Magnite (NASDAQ:MGNI) Director Sells 5,000 Shares

Magnite, Inc. (NASDAQ:MGNI) Director Paul Caine sold 5,000 shares of Magnite stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $20.64, for a total value of $103,200.00. Following the sale, the director directly owned 162,401 shares in the company, valued at $3,351,956.64. This trade represents a 2.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Magnite Price Performance

MGNI stock traded down $0.21 during midday trading on Tuesday, hitting $20.20. The company’s stock had a trading volume of 1,706,248 shares, compared to its average volume of 2,578,847. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.65. 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 firm has a market capitalization of $2.89 billion, a price-to-earnings ratio of 19.42, a price-to-earnings-growth ratio of 1.04 and a beta of 2.25. The company has a 50 day moving average of $16.33 and a two-hundred day moving average of $14.44.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The firm had revenue of $164.37 million for the quarter, compared to analysts’ expectations of $159.24 million. During the same quarter last year, the business posted $0.12 earnings per share. The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. On average, analysts expect that Magnite, Inc. will post 0.55 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on MGNI shares. BTIG Research began coverage on shares of Magnite in a report on Tuesday, June 9th. They set a “buy” rating and a $20.00 price objective for the company. Scotiabank lifted their target price on Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a report on Thursday, May 7th. Evercore reiterated an “outperform” rating and issued a $21.00 target price on shares of Magnite in a research report on Thursday, May 7th. Royal Bank Of Canada reissued an “outperform” rating on shares of Magnite in a research note on Thursday, May 28th. Finally, Needham & Company LLC restated a “buy” rating and set a $25.00 price target on shares of Magnite in a report on Thursday, April 16th. Eight 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.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $23.89.

Hedge Funds Weigh In On Magnite

Institutional investors and hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Magnite by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company’s stock valued at $854,000 after acquiring an additional 3,267 shares during the last quarter. Millennium Management LLC raised its position in Magnite by 113.7% during the first quarter. Millennium Management LLC now owns 434,479 shares of the company’s stock valued at $4,957,000 after purchasing an additional 231,213 shares during the period. Jones Financial Companies Lllp lifted its stake in shares of Magnite by 24.3% in the 1st quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company’s stock valued at $83,000 after purchasing an additional 1,423 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Magnite by 9.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company’s stock valued at $4,618,000 after purchasing an additional 36,097 shares during the last quarter. Finally, Intech Investment Management LLC lifted its stake in shares of Magnite by 103.6% in the 1st quarter. Intech Investment Management LLC now owns 109,992 shares of the company’s stock valued at $1,255,000 after purchasing an additional 55,971 shares during the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

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).