Aaron Saltz Sells 15,328 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) insider Aaron Saltz sold 15,328 shares of the stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $16.71, for a total value of $256,130.88. Following the completion of the transaction, the insider now owns 296,176 shares in the company, valued at $4,949,100.96. This represents a 4.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Magnite Stock Up 0.8%

Shares of Magnite stock traded up $0.14 during trading hours on Friday, reaching $17.60. 1,896,697 shares of the company were exchanged, compared to its average volume of 2,126,494. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $21.29. The stock's fifty day moving average is $13.09 and its 200 day moving average is $15.13. The firm has a market cap of $2.48 billion, a PE ratio of 293.33, a PEG ratio of 1.00 and a beta of 2.73. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.06 by $0.06. The firm had revenue of $145.85 million during the quarter, compared to analysts' expectations of $142.18 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. The business's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.05 earnings per share. As a group, equities research analysts forecast that Magnite, Inc. will post 0.33 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have weighed in on MGNI. Susquehanna raised their price objective on shares of Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a research report on Thursday, February 27th. Benchmark cut their target price on Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Royal Bank of Canada lowered their target price on shares of Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Needham & Company LLC increased their price objective on shares of Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Finally, Lake Street Capital cut their price objective on shares of Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a report on Thursday, May 8th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $19.58.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Magnite by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company's stock valued at $156,814,000 after purchasing an additional 138,417 shares during the last quarter. Capital Research Global Investors acquired a new stake in Magnite during the fourth quarter valued at approximately $122,986,000. Wellington Management Group LLP boosted its stake in shares of Magnite by 6.8% during the 4th quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company's stock worth $111,918,000 after acquiring an additional 450,341 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Magnite by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company's stock valued at $87,957,000 after buying an additional 170,532 shares in the last quarter. Finally, Boston Partners boosted its position in shares of Magnite by 10.9% in the first quarter. Boston Partners now owns 5,276,356 shares of the company's stock worth $60,187,000 after buying an additional 520,033 shares during the period. 73.40% of the stock is currently owned by institutional investors.

About Magnite

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company's platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.

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