Magnite (NASDAQ:MGNI) Director Sells $198,750.00 in Stock

Key Points

• Magnite director Paul Caine sold 7,500 shares at an average price of $26.50, generating $198,750. The transaction, conducted under a Rule 10b5-1 plan, reduced his ownership by 5.18% to 137,401 shares.
• Magnite reported quarterly EPS of $0.26, exceeding the $0.24 analyst consensus, while revenue rose 11.3% year over year to $192.82 million.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $29.36, compared with the stock’s recent price of $25.15; institutional investors own 73.4% of the company.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director Paul Caine sold 7,500 shares of Magnite stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $26.50, for a total value of $198,750.00. Following the completion of the transaction, the director owned 137,401 shares of the company's stock, valued at $3,641,126.50. This trade represents a 5.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 10th, Paul Caine sold 5,000 shares of Magnite stock. The shares were 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.
• On Friday, July 10th, Paul Caine sold 5,000 shares of Magnite stock. The shares were sold at an average price of $20.64, for a total value of $103,200.00.

Magnite Stock Performance

Shares of MGNI stock traded down $0.48 on Friday, hitting $25.15. 3,586,245 shares of the stock traded hands, compared to its average volume of 2,566,550. The company's fifty day moving average is $22.31 and its 200 day moving average is $17.20. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $26.84. The company has a market capitalization of $3.61 billion, a PE ratio of 23.07, a PEG ratio of 1.04 and a beta of 2.30. 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 (NASDAQ:MGNI - Get Free Report) last posted its quarterly 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. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The company had revenue of $192.82 million for the quarter, compared to the consensus estimate of $179.15 million. During the same period last year, the firm posted $0.20 EPS. The company's revenue for the quarter was up 11.3% on a year-over-year basis. On average, equities research analysts predict that Magnite, Inc. will post 0.61 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

MGNI has been the subject of a number of research reports. Royal Bank Of Canada lifted their target price on Magnite from $20.00 to $27.00 and gave the company an "outperform" rating in a research note on Thursday, August 6th. Weiss Ratings reissued a "hold (c)" rating on shares of Magnite in a report on Friday, August 7th. BTIG Research restated a "buy" rating and set a $27.00 price objective on shares of Magnite in a research report on Wednesday, September 9th. Susquehanna upped their price objective on Magnite from $22.00 to $30.00 and gave the stock a "positive" rating in a research note on Thursday, August 6th. Finally, Benchmark increased their target price on Magnite from $30.00 to $33.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Eleven analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $29.36.

Institutional Investors Weigh In On Magnite

Several large investors have recently made changes to their positions in the company. Nykredit A S acquired a new position in shares of Magnite during the second quarter valued at $25,000. EFG International AG bought a new stake in shares of Magnite during the second quarter valued at about $28,000. Allworth Financial LP acquired a new stake in Magnite in the second quarter worth about $30,000. PNC Financial Services Group Inc. lifted its holdings in Magnite by 106.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company's stock worth $45,000 after purchasing an additional 1,949 shares during the period. Finally, Harbor Investment Advisory LLC bought a new position in Magnite in the 2nd quarter valued at about $62,000. Institutional investors and hedge funds own 73.40% of the company's stock.

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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