Brian Gephart Sells 12,479 Shares of Magnite (NASDAQ:MGNI) Stock

Key Points

• Magnite CAO Brian Gephart sold 12,479 shares for approximately $308,000, reducing his direct holdings by 10.52% to 106,117 shares.
• Magnite reported quarterly earnings of $0.26 per share, exceeding estimates by $0.02, while revenue reached $192.82 million—up 11.3% year over year and above expectations.
• Analysts maintain a “Moderate Buy” consensus, with nine Buy ratings and two Holds and an average price target of $28.30, compared with the stock’s reported price of $24.34.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CAO Brian Gephart sold 12,479 shares of the stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $24.68, for a total value of $307,981.72. Following the completion of the transaction, the chief accounting officer directly owned 106,117 shares of the company's stock, valued at $2,618,967.56. This represents a 10.52% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Magnite Stock Up 0.2%

Shares of Magnite stock traded up $0.04 during trading on Wednesday, reaching $24.34. The company had a trading volume of 3,320,117 shares, compared to its average volume of 2,594,091. The company has a market cap of $3.49 billion, a price-to-earnings ratio of 22.33, a price-to-earnings-growth ratio of 1.48 and a beta of 2.26. The firm's fifty day moving average is $19.05 and its 200-day moving average is $15.08. 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 fifty-two week low of $10.82 and a fifty-two week high of $26.65.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.02. The business had revenue of $192.82 million during the quarter, compared to the consensus estimate of $179.15 million. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The business's quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.20 EPS. On average, analysts anticipate that Magnite, Inc. will post 0.44 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MGNI. Wells Fargo & Company increased their target price on shares of Magnite from $21.00 to $22.00 and gave the stock an "equal weight" rating in a report on Friday, August 7th. Rosenblatt Securities boosted their price objective on shares of Magnite from $39.00 to $40.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Benchmark increased their price objective on shares of Magnite from $30.00 to $33.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Susquehanna increased their price objective on shares of Magnite from $22.00 to $30.00 and gave the stock a "positive" rating in a research note on Thursday, August 6th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Magnite in a report on Friday. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Magnite currently has a consensus rating of "Moderate Buy" and an average price target of $28.30.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC increased its position in Magnite by 20.5% in the 2nd quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company's stock worth $82,000 after purchasing an additional 577 shares during the last quarter. US Bancorp DE raised its stake 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 in the last quarter. PNC Financial Services Group Inc. lifted 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 valued at $53,000 after buying an additional 755 shares during the last quarter. AYAL Capital Advisors Ltd lifted its holdings 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 valued at $3,246,000 after buying an additional 1,000 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its stake in shares of Magnite by 2.4% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company's stock valued at $992,000 after buying an additional 1,047 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

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).

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