Insider Selling: Magnite (NASDAQ:MGNI) Insider Sells 13,860 Shares of Stock

Key Points

• Aaron Saltz, an insider at Magnite, Inc., sold 13,860 shares of stock on August 14th for a total of $323,492.40, reducing his ownership by 5.29%.
• Magnite reported earnings of $0.20 EPS for the recent quarter, beating estimates and showing a 6.4% year-over-year revenue increase.
• Analysts have a mixed outlook on Magnite, with an average price target of $25.82, and most giving it a "buy" rating.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) insider Aaron Saltz sold 13,860 shares of the business's stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $23.34, for a total transaction of $323,492.40. Following the completion of the transaction, the insider owned 247,954 shares in the company, valued at approximately $5,787,246.36. This trade represents a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Aaron Saltz also recently made the following trade(s):

• On Monday, June 16th, Aaron Saltz sold 16,788 shares of Magnite stock. The shares were sold at an average price of $17.50, for a total value of $293,790.00.
• On Wednesday, June 4th, Aaron Saltz sold 15,328 shares of Magnite stock. The shares were sold at an average price of $16.71, for a total value of $256,130.88.

Magnite Price Performance

Shares of MGNI stock traded down $1.9850 during trading hours on Tuesday, hitting $22.3350. 1,449,942 shares of the company's stock were exchanged, compared to its average volume of 2,700,250. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $25.27. The stock has a market cap of $3.18 billion, a price-to-earnings ratio of 77.02, a price-to-earnings-growth ratio of 1.63 and a beta of 3.05. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00. The stock's 50-day moving average is $22.09 and its 200-day moving average is $17.07.

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

Wall Street Analyst Weigh In

Several equities research analysts have commented on MGNI shares. Rosenblatt Securities reaffirmed a "buy" rating and issued a $39.00 target price on shares of Magnite in a research note on Thursday, August 7th. Needham & Company LLC raised their price objective on Magnite from $18.00 to $25.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Susquehanna lifted their target price on Magnite from $22.00 to $28.00 and gave the stock a "positive" rating in a report on Thursday, August 7th. Royal Bank Of Canada increased their price target on Magnite from $19.00 to $27.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Finally, Benchmark raised their price target on Magnite from $30.00 to $31.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Ten analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $25.82.

Institutional Investors Weigh In On Magnite

Several institutional investors and hedge funds have recently bought and sold shares of the company. MCF Advisors LLC raised its position in shares of Magnite by 2,100.0% in the 1st quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock valued at $25,000 after buying an additional 2,100 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in Magnite by 74.9% during the first quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company's stock worth $33,000 after purchasing an additional 1,203 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Magnite by 355.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,517 shares of the company's stock valued at $37,000 after purchasing an additional 1,184 shares in the last quarter. AllSquare Wealth Management LLC increased its stake in shares of Magnite by 76.8% in 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 during the last quarter. Finally, CWM LLC raised its holdings in shares of Magnite by 133.6% during the 2nd quarter. CWM LLC now owns 1,775 shares of the company's stock worth $43,000 after buying an additional 1,015 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.