Magnite (NASDAQ:MGNI) Director Robert Spillane Sells 10,363 Shares

Key Points

• Magnite director Robert Spillane sold 10,363 shares at an average price of $23.76, generating $246,224.88 and reducing his stake by 15.22% to 57,715 shares.
• Magnite reported quarterly earnings of $0.26 per share, exceeding estimates by $0.02, while revenue rose 11.3% year over year to $192.82 million.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $28.80; the stock recently traded near $23.78, and institutional investors own 73.4% of shares.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director Robert Spillane sold 10,363 shares of the firm's stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $23.76, for a total transaction of $246,224.88. Following the sale, the director owned 57,715 shares of the company's stock, valued at $1,371,308.40. This trade represents a 15.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Magnite Stock Performance

MGNI stock traded up $0.07 during mid-day trading on Wednesday, hitting $23.78. The company had a trading volume of 1,214,105 shares, compared to its average volume of 2,536,720. The firm has a market cap of $3.41 billion, a PE ratio of 21.82, a price-to-earnings-growth ratio of 1.04 and a beta of 2.30. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.19. The stock's fifty day moving average price is $22.16 and its two-hundred day moving average price is $17.04.

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

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MGNI. Needham & Company LLC increased their price objective on Magnite from $25.00 to $30.00 and gave the company a "buy" rating in a report on Thursday, September 3rd. Evercore reaffirmed an "outperform" rating and set a $25.00 price target on shares of Magnite in a research report on Thursday, August 6th. Wells Fargo & Company increased their price target on Magnite from $21.00 to $22.00 and gave the stock an "equal weight" rating in a research note on Friday, August 7th. BTIG Research reissued a "buy" rating and issued a $27.00 price objective on shares of Magnite in a report on Wednesday, September 9th. Finally, Royal Bank Of Canada lifted their price objective on Magnite from $20.00 to $27.00 and gave the stock an "outperform" rating in a report on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $28.80.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Capital Research Global Investors lifted its position in shares of Magnite by 85.0% during the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company's stock worth $209,696,000 after acquiring an additional 5,937,428 shares in the last quarter. BlackRock Inc. purchased a new position in shares of Magnite in the second quarter valued at $241,296,000. Dimensional Fund Advisors LP grew its position in shares of Magnite by 10.2% in the first quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company's stock valued at $47,322,000 after purchasing an additional 367,854 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of Magnite during the 2nd quarter valued at $56,847,000. Finally, 325 Capital LLC raised its stake in shares of Magnite by 208.5% during the 4th quarter. 325 Capital LLC now owns 2,005,387 shares of the company's stock valued at $32,547,000 after purchasing an additional 1,355,326 shares during the period. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

About Magnite

Magnite, Inc is an independent sell-side advertising technology company that operates a global platform for digital media owners and app developers. Its technology helps publishers and media companies manage, package, sell and optimize advertising inventory across connected television (CTV), online video, mobile, desktop, audio and digital out-of-home channels.

Magnite's platform connects publishers with agencies, brands and demand-side platforms, supporting automated, data-driven programmatic advertising transactions.

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