Insider Selling: Magnite (NASDAQ:MGNI) Director Sells $712,120.50 in Stock

Key Points

• Magnite director Sarah Patricia Harden sold 30,550 shares for approximately $712,121 under a pre-arranged Rule 10b5-1 plan, reducing her stake by 18.66% to 133,187 shares. She also sold an additional 18,436 shares at $24.00.
• Magnite shares rose 1.5% to $23.70, while the company’s latest quarterly results exceeded expectations: EPS was $0.26 versus $0.24 expected, and revenue reached $192.82 million, up 11.3% year over year.
• Analysts maintain a generally positive outlook, with nine Buy ratings and two Holds, producing a “Moderate Buy” consensus and an average price target of $28.30; institutional investors own 73.4% of the stock.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director Sarah Patricia Harden sold 30,550 shares of Magnite stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $23.31, for a total value of $712,120.50. Following the transaction, the director owned 133,187 shares in the company, valued at approximately $3,104,588.97. This represents a 18.66% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Sarah Patricia Harden also recently made the following trade(s):

• On Friday, August 28th, Sarah Patricia Harden sold 18,436 shares of Magnite stock. The shares were sold at an average price of $24.00, for a total transaction of $442,464.00.

Magnite Trading Up 1.5%

Shares of MGNI traded up $0.34 during mid-day trading on Friday, reaching $23.70. The stock had a trading volume of 1,658,717 shares, compared to its average volume of 2,570,022. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.03. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $26.63. The business's fifty day moving average is $21.04 and its 200 day moving average is $15.99. The firm has a market cap of $3.40 billion, a price-to-earnings ratio of 21.74, a P/E/G ratio of 1.02 and a beta of 2.26.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.02. The firm had revenue of $192.82 million during the quarter, compared to analysts' expectations of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. Magnite's revenue was up 11.3% compared to the same quarter last year. During the same period last year, the business earned $0.20 earnings per share. On average, sell-side analysts predict that Magnite, Inc. will post 0.61 EPS for the current fiscal year.

Institutional Investors Weigh In On Magnite

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Magnite by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company's stock worth $854,000 after purchasing an additional 3,267 shares during the period. Millennium Management LLC lifted its stake in Magnite by 113.7% during the first quarter. Millennium Management LLC now owns 434,479 shares of the company's stock worth $4,957,000 after purchasing an additional 231,213 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in Magnite by 24.3% during the first quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company's stock worth $83,000 after purchasing an additional 1,423 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Magnite by 9.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company's stock worth $4,618,000 after buying an additional 36,097 shares during the period. Finally, Intech Investment Management LLC boosted its position in shares of Magnite by 103.6% during the first quarter. Intech Investment Management LLC now owns 109,992 shares of the company's stock worth $1,255,000 after buying an additional 55,971 shares during the period. 73.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on MGNI shares. Evercore reiterated an "outperform" rating and issued a $25.00 price objective on shares of Magnite in a report on Thursday, August 6th. Weiss Ratings reissued a "hold (c)" rating on shares of Magnite in a research note on Friday, August 7th. Benchmark lifted their target price 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 $21.00 to $22.00 and gave the company an "equal weight" rating in a research note on Friday, August 7th. Finally, B. Riley Financial increased their price target on Magnite from $20.00 to $27.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, Magnite has an average rating of "Moderate Buy" and an average target price of $28.30.

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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