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 stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $18.95, for a total value of $722,866.70. Following the transaction, the chief financial officer now directly owns 443,528 shares of the company's stock, valued at approximately $8,404,855.60. The trade was a 7.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Magnite Trading Up 0.9%

Shares of NASDAQ:MGNI traded up $0.17 during trading hours on Monday, hitting $18.89. 1,620,952 shares of the company's stock traded hands, compared to its average volume of 2,138,086. The firm has a market capitalization of $2.67 billion, a P/E ratio of 94.45, a price-to-earnings-growth ratio of 1.53 and a beta of 2.87. The business has a fifty day moving average price of $14.85 and a 200-day moving average price of $15.20. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $21.29. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.98.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly 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. 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 analyst estimates of $142.18 million. During the same period last year, the company earned $0.05 EPS. Magnite's quarterly revenue was up 4.3% compared to the same quarter last year. Equities analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current year.

Institutional Trading of Magnite

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in shares of Magnite by 1.0% during the first quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company's stock worth $156,814,000 after acquiring an additional 138,417 shares during the period. Capital Research Global Investors purchased a new position in Magnite during the 4th quarter worth $122,986,000. Wellington Management Group LLP raised its position in Magnite by 6.8% during the 4th quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company's stock valued at $111,918,000 after purchasing an additional 450,341 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Magnite by 3.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company's stock worth $87,957,000 after buying an additional 170,532 shares during the period. Finally, Boston Partners grew its position in shares of Magnite by 10.9% during the 1st quarter. Boston Partners now owns 5,276,356 shares of the company's stock worth $60,187,000 after buying an additional 520,033 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on MGNI shares. Benchmark reduced their price target on shares of Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Wall Street Zen raised shares of Magnite from a "hold" rating to a "buy" rating in a research note on Saturday. Susquehanna upped their target price on shares of Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a research report on Thursday, February 27th. Rosenblatt Securities reiterated a "buy" rating and issued a $18.00 price target on shares of Magnite in a research report on Thursday, May 8th. Finally, Royal Bank Of Canada reduced their price objective on Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus 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.