Magnite (NASDAQ:MGNI) Director Sells $981,216.36 in Stock

Key Points

• Magnite director Douglas Knopper sold 37,337 shares for approximately $981,216 at an average price of $26.28 under a pre-arranged Rule 10b5-1 trading plan, reducing his direct stake by 42.2% to 51,136 shares.
• Magnite shares closed at $25.15, near their 52-week high of $26.84, while the company reported quarterly revenue of $192.82 million and adjusted EPS of $0.26, both exceeding analyst expectations.
• Analysts maintain a favorable outlook, with 11 Buy ratings and two Holds, a “Moderate Buy” consensus, and an average price target of $29.36; institutional investors own 73.4% of the stock.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director Douglas Knopper sold 37,337 shares of Magnite stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $26.28, for a total transaction of $981,216.36. Following the completion of the transaction, the director directly owned 51,136 shares of the company's stock, valued at approximately $1,343,854.08. This represents a 42.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Magnite Stock Performance

MGNI stock traded down $0.48 during trading on Friday, hitting $25.15. 3,586,245 shares of the company's stock traded hands, compared to its average volume of 2,566,550. The stock has a market capitalization of $3.61 billion, a price-to-earnings ratio of 23.07, a price-to-earnings-growth ratio of 1.04 and a beta of 2.30. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.84. The stock has a fifty day moving average price of $22.31 and a two-hundred day moving average price of $17.20. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37.

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

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Royal Bank Of Canada lifted their price objective on shares of Magnite from $20.00 to $27.00 and gave the company an "outperform" rating in a research report on Thursday, August 6th. B Riley restated a "buy" rating on shares of Magnite in a research note on Friday. Needham & Company LLC lifted 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. Evercore reiterated an "outperform" rating and set a $25.00 price objective on shares of Magnite in a research report on Thursday, August 6th. Finally, B. Riley Financial increased their price objective on Magnite from $27.00 to $30.00 and gave the stock a "buy" rating in a report on Friday. Eleven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $29.36.

Institutional Trading of Magnite

A number of hedge funds and other institutional investors have recently made changes to their positions in MGNI. Tidal Investments LLC lifted its stake in shares of Magnite by 24.0% in the 2nd quarter. Tidal Investments LLC now owns 165,838 shares of the company's stock worth $3,148,000 after acquiring an additional 32,074 shares during the period. WINTON GROUP Ltd acquired a new position in shares of Magnite during the second quarter valued at approximately $2,314,000. Allworth Financial LP raised its holdings in Magnite by 63.7% during the second quarter. Allworth Financial LP now owns 1,567 shares of the company's stock worth $30,000 after purchasing an additional 610 shares in the last quarter. Nykredit A S bought a new stake in Magnite during the second quarter worth approximately $25,000. Finally, Corient Private Wealth LP acquired a new stake in Magnite in the second quarter worth approximately $481,000. 73.40% of the stock is currently owned by institutional investors.

Magnite Company Profile

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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