Insider Selling: Magnite (NASDAQ:MGNI) Insider Sells 26,178 Shares of Company Stock

Key Points

• Insider Katie Evans sold 26,178 Magnite shares at an average $28.96, for about $758,115. After the sale, she directly held 415,622 shares.
• Magnite beat quarterly estimates, reporting EPS of $0.33 versus $0.29 expected and revenue of $204.2 million versus $190.19 million expected; revenue rose 22.4% year over year.
• Analysts maintained a broadly positive outlook: ten rated the stock Buy and two Hold, giving it a consensus “Moderate Buy” rating and a $31 average price target.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) insider Katie Evans sold 26,178 shares of the company's stock in a transaction that occurred on Monday, November 9th. The stock was sold at an average price of $28.96, for a total transaction of $758,114.88. Following the sale, the insider directly owned 415,622 shares in the company, valued at $12,036,413.12. This trade represents a 5.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Katie Seitz Evans also recently made the following trade(s):

• On Friday, September 11th, Katie Evans sold 13,997 shares of Magnite stock. The shares were sold at an average price of $24.00, for a total transaction of $335,928.00.
• On Wednesday, September 9th, Katie Evans sold 11,100 shares of Magnite stock. The shares were sold at an average price of $23.46, for a total transaction of $260,406.00.
• On Tuesday, September 8th, Katie Evans sold 32,285 shares of Magnite stock. The stock was sold at an average price of $23.63, for a total transaction of $762,894.55.

Magnite Price Performance

Shares of Magnite stock traded up $0.13 during trading on Thursday, hitting $29.34. The stock had a trading volume of 2,147,701 shares, compared to its average volume of 2,526,010. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.36. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $29.67. The firm has a market cap of $4.21 billion, a price-to-earnings ratio of 24.66, a P/E/G ratio of 0.96 and a beta of 2.44. The business's 50-day moving average is $24.39 and its 200 day moving average is $18.06.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings data on Wednesday, November 4th. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.04. Magnite had a return on equity of 10.94% and a net margin of 23.58%. The company had revenue of $204.20 million during the quarter, compared to analyst estimates of $190.19 million. During the same quarter last year, the company earned $0.20 earnings per share. The firm's quarterly revenue was up 22.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Magnite, Inc. will post 0.61 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MGNI. Needham & Company LLC upped their price objective on shares of Magnite from $25.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, September 3rd. Evercore reissued an "outperform" rating and issued a $25.00 price target on shares of Magnite in a research note on Thursday, August 6th. Benchmark increased their price target on shares of Magnite from $30.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. BTIG Research lifted their price objective on shares of Magnite from $27.00 to $33.00 and gave the stock a "buy" rating in a report on Monday. Finally, B. Riley Financial upped their target price on shares of Magnite from $27.00 to $30.00 and gave the stock a "buy" rating in a research report on Friday, September 18th. Ten investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $31.00.

Hedge Funds Weigh In On Magnite

A number of large investors have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Magnite in the second quarter worth approximately $241,296,000. Canada Pension Plan Investment Board bought a new position in Magnite during the second quarter valued at approximately $56,847,000. Bank of America Corp DE bought a new position in Magnite during the second quarter valued at approximately $22,431,000. Bank of New York Mellon Corp purchased a new position in shares of Magnite during the second quarter worth approximately $22,059,000. Finally, Meros Investment Management LP purchased a new position in shares of Magnite during the second quarter worth approximately $18,815,538. 73.40% of the stock is owned by hedge funds and other institutional investors.

Recent Magnite Headlines

Investors following MGNI have been watching these headlines:

• Positive Sentiment: Recent results were stronger than expected: Magnite beat quarterly EPS and revenue estimates, with revenue up 22.4% year over year. Coverage also points to a raised outlook and an expanded Gracenote connected-TV deal, which could support future growth. Article: Is Magnite Undervalued Following Its Gracenote CTV Deal Expansion?
• Neutral Sentiment: One assessment says the stock may be near fair value despite the raised outlook, suggesting that strong fundamentals may already be reflected in the valuation. Article: Magnite Stock May Be Near Fair Value Despite Raised Outlook
• Negative Sentiment: Six insiders reported sales totaling about 91,963 shares across November 9 and 11. Director James Rossman sold 49,190 shares, reducing his stake by 45.77%; the other sellers included the CFO and CAO. These sales can concern investors, though the CTO’s small sale was under a pre-arranged trading plan, and insiders retain substantial holdings. SEC filing for director James Rossman

About Magnite

Magnite, Inc. operates a sell-side advertising platform that helps publishers, streaming services and app developers sell digital advertising inventory through programmatic auctions. Its technology connects those sellers with advertisers and their agencies seeking to buy ad placements. The company supports advertising across connected TV, online video, mobile applications and desktop formats. Its offerings include tools for managing and monetizing ad inventory, including streaming-focused ad-serving technology.

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