Magnite (NASDAQ:MGNI) Insider Sells $936,400.00 in Stock

Key Points

• Magnite insider Aaron Saltz sold 40,000 shares at an average price of $23.41, generating $936,400. The transaction, conducted under a Rule 10b5-1 plan, reduced his holdings by 15.13%.
• Magnite reported quarterly EPS of $0.26, topping estimates by $0.02, while revenue rose 11.3% year over year to $192.82 million, exceeding expectations.
• Analysts maintain a favorable outlook, with nine Buy ratings and two Holds giving Magnite a consensus “Moderate Buy” rating and an average price target of $28.80.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) insider Aaron Saltz sold 40,000 shares of the firm's stock in a transaction that occurred on Thursday, September 10th. The stock was sold at an average price of $23.41, for a total transaction of $936,400.00. Following the sale, the insider directly owned 224,389 shares of the company's stock, valued at approximately $5,252,946.49. This trade represents a 15.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Magnite Trading Up 0.9%

Shares of NASDAQ:MGNI traded up $0.22 during mid-day trading on Friday, hitting $23.77. The company had a trading volume of 1,231,446 shares, compared to its average volume of 2,556,943. 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, Inc. has a one year low of $10.82 and a one year high of $26.19. The firm has a fifty day moving average price of $21.97 and a 200 day moving average price of $16.79. The company has a market capitalization of $3.41 billion, a PE ratio of 21.81, a price-to-earnings-growth ratio of 1.03 and a beta of 2.30.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MGNI. Rosenblatt Securities upped their target price on Magnite from $39.00 to $40.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Evercore reissued 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 objective on shares of Magnite from $20.00 to $27.00 and gave the stock an "outperform" rating in a report on Thursday, August 6th. Susquehanna raised their price objective on shares of Magnite from $22.00 to $30.00 and gave the company a "positive" rating in a research note on Thursday, August 6th. Finally, Scotiabank reiterated an "outperform" rating and set a $27.00 price objective on shares of Magnite in a report on Thursday, August 6th. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, Magnite has a consensus rating of "Moderate Buy" and a consensus target price of $28.80.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Tidal Investments LLC raised its position in Magnite by 24.0% in the 2nd quarter. Tidal Investments LLC now owns 165,838 shares of the company's stock valued at $3,148,000 after buying an additional 32,074 shares during the last quarter. WINTON GROUP Ltd purchased a new position in Magnite during the 2nd quarter worth $2,314,000. Allworth Financial LP boosted its holdings in Magnite by 63.7% during the 2nd quarter. Allworth Financial LP now owns 1,567 shares of the company's stock worth $30,000 after acquiring an additional 610 shares during the last quarter. Nykredit A S bought a new stake in shares of Magnite in the 2nd quarter worth $25,000. Finally, Corient Private Wealth LP bought a new stake in shares of Magnite in the 2nd quarter worth $481,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

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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