Insider Selling: Magnite (NASDAQ:MGNI) CFO Sells $106,486.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) CFO Brian Gephart sold 3,700 shares of the business’s stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $28.78, for a total value of $106,486.00. Following the completion of the sale, the chief financial officer owned 163,310 shares of the company’s stock, valued at approximately $4,700,061.80. This represents a 2.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Magnite Stock Performance

NASDAQ MGNI traded down $0.05 on Friday, hitting $29.29. 2,292,291 shares of the company’s stock were exchanged, compared to its average volume of 2,683,232. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.04 and a quick ratio of 1.04. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $29.78. The firm has a market cap of $4.20 billion, a price-to-earnings ratio of 24.61, a P/E/G ratio of 0.89 and a beta of 2.44. The firm’s 50-day moving average price is $24.58 and its two-hundred day moving average price is $18.20.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, November 4th. The company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. Magnite had a net margin of 23.58% and a return on equity of 10.94%. The business had revenue of $204.20 million during the quarter, compared to analysts’ expectations of $190.19 million. During the same period last year, the company posted $0.20 EPS. The company’s revenue was up 22.4% on a year-over-year basis. On average, research analysts expect that Magnite, Inc. will post 0.68 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. B. Riley Financial raised their price target on shares of Magnite from $27.00 to $30.00 and gave the company a “buy” rating in a report on Friday, September 18th. Royal Bank Of Canada boosted their price objective on shares of Magnite from $27.00 to $30.00 and gave the stock an “outperform” rating in a report on Thursday, November 5th. Benchmark boosted their price objective on shares of Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Susquehanna upped their price objective on shares of Magnite from $30.00 to $35.00 and gave the company a “positive” rating in a research report on Thursday, November 5th. Finally, Wells Fargo & Company raised their target price on Magnite from $22.00 to $23.00 and gave the company an “equal weight” rating in a research note on Thursday, November 5th. Ten research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Magnite currently has an average rating of “Moderate Buy” and a consensus price target of $31.00.

Hedge Funds Weigh In On Magnite

Large investors have recently added to or reduced their stakes in the company. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Magnite during the third quarter worth $752,000. Bleakley Financial Group LLC bought a new stake in Magnite in the 3rd quarter valued at about $295,000. Benjamin Edwards Inc. bought a new stake in shares of Magnite during the third quarter valued at approximately $255,000. First Trust Advisors LP acquired a new position in Magnite during the 3rd quarter worth $6,938,000. Finally, Global Retirement Partners LLC lifted its holdings in Magnite by 2,723.8% in the third quarter. Global Retirement Partners LLC now owns 2,259 shares of the company’s stock worth $57,000 after purchasing an additional 2,179 shares during the period. 73.40% of the stock is currently owned by institutional investors.

Top Magnite Stories

Here are a few of the latest stories about MGNI:

• Positive Sentiment: An analysis describes Magnite’s CTV growth as solid, while coverage of its expanded Gracenote deal sees potential value in the company’s streaming-TV opportunity. These themes add to the backdrop of a recent quarter in which Magnite beat earnings and revenue estimates. Gracenote deal analysis
• Negative Sentiment: A Seeking Alpha article argues the stock is expensive despite solid CTV growth, raising the risk that valuation could limit further gains after the recent run-up. Magnite CTV growth and valuation article
• Negative Sentiment: Several Magnite executives and a director reported selling shares in transactions dated November 9 and 11, totaling roughly 92,000 shares, or about $2.7 million. The CTO’s sale was under a pre-arranged trading plan, and sellers retained substantial holdings, but the cluster of sales may still temper investor sentiment. Magnite insider sales report

Magnite Company Profile

Magnite, Inc. operates a sell-side advertising platform that helps publishers, streaming services and app developers sell digital advertising inventory through programmatic auctions. Its technology connects those sellers with advertisers and their agencies seeking to buy ad placements. The company supports advertising across connected TV, online video, mobile applications and desktop formats. Its offerings include tools for managing and monetizing ad inventory, including streaming-focused ad-serving technology.