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Insider Selling: Magnite, Inc. (NASDAQ:MGNI) Director Sells 5,000 Shares of Stock

Magnite logo with Computer and Technology background

Key Points

  • Magnite, Inc. Director Paul Caine sold 5,000 shares of stock for a total of $111,450, representing a 2.72% decrease in his position.
  • The company reported $0.20 EPS for the last quarter, exceeding analysts' expectations of $0.17, with revenues rising by 6.4% compared to the same period last year.
  • Various analysts have recently raised their price targets for Magnite, with Royal Bank Of Canada setting a new target of $27.00 and Benchmark increasing theirs to $31.00.
  • Need better tools to track Magnite? Try 5 Weeks of MarketBeat All Access for $5. Start Portfolio Tracking Now.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director Paul Caine sold 5,000 shares of the stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $22.29, for a total transaction of $111,450.00. Following the completion of the transaction, the director owned 178,603 shares in the company, valued at $3,981,060.87. This trade represents a 2.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Paul Caine also recently made the following trade(s):

  • On Thursday, July 10th, Paul Caine sold 5,000 shares of Magnite stock. The stock was sold at an average price of $23.53, for a total transaction of $117,650.00.
  • On Tuesday, June 24th, Paul Caine sold 5,000 shares of Magnite stock. The shares were sold at an average price of $20.00, for a total transaction of $100,000.00.

Magnite Price Performance

NASDAQ:MGNI traded up $0.58 during trading hours on Wednesday, hitting $22.84. The company's stock had a trading volume of 2,239,805 shares, compared to its average volume of 2,696,950. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.00. The company has a market capitalization of $3.25 billion, a PE ratio of 78.76, a PEG ratio of 1.62 and a beta of 3.05. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $25.27. The business's 50-day moving average is $21.59 and its two-hundred day moving average is $16.90.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, topping analysts' consensus estimates of $0.17 by $0.03. The company had revenue of $162.00 million for the quarter, compared to the consensus estimate of $157.05 million. Magnite had a return on equity of 8.07% and a net margin of 6.30%. The company's quarterly revenue was up 6.4% compared to the same quarter last year. During the same period last year, the business posted $0.14 EPS. As a group, research analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently issued reports on MGNI shares. Royal Bank Of Canada raised their price target on Magnite from $19.00 to $27.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Benchmark lifted their price objective on Magnite from $30.00 to $31.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Rosenblatt Securities reiterated a "buy" rating and issued a $39.00 target price on shares of Magnite in a report on Thursday, August 7th. Susquehanna boosted their price target on Magnite from $22.00 to $28.00 and gave the stock a "positive" rating in a research note on Thursday, August 7th. Finally, Wall Street Zen upgraded Magnite from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $25.82.

Get Our Latest Analysis on Magnite

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MGNI. Vanguard Group Inc. raised its position in Magnite by 1.0% during the first quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company's stock valued at $156,814,000 after buying an additional 138,417 shares during the period. Capital Research Global Investors acquired a new position in Magnite in the 4th quarter valued at approximately $122,986,000. Boston Partners raised its holdings in shares of Magnite by 5.7% in the 2nd quarter. Boston Partners now owns 5,574,604 shares of the company's stock worth $133,037,000 after buying an additional 298,248 shares in the last quarter. Dimensional Fund Advisors LP raised 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 in the last quarter. Finally, American Century Companies Inc. increased its holdings in Magnite by 63.1% during the 2nd quarter. American Century Companies Inc. now owns 4,829,197 shares of the company's stock valued at $116,480,000 after purchasing an additional 1,868,188 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

Magnite Company Profile

(Get Free Report)

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.

Read More

Insider Buying and Selling by Quarter for Magnite (NASDAQ:MGNI)

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