Aaron Saltz Sells 16,788 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) insider Aaron Saltz sold 16,788 shares of the business's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $17.50, for a total value of $293,790.00. Following the completion of the transaction, the insider now directly owns 279,388 shares in the company, valued at approximately $4,889,290. The trade was a 5.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Aaron Saltz also recently made the following trade(s):

• On Wednesday, June 4th, Aaron Saltz sold 15,328 shares of Magnite stock. The shares were sold at an average price of $16.71, for a total transaction of $256,130.88.

Magnite Price Performance

Shares of MGNI stock traded up $0.59 during mid-day trading on Wednesday, reaching $18.82. The stock had a trading volume of 2,459,889 shares, compared to its average volume of 2,130,978. The company has a market cap of $2.66 billion, a P/E ratio of 94.10, a price-to-earnings-growth ratio of 1.52 and a beta of 2.87. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.47. Magnite, Inc. has a 12-month low of $8.22 and a 12-month high of $21.29. The business has a 50-day simple moving average of $14.33 and a 200 day simple moving average of $15.18.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.06. Magnite had a net margin of 4.58% and a return on equity of 6.71%. The firm had revenue of $145.85 million during the quarter, compared to the consensus estimate of $142.18 million. During the same period last year, the firm posted $0.05 EPS. The firm's revenue for the quarter was up 4.3% on a year-over-year basis. On average, sell-side analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Susquehanna upped their price objective on shares of Magnite from $16.00 to $22.00 and gave the stock a "positive" rating in a research report on Thursday, February 27th. Benchmark lowered their price objective on Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Rosenblatt Securities reissued a "buy" rating and set a $18.00 target price on shares of Magnite in a research note on Thursday, May 8th. Needham & Company LLC raised their price target on Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a report on Monday, May 12th. Finally, Royal Bank Of Canada dropped their price objective on Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. One 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 presently has an average rating of "Moderate Buy" and a consensus price target of $19.58.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Capital Research Global Investors acquired a new stake in Magnite during the 4th quarter valued at $122,986,000. Nuveen LLC purchased a new stake in shares of Magnite in the first quarter valued at $41,036,000. American Century Companies Inc. boosted its stake in shares of Magnite by 855.2% during the first quarter. American Century Companies Inc. now owns 2,961,009 shares of the company's stock valued at $33,785,000 after acquiring an additional 2,651,033 shares during the last quarter. Boston Partners increased its position in Magnite by 39.1% during the 4th quarter. Boston Partners now owns 4,756,323 shares of the company's stock worth $76,061,000 after purchasing an additional 1,336,458 shares in the last quarter. Finally, Pacer Advisors Inc. acquired a new position in Magnite in the 1st quarter valued at about $12,576,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Magnite Company Profile

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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