Magnite (NASDAQ:MGNI) Director Douglas Knopper Sells 10,766 Shares

Magnite, Inc. (NASDAQ:MGNI) Director Douglas Knopper sold 10,766 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $15.73, for a total transaction of $169,349.18. Following the completion of the transaction, the director owned 163,147 shares in the company, valued at approximately $2,566,302.31. This trade represents a 6.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Magnite Price Performance

Shares of MGNI stock traded down $0.14 during trading on Wednesday, hitting $15.67. The company had a trading volume of 2,741,889 shares, compared to its average volume of 2,324,133. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The stock’s 50-day moving average is $13.32 and its two-hundred day moving average is $13.85. The stock has a market capitalization of $2.24 billion, a price-to-earnings ratio of 15.07, a price-to-earnings-growth ratio of 0.75 and a beta of 2.32. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.65.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.02. The company had revenue of $164.37 million for the quarter, compared to analysts’ expectations of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. Magnite’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.12 earnings per share. As a group, analysts predict that Magnite, Inc. will post 0.6 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Needham & Company LLC restated a “buy” rating and issued a $25.00 price objective on shares of Magnite in a research report on Thursday, April 16th. Scotiabank upped their price objective on shares of Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a research report on Thursday, May 7th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. Evercore reiterated an “outperform” rating and set a $21.00 price target on shares of Magnite in a research report on Thursday, May 7th. Finally, Benchmark reduced their price target on shares of Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.89.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. grew its position in Magnite by 28.9% during the third quarter. JPMorgan Chase & Co. now owns 1,209,413 shares of the company’s stock valued at $26,341,000 after acquiring an additional 271,325 shares during the last quarter. Kopion Asset Management LLC grew its position in Magnite by 149.2% during the fourth quarter. Kopion Asset Management LLC now owns 614,459 shares of the company’s stock valued at $9,973,000 after acquiring an additional 367,858 shares during the last quarter. Stephens Investment Management Group LLC grew its position in Magnite by 17.0% during the fourth quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company’s stock valued at $18,317,000 after acquiring an additional 164,035 shares during the last quarter. Kennedy Capital Management LLC boosted its stake in shares of Magnite by 39.6% during the third quarter. Kennedy Capital Management LLC now owns 1,213,613 shares of the company’s stock valued at $26,432,000 after purchasing an additional 344,466 shares during the period. Finally, Picton Mahoney Asset Management boosted its stake in shares of Magnite by 203.0% during the third quarter. Picton Mahoney Asset Management now owns 387,332 shares of the company’s stock valued at $8,436,000 after purchasing an additional 259,482 shares during the period. 73.40% of the stock is currently owned by institutional investors.

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).