Magnite (NASDAQ:MGNI) CAO Sells $71,814.93 in Stock

Key Points

• Magnite’s chief accounting officer Haas Sullivan sold 2,427 shares for about $71,815, reducing their stake by 2.49%; they retained 95,127 shares after the transaction.
• Magnite beat quarterly expectations, reporting EPS of $0.33 versus $0.29 forecast and revenue of $204.2 million versus $190.19 million; revenue rose 22.4% year over year.
• Analysts maintain a Moderate Buy consensus, with an average price target of $31. Targets from several firms were raised, including Susquehanna’s increase to $35.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CAO Haas Sullivan sold 2,427 shares of the stock in a transaction that occurred on Wednesday, November 11th. The stock was sold at an average price of $29.59, for a total value of $71,814.93. Following the sale, the chief accounting officer directly owned 95,127 shares of the company's stock, valued at $2,814,807.93. The trade was a 2.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Magnite Stock Performance

Shares of MGNI stock traded up $0.13 during midday trading on Thursday, hitting $29.34. The company had a trading volume of 2,148,142 shares, compared to its average volume of 2,526,010. The stock has a market cap of $4.21 billion, a price-to-earnings ratio of 24.66, a PEG ratio of 0.96 and a beta of 2.44. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.04 and a quick ratio of 1.04. The company's 50 day simple moving average is $24.39 and its 200 day simple moving average is $18.06. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $29.67.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings results on Wednesday, November 4th. The company reported $0.33 EPS for the quarter, topping 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 business had revenue of $204.20 million during the quarter, compared to analysts' expectations of $190.19 million. During the same quarter in the prior year, the business earned $0.20 earnings per share. The company's quarterly revenue was up 22.4% compared to the same quarter last year. Research analysts anticipate that Magnite, Inc. will post 0.61 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MGNI. BTIG Research raised their target price on shares of Magnite from $27.00 to $33.00 and gave the stock a "buy" rating in a research note on Monday. Royal Bank Of Canada boosted their price target on shares of Magnite from $27.00 to $30.00 and gave the stock an "outperform" rating in a research note on Thursday, November 5th. Craig Hallum reissued a "buy" rating and set a $32.00 price target on shares of Magnite in a report on Thursday, September 17th. Susquehanna increased their price target on shares of Magnite from $30.00 to $35.00 and gave the stock a "positive" rating in a report on Thursday, November 5th. Finally, Benchmark raised their price objective on shares of Magnite from $30.00 to $33.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Ten analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $31.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of MGNI. Benjamin Edwards Inc. acquired a new position in Magnite during the third quarter worth $255,000. First Trust Advisors LP acquired a new stake in Magnite in the third quarter valued at $6,938,000. Global Retirement Partners LLC lifted its holdings in Magnite by 2,723.8% in the third quarter. Global Retirement Partners LLC now owns 2,259 shares of the company's stock valued at $57,000 after acquiring an additional 2,179 shares during the period. Quantedge Capital Pte Ltd purchased a new stake in shares of Magnite during the 3rd quarter worth $260,000. Finally, Russell Investments Group Ltd. boosted its position in shares of Magnite by 30.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 97,174 shares of the company's stock worth $2,455,000 after purchasing an additional 22,736 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

Recent Magnite Headlines

These are some of the MGNI headlines that stood out recently:

• 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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