Paul Caine Sells 5,000 Shares of Magnite (NASDAQ:MGNI) Stock

Key Points

• Magnite director Paul Caine sold 5,000 shares at an average price of $23.53, generating $117,650. The transaction occurred under a pre-arranged Rule 10b5-1 plan and reduced his direct holdings by 3.34% to 144,901 shares.
• Magnite reported quarterly adjusted earnings of $0.26 per share and revenue of $192.82 million, exceeding analyst estimates; revenue increased 11.3% year over year.
• Analysts remain broadly bullish, with nine Buy ratings and two Holds, an average price target of $28.80, and a “Moderate Buy” consensus rating.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director Paul Caine sold 5,000 shares of the company's stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $23.53, for a total value of $117,650.00. Following the transaction, the director directly owned 144,901 shares in the company, valued at $3,409,520.53. This represents a 3.34% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paul Caine also recently made the following trade(s):

• On Monday, August 10th, Paul Caine sold 5,000 shares of Magnite stock. The stock was sold at an average price of $24.35, for a total value of $121,750.00.
• On Friday, July 10th, Paul Caine sold 5,000 shares of Magnite stock. The stock was sold at an average price of $20.64, for a total value of $103,200.00.

Magnite Stock Performance

Magnite stock traded up $0.22 during midday trading on Friday, reaching $23.77. The stock had a trading volume of 1,231,446 shares, compared to its average volume of 2,556,943. The firm has a market capitalization of $3.41 billion, a PE ratio of 21.81, a P/E/G ratio of 1.03 and a beta of 2.30. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.19. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. The firm's 50-day moving average price is $21.97 and its 200 day moving average price is $16.79.

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

Analysts Set New Price Targets

MGNI has been the subject of a number of recent research reports. B. Riley Financial lifted their price objective on shares of Magnite from $20.00 to $27.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Wells Fargo & Company increased their target price on Magnite from $21.00 to $22.00 and gave the stock an "equal weight" rating in a research report on Friday, August 7th. Rosenblatt Securities lifted their price target on Magnite from $39.00 to $40.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Benchmark boosted their price objective on Magnite from $30.00 to $33.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Finally, Scotiabank reissued an "outperform" rating and set a $27.00 price objective on shares of Magnite in a report on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $28.80.

Institutional Trading of Magnite

Several institutional investors and hedge funds have recently bought and sold shares of the company. Nykredit A S bought a new position in Magnite in the 2nd quarter valued at $25,000. EFG International AG bought a new position in shares of Magnite in the second quarter worth $28,000. Allworth Financial LP bought a new position in shares of Magnite in the second quarter worth $30,000. US Bancorp DE raised its position in shares of Magnite by 75.8% in the third quarter. US Bancorp DE now owns 1,596 shares of the company's stock worth $35,000 after buying an additional 688 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its position in shares of Magnite by 106.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company's stock worth $45,000 after buying an additional 1,949 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.