David Day Sells 35,000 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CFO David Day sold 35,000 shares of the business's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $19.95, for a total value of $698,250.00. Following the transaction, the chief financial officer now 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 document filed with the SEC, which is available at the SEC website.

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

Magnite Stock Up 0.6%

Shares of MGNI traded up $0.13 on Friday, hitting $21.10. The company's stock had a trading volume of 4,722,259 shares, compared to its average volume of 2,165,391. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The firm's fifty day moving average price is $15.85 and its 200-day moving average price is $15.32. Magnite, Inc. has a fifty-two week low of $8.22 and a fifty-two week high of $21.29. The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of 105.51, a P/E/G ratio of 1.72 and a beta of 2.87.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $142.18 million. During the same quarter in the prior year, the firm posted $0.05 EPS. The business's revenue was up 4.3% on a year-over-year basis. On average, equities research analysts expect that Magnite, Inc. will post 0.33 EPS for the current year.

Hedge Funds Weigh In On Magnite

Large investors have recently bought and sold shares of the company. SBI Securities Co. Ltd. acquired a new position in Magnite during the 4th quarter worth approximately $25,000. MCF Advisors LLC boosted its position in Magnite by 2,100.0% during the 1st quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock worth $25,000 after acquiring an additional 2,100 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in Magnite by 74.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company's stock worth $33,000 after acquiring an additional 1,203 shares during the last quarter. AllSquare Wealth Management LLC boosted its position in Magnite by 76.8% during the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock worth $41,000 after acquiring an additional 1,555 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in Magnite by 10,170.3% during the 1st quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock worth $43,000 after acquiring an additional 3,763 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on MGNI shares. Benchmark decreased their target price on Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Wall Street Zen upgraded Magnite from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Lake Street Capital decreased their target price on Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Royal Bank Of Canada decreased their target price on Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Finally, Needham & Company LLC boosted their price objective on Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, May 12th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat.com, Magnite has a consensus rating of "Moderate Buy" and an average target price of $19.58.

Magnite Company Profile

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.