Magnite (NASDAQ:MGNI) Insider Sells 11,100 Shares of Stock

Key Points

• Magnite insider Katie Evans sold 11,100 shares at an average price of $23.46, generating $260,406. The transaction was executed under a pre-arranged Rule 10b5-1 plan, leaving her with 455,797 shares.
• Magnite reported quarterly EPS of $0.26, exceeding estimates of $0.24, while revenue reached $192.82 million, up 11.3% year over year and above forecasts.
• Wall Street maintains a “Moderate Buy” consensus, with nine Buy ratings and two Holds and an average price target of $28.80; institutional investors own 73.4% of the company.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) insider Katie Evans sold 11,100 shares of the business's stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $23.46, for a total transaction of $260,406.00. Following the completion of the sale, the insider owned 455,797 shares of the company's stock, valued at $10,692,997.62. The trade was a 2.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• 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 Performance

Magnite stock traded down $0.03 on Thursday, reaching $23.55. 1,629,504 shares of the stock were exchanged, compared to its average volume of 2,564,595. The stock has a market cap of $3.38 billion, a PE ratio of 21.61, a PEG ratio of 1.03 and a beta of 2.30. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.19. The firm has a fifty day moving average price of $21.90 and a two-hundred day moving average price of $16.71.

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Capital Research Global Investors lifted its stake in shares of Magnite by 85.0% in the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company's stock valued at $209,696,000 after buying an additional 5,937,428 shares during the period. BlackRock Inc. bought a new position in Magnite during the second quarter valued at about $241,296,000. Wellington Management Group LLP increased its stake in Magnite by 67.7% during the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company's stock valued at $140,053,000 after acquiring an additional 3,484,689 shares during the period. Dimensional Fund Advisors LP raised its holdings in Magnite by 10.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company's stock valued at $47,322,000 after acquiring an additional 367,854 shares in the last quarter. Finally, Nuveen LLC raised its holdings in Magnite by 14.2% in the 4th quarter. Nuveen LLC now owns 3,531,108 shares of the company's stock valued at $57,310,000 after acquiring an additional 439,072 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

Wall Street Analyst Weigh In

MGNI has been the subject of several recent analyst reports. Rosenblatt Securities increased their target price on Magnite from $39.00 to $40.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Evercore reaffirmed an "outperform" rating and issued a $25.00 price target on shares of Magnite in a research report on Thursday, August 6th. Royal Bank Of Canada upped their price target on Magnite from $20.00 to $27.00 and gave the stock an "outperform" rating in a report on Thursday, August 6th. B. Riley Financial increased their price objective on Magnite from $20.00 to $27.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Finally, Scotiabank restated an "outperform" rating and issued a $27.00 price objective on shares of Magnite in a research note on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $28.80.

About Magnite

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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