Magnite (NASDAQ:MGNI) Director Sells 18,436 Shares

Key Points

• Magnite director Sarah Patricia Harden sold 18,436 shares at an average price of $24, generating $442,464. The transaction, conducted under a pre-arranged Rule 10b5-1 plan, reduced her direct ownership by 13.84%; she also sold 30,550 shares two days earlier.
• Magnite shares traded at $23.70, while the company’s stock has climbed substantially from its one-year low of $10.82 and remains below its $26.63 high. Institutional investors own approximately 73.4% of the company.
• The company recently exceeded quarterly expectations, reporting $0.26 in EPS versus $0.24 expected and revenue of $192.82 million versus $179.15 million forecast. Analysts maintain a “Moderate Buy” consensus with an average price target of $28.30.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director Sarah Patricia Harden sold 18,436 shares of the firm's stock in a transaction on Friday, August 28th. The stock was sold at an average price of $24.00, for a total value of $442,464.00. Following the completion of the transaction, the director directly owned 114,751 shares of the company's stock, valued at approximately $2,754,024. This trade represents a 13.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Sarah Patricia Harden also recently made the following trade(s):

• On Wednesday, August 26th, Sarah Patricia Harden sold 30,550 shares of Magnite stock. The shares were sold at an average price of $23.31, for a total transaction of $712,120.50.

Magnite Price Performance

MGNI traded up $0.34 during midday trading on Friday, reaching $23.70. 1,658,717 shares of the company's stock were exchanged, compared to its average volume of 2,570,022. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. The business has a 50-day simple moving average of $21.04 and a two-hundred day simple moving average of $15.99. The firm has a market capitalization of $3.40 billion, a price-to-earnings ratio of 21.74, a price-to-earnings-growth ratio of 1.02 and a beta of 2.26. Magnite, Inc. has a one year low of $10.82 and a one year high of $26.63.

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

Analysts Set New Price Targets

MGNI has been the subject of a number of recent analyst reports. Wells Fargo & Company increased their target price on shares of Magnite from $21.00 to $22.00 and gave the stock an "equal weight" rating in a research report on Friday, August 7th. Rosenblatt Securities lifted their target price on shares of Magnite from $39.00 to $40.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Benchmark raised their target price on Magnite from $30.00 to $33.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Scotiabank reaffirmed an "outperform" rating and set a $27.00 price objective on shares of Magnite in a report on Thursday, August 6th. Finally, BTIG Research lifted their target price on Magnite from $20.00 to $27.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Magnite presently has an average rating of "Moderate Buy" and an average target price of $28.30.

Institutional Trading of Magnite

A number of institutional investors have recently bought and sold shares of MGNI. Nykredit A S acquired a new position in shares of Magnite in the 2nd quarter valued at $25,000. EFG International AG bought a new position in Magnite during the second quarter worth about $28,000. Allworth Financial LP acquired a new position in shares of Magnite during the 2nd quarter worth about $30,000. US Bancorp DE raised its position in shares of Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company's stock valued at $35,000 after acquiring an additional 688 shares during the period. Finally, PNC Financial Services Group Inc. boosted its stake in Magnite by 106.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company's stock worth $45,000 after acquiring an additional 1,949 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

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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