company’s stock valued at $30,000 after purchasing an additional 610 shares during the last quarter. 73.40% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MGNI. BTIG Research reissued a “buy” rating and issued a $27.00 target price on shares of Magnite in a report on Wednesday, September 9th. Needham & Company LLC raised their price target on Magnite from $25.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, September 3rd. Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 price target on shares of Magnite in a report on Friday, October 2nd. Craig Hallum reiterated a “buy” rating and issued a $32.00 price objective on shares of Magnite in a research report on Thursday, September 17th. Finally, Royal Bank Of Canada boosted their price objective on Magnite from $20.00 to $27.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. Ten investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Magnite has an average rating of “Moderate Buy” and an average target price of $29.36.

Magnite Company Profile

Magnite, Inc is an independent sell-side advertising technology company that helps publishers, broadcasters and other content owners monetize digital advertising inventory. Its platform connects sellers of advertising space with brands, agencies and demand-side platforms, facilitating the automated buying and selling of ads across connected television (CTV), streaming video, mobile applications, websites, audio and digital out-of-home media.

The company offers tools for managing, packaging and selling advertising inventory, including programmatic auctions, direct and private marketplace transactions, audience targeting, yield optimization and measurement.