Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CEO Michael G. Barrett sold 300,000 shares of Magnite stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $20.01, for a total value of $6,003,000.00. Following the completion of the sale, the chief executive officer now owns 356,708 shares of the company's stock, valued at $7,137,727.08. The trade was a 45.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Magnite Trading Up 0.6%
Magnite stock traded up $0.13 during midday trading on Friday, reaching $21.10. 4,722,259 shares of the stock traded hands, compared to its average volume of 2,165,391. The company has a 50-day simple moving average of $15.85 and a two-hundred day simple moving average of $15.32. Magnite, Inc. has a 12-month low of $8.22 and a 12-month high of $21.29. The firm has a market cap of $2.98 billion, a PE ratio of 105.51, a price-to-earnings-growth ratio of 1.72 and a beta of 2.87. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.47.
Magnite (NASDAQ:MGNI - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.06. Magnite had a return on equity of 6.71% and a net margin of 4.58%. The firm had revenue of $145.85 million during the quarter, compared to analysts' expectations of $142.18 million. During the same quarter in the previous year, the business earned $0.05 earnings per share. The firm's revenue was up 4.3% compared to the same quarter last year. Research analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of institutional investors have recently modified their holdings of MGNI. Principal Financial Group Inc. increased its holdings in shares of Magnite by 14.5% in the fourth quarter. Principal Financial Group Inc. now owns 123,073 shares of the company's stock valued at $1,959,000 after purchasing an additional 15,558 shares during the period. Sanctuary Advisors LLC acquired a new position in Magnite during the fourth quarter worth $335,000. Truist Financial Corp grew its holdings in Magnite by 2.0% during the fourth quarter. Truist Financial Corp now owns 34,242 shares of the company's stock worth $545,000 after acquiring an additional 674 shares during the period. Handelsbanken Fonder AB grew its holdings in Magnite by 28.1% during the fourth quarter. Handelsbanken Fonder AB now owns 30,100 shares of the company's stock worth $479,000 after acquiring an additional 6,600 shares during the period. Finally, Parkside Financial Bank & Trust grew its holdings in Magnite by 42.9% during the fourth quarter. Parkside Financial Bank & Trust now owns 9,886 shares of the company's stock worth $157,000 after acquiring an additional 2,968 shares during the period. Institutional investors and hedge funds own 73.40% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages recently commented on MGNI. Lake Street Capital dropped their target price on Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Needham & Company LLC upped their target price on Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Wall Street Zen upgraded Magnite from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Royal Bank Of Canada lowered their price objective on Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $18.00 target price on shares of Magnite in a research note on Thursday, May 8th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, Magnite presently has a consensus rating of "Moderate Buy" and a consensus price target of $19.58.
Check Out Our Latest Research Report on Magnite
Magnite Company Profile
(
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Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company's platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.
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