Insider Selling: Magnite, Inc. (NASDAQ:MGNI) CFO Sells 35,000 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CFO David Day sold 35,000 shares of the stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $19.95, for a total value of $698,250.00. Following the completion of the sale, the chief financial officer now directly owns 443,528 shares of the company's stock, valued at $8,848,383.60. The trade was a 7.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

David Day also recently made the following trade(s):

• On Thursday, June 26th, David Day sold 36,000 shares of Magnite stock. The stock was sold at an average price of $20.95, for a total transaction of $754,200.00.
• On Wednesday, June 18th, David Day sold 38,146 shares of Magnite stock. The shares were sold at an average price of $18.95, for a total transaction of $722,866.70.

Magnite Stock Performance

NASDAQ:MGNI traded up $0.26 during trading hours on Thursday, reaching $20.97. The stock had a trading volume of 1,940,045 shares, compared to its average volume of 2,158,628. The stock has a market cap of $2.96 billion, a P/E ratio of 62.76, a price-to-earnings-growth ratio of 1.69 and a beta of 2.87. The stock has a 50 day simple moving average of $15.45 and a 200 day simple moving average of $15.28. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 0.98. Magnite, Inc. has a 12-month low of $8.22 and a 12-month high of $21.29.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly 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 company had revenue of $145.85 million during the quarter, compared to the consensus estimate of $142.18 million. During the same quarter in the prior year, the company earned $0.05 EPS. The firm's quarterly revenue was up 4.3% compared to the same quarter last year. On average, research analysts forecast that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Institutional Investors Weigh In On Magnite

Several institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. increased its stake in shares of Magnite by 5.9% in the fourth quarter. JPMorgan Chase & Co. now owns 1,511,439 shares of the company's stock worth $24,062,000 after purchasing an additional 84,497 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Magnite by 14.5% during the 4th quarter. Principal Financial Group Inc. now owns 123,073 shares of the company's stock valued at $1,959,000 after buying an additional 15,558 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in Magnite by 7,043.0% in the 1st quarter. Farther Finance Advisors LLC now owns 6,643 shares of the company's stock worth $76,000 after buying an additional 6,550 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Magnite by 7.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 368,620 shares of the company's stock worth $5,868,000 after buying an additional 24,659 shares during the period. Finally, Vanguard Group Inc. grew its stake in Magnite by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company's stock valued at $216,593,000 after buying an additional 257,032 shares in the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on MGNI shares. Wall Street Zen upgraded shares of Magnite from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Rosenblatt Securities reissued a "buy" rating and set a $18.00 target price on shares of Magnite in a research report on Thursday, May 8th. Royal Bank Of Canada reduced their target price on Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Susquehanna increased their price target on Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a research report on Thursday, February 27th. Finally, Needham & Company LLC lifted their price target on Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a report on Monday, May 12th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.58.

About Magnite

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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