Magnite (NASDAQ:MGNI) Director Paul Caine Sells 12,500 Shares of Company Stock

Key Points

• Director Paul Caine sold 12,500 Magnite shares at an average price of $25.29, generating $316,125; the transaction was conducted under a pre-arranged Rule 10b5-1 plan and reduced his holdings by 9.1%.
• Magnite shares fell 5.7% to $23.87 during midday trading, though the company recently beat quarterly earnings and revenue estimates, with revenue up 11.3% year over year.
• Analysts maintain a favorable outlook, with a consensus “Moderate Buy” rating and an average price target of $29.36; institutional investors and hedge funds own 73.4% of the stock.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director Paul Caine sold 12,500 shares of the firm's stock in a transaction that occurred on Monday, October 12th. The stock was sold at an average price of $25.29, for a total transaction of $316,125.00. Following the sale, the director owned 124,901 shares of the company's stock, valued at $3,158,746.29. This represents a 9.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paul Caine also recently made the following trade(s):

• On Thursday, September 17th, Paul Caine sold 7,500 shares of Magnite stock. The shares were sold at an average price of $26.50, for a total value of $198,750.00.
• On Thursday, September 10th, Paul Caine sold 5,000 shares of Magnite stock. The stock was sold at an average price of $23.53, for a total value of $117,650.00.
• On Monday, August 10th, Paul Caine sold 5,000 shares of Magnite stock. The stock was sold at an average price of $24.35, for a total value of $121,750.00.

Magnite Trading Down 5.7%

MGNI stock traded down $1.45 during midday trading on Wednesday, hitting $23.87. 2,224,399 shares of the company's stock were exchanged, compared to its average volume of 2,513,192. The business has a 50-day simple moving average of $24.26 and a two-hundred day simple moving average of $18.72. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $3.42 billion, a PE ratio of 21.90, a P/E/G ratio of 0.82 and a beta of 2.33. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $26.84.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.24 by $0.02. The business had revenue of $192.82 million for the quarter, compared to analyst estimates of $179.15 million. Magnite had a return on equity of 9.33% and a net margin of 22.49%. The company's quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.20 EPS. On average, sell-side analysts predict that Magnite, Inc. will post 0.61 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on MGNI. Craig Hallum reissued a "buy" rating and issued a $32.00 price target on shares of Magnite in a research note on Thursday, September 17th. Rosenblatt Securities reaffirmed a "buy" rating and set a $40.00 price objective on shares of Magnite in a research report on Friday, October 2nd. Wells Fargo & Company boosted their target price on Magnite from $21.00 to $22.00 and gave the company an "equal weight" rating in a research report on Friday, August 7th. Royal Bank Of Canada boosted their target price on Magnite from $20.00 to $27.00 and gave the company an "outperform" rating in a research report on Thursday, August 6th. Finally, B. Riley Financial upped their price target on Magnite from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Friday, September 18th. Ten research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $29.36.

Hedge Funds Weigh In On Magnite

Institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC boosted its stake in shares of Magnite by 32.1% in the third quarter. GAMMA Investing LLC now owns 2,916 shares of the company's stock valued at $74,000 after purchasing an additional 708 shares during the period. Versant Capital Management Inc grew its holdings in shares of Magnite by 20.1% in the third quarter. Versant Capital Management Inc now owns 5,662 shares of the company's stock valued at $143,000 after purchasing an additional 947 shares in the last quarter. Tidal Investments LLC grew its holdings in shares of Magnite by 24.0% in the second quarter. Tidal Investments LLC now owns 165,838 shares of the company's stock valued at $3,148,000 after purchasing an additional 32,074 shares in the last quarter. WINTON GROUP Ltd purchased a new stake in Magnite during the 2nd quarter worth approximately $2,314,000. Finally, Allworth Financial LP lifted its holdings in Magnite by 63.7% during the 2nd quarter. Allworth Financial LP now owns 1,567 shares of the company's stock worth $30,000 after buying an additional 610 shares in the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

About Magnite

Magnite, Inc is an independent sell-side advertising technology company that helps publishers, broadcasters and other content owners monetize digital advertising inventory. Its platform connects sellers of advertising space with brands, agencies and demand-side platforms, facilitating the automated buying and selling of ads across connected television (CTV), streaming video, mobile applications, websites, audio and digital out-of-home media.

The company offers tools for managing, packaging and selling advertising inventory, including programmatic auctions, direct and private marketplace transactions, audience targeting, yield optimization and measurement.

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