Katie Seitz Evans Sells 32,285 Shares of Magnite (NASDAQ:MGNI) Stock

Key Points

• Katie Seitz Evans sold 32,285 Magnite shares at an average price of $23.63, generating approximately $762,895. The transaction was conducted under a pre-arranged Rule 10b5-1 plan and reduced her ownership by 6.47%.
• Magnite reported quarterly EPS of $0.26, beating estimates by $0.02, while revenue of $192.82 million exceeded forecasts and increased 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 $28.80 versus the stock’s recent price of $23.55.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) insider Katie Evans sold 32,285 shares of the company's stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $23.63, for a total value of $762,894.55. Following the completion of the sale, the insider owned 466,897 shares of the company's stock, valued at approximately $11,032,776.11. The trade was a 6.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Wednesday, September 9th, Katie Evans sold 11,100 shares of Magnite stock. The stock was sold at an average price of $23.46, for a total value of $260,406.00.
• On Thursday, August 6th, Katie Evans sold 20,000 shares of Magnite stock. The shares were sold at an average price of $24.00, for a total transaction of $480,000.00.

Magnite Trading Down 0.1%

Shares of MGNI traded down $0.03 during mid-day trading on Thursday, reaching $23.55. The stock had a trading volume of 1,629,504 shares, compared to its average volume of 2,564,595. 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 $26.19. The business's fifty day moving average is $21.90 and its 200 day moving average is $16.71. The firm has a market cap of $3.38 billion, a price-to-earnings ratio of 21.61, a P/E/G ratio of 1.03 and a beta of 2.30.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.02. The company had revenue of $192.82 million for the quarter, compared to the consensus estimate of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. Magnite's quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the firm 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.

Wall Street Analyst Weigh In

MGNI has been the topic of a number of recent analyst reports. Evercore reiterated an "outperform" rating and issued a $25.00 price objective on shares of Magnite in a report on Thursday, August 6th. Wells Fargo & Company raised their target price on Magnite from $21.00 to $22.00 and gave the stock an "equal weight" rating in a research note on Friday, August 7th. Needham & Company LLC lifted their target price on Magnite from $25.00 to $30.00 and gave the company a "buy" rating in a research report on Thursday, September 3rd. Benchmark increased their price target on Magnite from $30.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Magnite in a research report on Friday, August 7th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $28.80.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Nykredit A S purchased a new stake in shares of Magnite in the 2nd quarter valued at $25,000. EFG International AG acquired a new position in Magnite in the 2nd quarter valued at about $28,000. Allworth Financial LP acquired a new position in Magnite in the 2nd quarter valued at about $30,000. US Bancorp DE increased its stake in Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company's stock worth $35,000 after purchasing an additional 688 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in Magnite by 45.1% during the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company's stock worth $53,000 after purchasing an additional 755 shares during the period. 73.40% of the stock is currently owned by hedge funds and other 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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