Magnite (NASDAQ:MGNI) CAO Haas Sullivan Sells 2,427 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) CAO Haas Sullivan sold 2,427 shares of Magnite stock in a transaction that occurred on Wednesday, November 11th. The stock was sold at an average price of $29.59, for a total transaction of $71,814.93. Following the completion of the transaction, the chief accounting officer directly owned 95,127 shares in the company, valued at approximately $2,814,807.93. This trade represents a 2.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Magnite Stock Up 0.4%

MGNI stock opened at $29.34 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market capitalization of $4.21 billion, a P/E ratio of 24.66, a P/E/G ratio of 0.97 and a beta of 2.44. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $29.67. The company’s 50 day simple moving average is $24.48 and its 200-day simple moving average is $18.13.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, November 4th. The company reported $0.33 EPS 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 firm had revenue of $204.20 million during the quarter, compared to analyst estimates of $190.19 million. During the same quarter last year, the business posted $0.20 EPS. The company’s revenue was up 22.4% on a year-over-year basis. As a group, equities research analysts anticipate that Magnite, Inc. will post 0.62 EPS for the current year.

More Magnite News

These are some of the MGNI news items that stood out recently:

• Positive Sentiment: Magnite’s recent results provide a growth backdrop: it beat quarterly EPS and revenue estimates, with revenue up 22.4% year over year. A report also points to a raised outlook, while another highlights the expanded Gracenote connected-TV deal as a potential source of value. Magnite stock and raised outlook Magnite and Gracenote deal expansion
• Neutral Sentiment: One valuation analysis says MGNI may be near fair value despite the raised outlook, tempering the more optimistic view that the expanded Gracenote deal leaves the shares undervalued. Magnite valuation analysis
• Negative Sentiment: SEC disclosures show multiple Magnite directors and executives sold shares in transactions dated November 9 and 11. Together, the reported sales totaled about 91,963 shares, worth approximately $2.67 million. The largest disclosed sale was by director James Rossman; CTO David Buonasera’s smaller sale was made under a pre-arranged trading plan. Insider selling can raise concerns about near-term sentiment, although sellers retained substantial holdings. Magnite insider sale report James Rossman SEC filing

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in Magnite in the 2nd quarter valued at approximately $241,296,000. Canada Pension Plan Investment Board acquired a new stake in shares of Magnite during the 2nd quarter valued at $56,847,000. Dimensional Fund Advisors LP boosted its stake in shares of Magnite by 10.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock valued at $47,322,000 after buying an additional 367,854 shares during the period. Bank of America Corp DE acquired a new stake in shares of Magnite during the 2nd quarter valued at $22,431,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Magnite during the 2nd quarter valued at $22,059,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Royal Bank Of Canada raised their target price on Magnite from $27.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, November 5th. Benchmark upped their price target on Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Wells Fargo & Company upped their price target on Magnite from $22.00 to $23.00 and gave the company an “equal weight” rating in a research report on Thursday, November 5th. Craig Hallum reissued a “buy” rating and issued a $32.00 price objective on shares of Magnite in a research note on Thursday, September 17th. Finally, Weiss Ratings lowered Magnite from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, November 4th. Ten equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $31.00.

About Magnite

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.