Insider Selling: Magnite, Inc. (NASDAQ:MGNI) CFO Sells 38,146 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CFO David Day sold 38,146 shares of the firm's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $18.95, for a total transaction of $722,866.70. Following the completion of the sale, the chief financial officer now owns 443,528 shares of the company's stock, valued at $8,404,855.60. This trade represents a 7.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Magnite Price Performance

MGNI traded down $0.10 during midday trading on Friday, reaching $18.72. 2,166,857 shares of the company's stock were exchanged, compared to its average volume of 2,138,109. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a market capitalization of $2.64 billion, a PE ratio of 57.03, a P/E/G ratio of 1.54 and a beta of 2.87. The business's 50-day moving average price is $14.67 and its 200 day moving average price is $15.22. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $21.29.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.06. The company had revenue of $145.85 million during the quarter, compared to analysts' expectations of $142.18 million. Magnite had a net margin of 4.58% and a return on equity of 6.71%. The firm's quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.05 earnings per share. As a group, equities analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently commented on MGNI shares. Benchmark reduced their price objective on shares of Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Needham & Company LLC raised their price objective on shares of Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Susquehanna raised their price objective on shares of Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a research note on Thursday, February 27th. Lake Street Capital reduced their price objective on shares of Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Finally, Craig Hallum set a $24.00 price objective on shares of Magnite and gave the company a "buy" rating in a research note on Tuesday, May 20th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Magnite presently has a consensus rating of "Moderate Buy" and an average target price of $19.58.

Hedge Funds Weigh In On Magnite

A number of institutional investors have recently modified their holdings of MGNI. Principal Financial Group Inc. raised its position 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 buying an additional 15,558 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in shares of Magnite in the fourth quarter valued at approximately $335,000. Truist Financial Corp raised its position in shares of Magnite by 2.0% in the fourth quarter. Truist Financial Corp now owns 34,242 shares of the company's stock valued at $545,000 after buying an additional 674 shares during the last quarter. Handelsbanken Fonder AB raised its position in shares of Magnite by 28.1% in the fourth quarter. Handelsbanken Fonder AB now owns 30,100 shares of the company's stock valued at $479,000 after buying an additional 6,600 shares during the last quarter. Finally, DORCHESTER WEALTH MANAGEMENT Co raised its position in shares of Magnite by 33.3% in the fourth quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 24,000 shares of the company's stock valued at $382,000 after buying an additional 6,000 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

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.

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