Insider Selling: Magnite, Inc. (NASDAQ:MGNI) Director Sells 11,512 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director David T. Pearson sold 11,512 shares of the firm's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $17.60, for a total value of $202,611.20. Following the sale, the director now owns 75,969 shares of the company's stock, valued at approximately $1,337,054.40. This trade represents a 13.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Magnite Stock Performance

Shares of NASDAQ MGNI traded up $0.14 during mid-day trading on Friday, hitting $17.60. The company had a trading volume of 1,896,697 shares, compared to its average volume of 2,126,494. The stock has a market cap of $2.48 billion, a price-to-earnings ratio of 293.33, a PEG ratio of 1.00 and a beta of 2.73. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $21.29. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The firm's 50 day simple moving average is $13.09 and its two-hundred day simple moving average is $15.13.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.06. The firm had revenue of $145.85 million for the quarter, compared to the consensus estimate of $142.18 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. The firm's revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.05 EPS. As a group, equities research analysts forecast that Magnite, Inc. will post 0.33 earnings per share for the current year.

Institutional Trading of Magnite

Several hedge funds have recently added to or reduced their stakes in MGNI. Capital Research Global Investors bought a new stake in Magnite during the 4th quarter valued at $122,986,000. Nuveen LLC bought a new stake in Magnite during the 1st quarter valued at $41,036,000. American Century Companies Inc. raised its stake in Magnite by 855.2% during the 1st quarter. American Century Companies Inc. now owns 2,961,009 shares of the company's stock valued at $33,785,000 after acquiring an additional 2,651,033 shares in the last quarter. Boston Partners raised its stake in shares of Magnite by 39.1% in the 4th quarter. Boston Partners now owns 4,756,323 shares of the company's stock worth $76,061,000 after buying an additional 1,336,458 shares in the last quarter. Finally, Pacer Advisors Inc. bought a new stake in shares of Magnite in the 1st quarter worth $12,576,000. Institutional investors own 73.40% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on MGNI shares. Rosenblatt Securities restated a "buy" rating and set a $18.00 price objective on shares of Magnite in a research note on Thursday, May 8th. Susquehanna upped 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. Benchmark decreased their price objective on shares of Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Lake Street Capital dropped their target price on shares of Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Finally, Craig Hallum set a $24.00 price target on shares of Magnite and gave the company a "buy" rating in a report on Tuesday, May 20th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Magnite currently has a consensus rating of "Moderate Buy" and an average price target 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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