Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director Robert F. Spillane sold 15,000 shares of Magnite stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $17.57, for a total value of $263,550.00. Following the sale, the director now directly owns 66,417 shares in the company, valued at $1,166,946.69. This trade represents a 18.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.
Magnite Trading Down 3.0%
Shares of Magnite stock traded down $0.52 on Friday, reaching $17.10. The company had a trading volume of 1,986,811 shares, compared to its average volume of 2,126,359. The firm has a market cap of $2.41 billion, a price-to-earnings ratio of 285.00, a P/E/G ratio of 1.00 and a beta of 2.87. 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 moving average price is $13.99 and its two-hundred day moving average price is $15.17. 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 EPS for the quarter, topping analysts' consensus estimates of $0.06 by $0.06. The firm had revenue of $145.85 million during the quarter, compared to analysts' expectations of $142.18 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. The company's quarterly revenue 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, research analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Magnite
Institutional investors and hedge funds have recently modified their holdings of the stock. SBI Securities Co. Ltd. purchased a new position in shares of Magnite in the 4th quarter worth approximately $25,000. MCF Advisors LLC boosted its holdings in Magnite by 2,100.0% during the 1st quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock valued at $25,000 after acquiring an additional 2,100 shares during the period. Smartleaf Asset Management LLC boosted its holdings in Magnite by 74.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company's stock valued at $33,000 after acquiring an additional 1,203 shares during the period. AllSquare Wealth Management LLC boosted its holdings in Magnite by 76.8% during the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock valued at $41,000 after acquiring an additional 1,555 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in Magnite by 10,170.3% during the 1st quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock valued at $43,000 after acquiring an additional 3,763 shares during the period. Hedge funds and other institutional investors own 73.40% of the company's stock.
Analyst Ratings Changes
Several brokerages recently issued reports on MGNI. Benchmark decreased their target price on Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Craig Hallum set a $24.00 price objective on Magnite and gave the stock a "buy" rating in a research note on Tuesday, May 20th. 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. Lake Street Capital reduced their price objective on Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Finally, Needham & Company LLC lifted their price objective on Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $19.58.
Check Out Our Latest Report on MGNI
About Magnite
(
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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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