Magnite (NASDAQ:MGNI) Director Sells $442,464.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) Director Sarah Patricia Harden sold 18,436 shares of the firm’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $24.00, for a total value of $442,464.00. Following the completion of the transaction, the director owned 114,751 shares in the company, valued at approximately $2,754,024. This trade represents a 13.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Sarah Patricia Harden also recently made the following trade(s):

• On Wednesday, August 26th, Sarah Patricia Harden sold 30,550 shares of Magnite stock. The stock was sold at an average price of $23.31, for a total value of $712,120.50.

Magnite Price Performance

Shares of MGNI opened at $23.70 on Monday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02. Magnite, Inc. has a one year low of $10.82 and a one year high of $26.63. The stock has a market capitalization of $3.40 billion, a price-to-earnings ratio of 21.74, a PEG ratio of 1.03 and a beta of 2.26. The stock has a 50 day moving average price of $21.04 and a 200 day moving average price of $16.02.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 EPS 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 during the quarter, compared to the consensus estimate of $179.15 million. During the same period in the prior year, the company earned $0.20 EPS. The firm’s revenue was up 11.3% compared to the same quarter last year. Equities research analysts forecast that Magnite, Inc. will post 0.61 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MGNI has been the topic of several research reports. Scotiabank reissued an “outperform” rating and issued a $27.00 price target on shares of Magnite in a research note on Thursday, August 6th. Royal Bank Of Canada increased their price objective on shares of Magnite from $20.00 to $27.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. BTIG Research boosted their target price on Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Wells Fargo & Company upped their price target on Magnite from $21.00 to $22.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. Finally, Rosenblatt Securities increased their price target on Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Magnite has an average rating of “Moderate Buy” and an average price target of $28.30.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Smartleaf Asset Management LLC raised its position in Magnite by 20.5% in the second quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock valued at $82,000 after purchasing an additional 577 shares during the period. US Bancorp DE grew its holdings in shares of Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after purchasing an additional 688 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Magnite by 45.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock worth $53,000 after purchasing an additional 755 shares during the period. AYAL Capital Advisors Ltd increased its position in shares of Magnite by 0.5% during the 4th quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company’s stock worth $3,246,000 after purchasing an additional 1,000 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its position in shares of Magnite by 2.4% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company’s stock worth $992,000 after purchasing an additional 1,047 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

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).