Magnite (NASDAQ:MGNI) Director Sells $583,400.00 in Stock

Key Points

• Magnite Director Diane Yu sold 20,000 shares for $583,400 at an average price of $29.17, reducing her direct ownership by 24.61% to 61,279 shares.
• Magnite beat quarterly expectations, reporting $0.33 earnings per share and $204.2 million in revenue; revenue rose 22.4% year over year.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $31; ten analysts rate MGNI Buy and two rate it Hold.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director Diane Yu sold 20,000 shares of the business's stock in a transaction dated Thursday, November 12th. The stock was sold at an average price of $29.17, for a total transaction of $583,400.00. Following the completion of the transaction, the director directly owned 61,279 shares of the company's stock, valued at approximately $1,787,508.43. This represents a 24.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Magnite Price Performance

Shares of MGNI stock traded down $0.05 during trading hours on Friday, reaching $29.29. 2,292,291 shares of the company were exchanged, compared to its average volume of 2,524,951. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $29.78. The stock's fifty day moving average is $24.58 and its two-hundred day moving average is $18.20. The company has a market cap of $4.20 billion, a price-to-earnings ratio of 24.61, a P/E/G ratio of 0.97 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.

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, beating the consensus estimate of $0.29 by $0.04. Magnite had a net margin of 23.58% and a return on equity of 10.94%. The business had revenue of $204.20 million for the quarter, compared to analysts' expectations of $190.19 million. During the same period in the prior year, the firm earned $0.20 earnings per share. Magnite's revenue was up 22.4% compared to the same quarter last year. Sell-side analysts forecast that Magnite, Inc. will post 0.62 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Magnite

A number of institutional investors have recently made changes to their positions in the stock. Covestor Ltd raised its stake in Magnite by 562.1% during the 3rd quarter. Covestor Ltd now owns 1,066 shares of the company's stock worth $26,000 after buying an additional 905 shares during the period. Nykredit A S bought a new position in Magnite during the second quarter worth about $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 Magnite in the second quarter valued at about $30,000. Finally, Signaturefd LLC grew its stake in Magnite by 35.8% in the third quarter. Signaturefd LLC now owns 1,715 shares of the company's stock valued at $43,000 after acquiring an additional 452 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Magnite

Investors following MGNI have been watching these headlines:

• Positive Sentiment: An analysis describes Magnite’s CTV growth as solid, while coverage of its expanded Gracenote deal sees potential value in the company’s streaming-TV opportunity. These themes add to the backdrop of a recent quarter in which Magnite beat earnings and revenue estimates. Gracenote deal analysis
• Neutral Sentiment: Analyst commentary is not uniformly bullish on upside: one valuation assessment says MGNI may be near fair value despite a raised outlook. Magnite fair-value analysis
• Negative Sentiment: Several Magnite executives and a director reported selling shares in transactions dated November 9 and 11, totaling roughly 92,000 shares, or about $2.7 million. The CTO’s sale was under a pre-arranged trading plan, and sellers retained substantial holdings, but the cluster of sales may still temper investor sentiment. Magnite insider sales report

Wall Street Analysts Forecast Growth

MGNI has been the subject of a number of recent research reports. BTIG Research boosted their target price on Magnite from $27.00 to $33.00 and gave the stock a "buy" rating in a research report on Monday. Needham & Company LLC raised their price target on Magnite from $25.00 to $30.00 and gave the company a "buy" rating in a report on Thursday, September 3rd. Royal Bank Of Canada raised their price target on Magnite from $27.00 to $30.00 and gave the company an "outperform" rating in a report on Thursday, November 5th. Scotiabank lifted their price objective on Magnite from $27.00 to $30.00 and gave the stock a "sector outperform" rating in a research report on Thursday, November 5th. Finally, Benchmark boosted their price objective on Magnite from $30.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Ten analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Magnite presently has a consensus rating of "Moderate Buy" and an average price target of $31.00.

Magnite Company Profile

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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