Robert F. Spillane Sells 15,000 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director Robert F. Spillane sold 15,000 shares of the company's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $17.57, for a total transaction of $263,550.00. Following the completion of the sale, the director now owns 66,417 shares in the company, valued at $1,166,946.69. This represents a 18.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Magnite Price Performance

Shares of Magnite stock traded down $0.52 on Friday, hitting $17.10. 1,986,811 shares of the company traded hands, compared to its average volume of 2,124,734. The firm's 50-day simple moving average is $13.99 and its 200 day simple moving average is $15.16. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The company has a market cap of $2.41 billion, a P/E ratio of 285.00, a P/E/G ratio of 1.00 and a beta of 2.87. Magnite, Inc. has a 12-month low of $8.22 and a 12-month high of $21.29.

Magnite (NASDAQ:MGNI - Get Free Report) last issued 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 company had revenue of $145.85 million for the quarter, compared to analysts' expectations of $142.18 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. The firm's revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.05 EPS. Analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

MGNI has been the subject of several analyst reports. Susquehanna increased 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. Needham & Company LLC increased 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. Royal Bank of Canada decreased their price objective on shares of Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Rosenblatt Securities reissued a "buy" rating and set a $18.00 target price on shares of Magnite in a research report on Thursday, May 8th. Finally, Craig Hallum set a $24.00 price objective on shares of Magnite and gave the stock a "buy" rating in a report on Tuesday, May 20th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat.com, Magnite currently has a consensus rating of "Moderate Buy" and an average target price of $19.58.

Institutional Investors Weigh In On Magnite

Large investors have recently modified their holdings of the stock. SBI Securities Co. Ltd. bought a new stake in shares of Magnite during the 4th quarter valued at about $25,000. MCF Advisors LLC boosted its stake in shares of 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 purchasing an additional 2,100 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of 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 purchasing an additional 1,203 shares in the last quarter. AllSquare Wealth Management LLC boosted its stake in shares of 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 purchasing an additional 1,555 shares in the last quarter. Finally, Larson Financial Group LLC boosted its stake in shares of Magnite by 179.2% during the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company's stock valued at $58,000 after purchasing an additional 2,341 shares in the last quarter. Institutional investors 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.