Magnite (NASDAQ:MGNI) Stock: Insider Aaron Saltz Sells 9,597 Shares

Key Points

• Insider Aaron Saltz sold 9,597 Magnite shares at an average $28.75, totaling about $275,914; he retained 214,792 shares after the sale.
• Magnite beat quarterly estimates, reporting EPS of $0.33 versus $0.29 expected and revenue of $204.2 million, up 22.4% year over year.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $31; shares traded at $29.34 in the article.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) insider Aaron Saltz sold 9,597 shares of the company's stock in a transaction on Monday, November 9th. The stock was sold at an average price of $28.75, for a total transaction of $275,913.75. Following the transaction, the insider owned 214,792 shares in the company, valued at approximately $6,175,270. The trade was a 4.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Aaron Saltz also recently made the following trade(s):

• On Thursday, September 10th, Aaron Saltz sold 40,000 shares of Magnite stock. The shares were sold at an average price of $23.41, for a total transaction of $936,400.00.

Magnite Stock Up 0.4%

Shares of NASDAQ:MGNI traded up $0.13 during midday trading on Thursday, hitting $29.34. 2,148,142 shares of the company's stock were exchanged, compared to its average volume of 2,526,010. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a 50 day moving average price of $24.39 and a 200-day moving average price of $18.06. The company has a market cap of $4.21 billion, a PE ratio of 24.66, a price-to-earnings-growth ratio of 0.96 and a beta of 2.44. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $29.67.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.04. The business had revenue of $204.20 million for the quarter, compared to analysts' expectations of $190.19 million. Magnite had a net margin of 23.58% and a return on equity of 10.94%. The firm's revenue for the quarter was up 22.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.20 EPS. On average, sell-side analysts anticipate that Magnite, Inc. will post 0.61 EPS for the current fiscal year.

Magnite News Roundup

These are some of the MGNI news items that stood out recently:

• Positive Sentiment: Recent results were stronger than expected: Magnite beat quarterly EPS and revenue estimates, with revenue up 22.4% year over year. Coverage also points to a raised outlook and an expanded Gracenote connected-TV deal, which could support future growth. Article: Is Magnite Undervalued Following Its Gracenote CTV Deal Expansion?
• Neutral Sentiment: One assessment says the stock may be near fair value despite the raised outlook, suggesting that strong fundamentals may already be reflected in the valuation. Article: Magnite Stock May Be Near Fair Value Despite Raised Outlook
• Negative Sentiment: Six insiders reported sales totaling about 91,963 shares across November 9 and 11. Director James Rossman sold 49,190 shares, reducing his stake by 45.77%; the other sellers included the CFO and CAO. These sales can concern investors, though the CTO’s small sale was under a pre-arranged trading plan, and insiders retain substantial holdings. SEC filing for director James Rossman

Analysts Set New Price Targets

A number of research firms recently commented on MGNI. Scotiabank increased their price target on Magnite from $27.00 to $30.00 and gave the company a "sector outperform" rating in a research report on Thursday, November 5th. B. Riley Financial lifted their price objective on shares of Magnite from $27.00 to $30.00 and gave the stock a "buy" rating in a report on Friday, September 18th. Needham & Company LLC upped their target price on shares of Magnite from $25.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday, September 3rd. Wells Fargo & Company upped their target price on shares of Magnite from $22.00 to $23.00 and gave the stock an "equal weight" rating in a research note on Thursday, November 5th. Finally, Susquehanna increased their target price on shares of Magnite from $30.00 to $35.00 and gave the company a "positive" rating in a report on Thursday, November 5th. Ten equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $31.00.

Hedge Funds Weigh In On Magnite

Several institutional investors have recently modified their holdings of the business. Meros Investment Management LP purchased a new position in Magnite in the second quarter worth $18,815,538. Jupiter Topco LLC purchased a new stake in shares of Magnite during the 2nd quarter valued at $1,109,000. Manatuck Hill Partners LLC bought a new stake in shares of Magnite during the 2nd quarter worth $8,541,000. WINTON GROUP Ltd bought a new stake in shares of Magnite during the 2nd quarter worth $2,314,000. Finally, Legal & General Group Plc bought a new stake in shares of Magnite during the 2nd quarter worth $2,221,000. 73.40% of the stock is owned by institutional investors.

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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