Magnite (NASDAQ:MGNI) Insider Katie Seitz Evans Sells 13,997 Shares of Stock

Key Points

• Magnite insider Katie Seitz Evans sold 13,997 shares at an average price of $24, generating $335,928. The transaction, made under a pre-arranged Rule 10b5-1 plan, reduced her holdings by 3.07% to 441,800 shares.
• Magnite shares rose 0.9% to $23.77, while the company reported quarterly revenue of $192.82 million and EPS of $0.26, exceeding analyst expectations; revenue increased 11.3% year over year.
• Analyst sentiment remains positive, with nine Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $28.80.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) insider Katie Evans sold 13,997 shares of the business's stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $24.00, for a total value of $335,928.00. Following the completion of the sale, the insider owned 441,800 shares in the company, valued at $10,603,200. The trade was a 3.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Katie Seitz Evans also recently made the following trade(s):

• On Wednesday, September 9th, Katie Evans sold 11,100 shares of Magnite stock. The stock was sold at an average price of $23.46, for a total transaction of $260,406.00.
• On Tuesday, September 8th, Katie Evans sold 32,285 shares of Magnite stock. The shares were sold at an average price of $23.63, for a total transaction of $762,894.55.
• On Thursday, August 6th, Katie Evans sold 20,000 shares of Magnite stock. The stock was sold at an average price of $24.00, for a total transaction of $480,000.00.

Magnite Stock Up 0.9%

MGNI traded up $0.22 during trading hours on Friday, hitting $23.77. 1,231,446 shares of the company's stock were exchanged, compared to its average volume of 2,556,943. The stock has a market cap of $3.41 billion, a price-to-earnings ratio of 21.81, a PEG ratio of 1.03 and a beta of 2.30. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $26.19. The stock's 50-day moving average is $21.97 and its two-hundred day moving average is $16.79. 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 quarterly earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $179.15 million. During the same period in the previous year, the business earned $0.20 EPS. The company's revenue was up 11.3% compared to the same quarter last year. Sell-side analysts predict that Magnite, Inc. will post 0.61 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Magnite

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

Wall Street Analysts Forecast Growth

MGNI has been the topic of several recent analyst reports. Needham & Company LLC boosted their price target on Magnite from $25.00 to $30.00 and gave the stock a "buy" rating in a research report on Thursday, September 3rd. Wells Fargo & Company increased their price objective on Magnite from $21.00 to $22.00 and gave the company an "equal weight" rating in a report on Friday, August 7th. Benchmark raised their target price on shares of Magnite from $30.00 to $33.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Evercore restated an "outperform" rating and set a $25.00 target price on shares of Magnite in a report on Thursday, August 6th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Magnite in a research report on Friday, August 7th. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $28.80.

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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