Adam Lee Soroca Sells 42,584 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) insider Adam Lee Soroca sold 42,584 shares of the firm's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $25.00, for a total value of $1,064,600.00. Following the completion of the sale, the insider owned 366,672 shares of the company's stock, valued at approximately $9,166,800. This represents a 10.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Adam Lee Soroca also recently made the following trade(s):

• On Tuesday, June 24th, Adam Lee Soroca sold 44,519 shares of Magnite stock. The shares were sold at an average price of $20.00, for a total value of $890,380.00.
• On Friday, June 6th, Adam Lee Soroca sold 8,328 shares of Magnite stock. The shares were sold at an average price of $17.70, for a total value of $147,405.60.
• On Tuesday, May 20th, Adam Lee Soroca sold 8,328 shares of Magnite stock. The stock was sold at an average price of $17.00, for a total transaction of $141,576.00.
• On Friday, May 16th, Adam Lee Soroca sold 11,366 shares of Magnite stock. The shares were sold at an average price of $15.73, for a total transaction of $178,787.18.

Magnite Price Performance

MGNI stock traded down $0.76 during mid-day trading on Tuesday, reaching $23.53. 7,309,657 shares of the company's stock were exchanged, compared to its average volume of 2,243,571. Magnite, Inc. has a 12-month low of $8.22 and a 12-month high of $25.27. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.98. The stock's 50 day moving average is $17.35 and its 200 day moving average is $15.66. The company has a market cap of $3.32 billion, a price-to-earnings ratio of 117.66, a price-to-earnings-growth ratio of 2.00 and a beta of 2.96.

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

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on MGNI shares. Benchmark decreased their price target on shares of Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Royal Bank Of Canada reduced their price target on shares of Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Needham & Company LLC boosted their price objective on shares of Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Lake Street Capital reduced their price objective on Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Finally, Wall Street Zen cut Magnite from a "buy" rating to a "hold" rating in a research note on Saturday. Two research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.33.

Institutional Investors Weigh In On Magnite

A number of institutional investors have recently modified their holdings of the company. SBI Securities Co. Ltd. purchased a new position in Magnite during the 4th quarter valued at about $25,000. MCF Advisors LLC boosted its stake in shares of Magnite by 2,100.0% in the first quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock valued at $25,000 after purchasing an additional 2,100 shares during the period. Smartleaf Asset Management LLC boosted its stake in shares of Magnite by 74.9% in the first quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company's stock valued at $33,000 after purchasing an additional 1,203 shares during the period. AllSquare Wealth Management LLC grew its holdings in shares of Magnite by 76.8% in the first quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock valued at $41,000 after purchasing an additional 1,555 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in Magnite by 10,170.3% during the 1st quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock worth $43,000 after buying an additional 3,763 shares during the period. 73.40% of the stock is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.