Paul Caine Sells 5,000 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) Director Paul Caine sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $24.35, for a total value of $121,750.00. Following the sale, the director owned 157,401 shares in the company, valued at approximately $3,832,714.35. This trade represents a 3.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 Friday, July 10th, Paul Caine sold 5,000 shares of Magnite stock. The shares were sold at an average price of $20.64, for a total value of $103,200.00.

Magnite Trading Up 0.2%

Shares of Magnite stock traded up $0.04 on Wednesday, reaching $24.34. The company had a trading volume of 3,320,117 shares, compared to its average volume of 2,594,091. The firm has a market cap of $3.49 billion, a price-to-earnings ratio of 22.33, a P/E/G ratio of 1.48 and a beta of 2.26. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.03. The firm’s 50-day moving average price is $19.05 and its two-hundred day moving average price is $15.08. Magnite, Inc. has a 1 year low of $10.82 and a 1 year high of $26.65.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.02. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The firm had revenue of $192.82 million for the quarter, compared to the consensus estimate of $179.15 million. During the same quarter in the previous year, the company posted $0.20 EPS. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, research analysts predict that Magnite, Inc. will post 0.44 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Magnite

Several hedge funds have recently bought and sold shares of MGNI. Vanguard Group Inc. increased its stake in Magnite by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company’s stock worth $240,247,000 after purchasing an additional 148,198 shares during the period. Capital Research Global Investors grew its holdings in shares of Magnite by 85.0% in the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after purchasing an additional 5,937,428 shares during the last quarter. BlackRock Inc. bought a new position in shares of Magnite in the second quarter worth about $241,296,000. Wellington Management Group LLP increased its stake in Magnite by 67.7% in the 4th quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock worth $140,053,000 after buying an additional 3,484,689 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Magnite by 10.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock worth $47,322,000 after buying an additional 367,854 shares during the period. Institutional investors own 73.40% of the company’s stock.

Wall Street Analyst Weigh In

MGNI has been the topic of several recent analyst reports. BTIG Research increased their target price on shares of Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Rosenblatt Securities lifted their price target on shares of Magnite from $39.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Royal Bank Of Canada upped their price target on shares of Magnite from $20.00 to $27.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. Susquehanna increased their price objective on shares of Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a research report on Thursday, August 6th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $25.00 price objective on shares of Magnite in a research note on Thursday, April 16th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price 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).