Magnite (NASDAQ:MGNI) Insider Sells $147,949.20 in Stock

Key Points

• Magnite insider Aaron Saltz sold 6,180 shares on September 15th at an average price of $23.94, totaling $147,949.20, reducing his holdings by 2.69%.
• The company's latest earnings report revealed $0.20 earnings per share, exceeding analysts’ expectations, and a year-over-year revenue increase of 6.4%.
• Several analysts have raised their price targets for Magnite's stock, with the average target now at $25.82 and a consensus rating of "Moderate Buy".

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) insider Aaron Saltz sold 6,180 shares of the firm's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $23.94, for a total transaction of $147,949.20. Following the completion of the sale, the insider directly owned 223,601 shares in the company, valued at approximately $5,353,007.94. This trade represents a 2.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Friday, September 19th, Aaron Saltz sold 8,522 shares of Magnite stock. The stock was sold at an average price of $24.50, for a total transaction of $208,789.00.
• On Friday, August 29th, Aaron Saltz sold 12,403 shares of Magnite stock. The stock was sold at an average price of $26.07, for a total transaction of $323,346.21.
• On Monday, August 18th, Aaron Saltz sold 5,770 shares of Magnite stock. The stock was sold at an average price of $23.85, for a total transaction of $137,614.50.
• On Thursday, August 14th, Aaron Saltz sold 13,860 shares of Magnite stock. The shares were sold at an average price of $23.34, for a total transaction of $323,492.40.

Magnite Trading Up 8.5%

Shares of MGNI traded up $2.04 during trading hours on Friday, reaching $25.92. 8,334,127 shares of the company traded hands, compared to its average volume of 2,899,501. The company's fifty day moving average price is $23.75 and its two-hundred day moving average price is $18.11. The company has a market capitalization of $3.69 billion, a price-to-earnings ratio of 89.38, a price-to-earnings-growth ratio of 1.64 and a beta of 3.05. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.45. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $26.65.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating analysts' consensus estimates of $0.17 by $0.03. The firm had revenue of $162.00 million for the quarter, compared to analyst estimates of $157.05 million. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The company's revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.14 EPS. Equities research analysts predict 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 a number of recent research reports. Wells Fargo & Company lifted their price target on shares of Magnite from $13.00 to $24.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada lifted their price target on shares of Magnite from $19.00 to $27.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Susquehanna lifted their price target on shares of Magnite from $22.00 to $28.00 and gave the company a "positive" rating in a research report on Thursday, August 7th. Needham & Company LLC lifted their price target on shares of Magnite from $18.00 to $25.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Finally, Scotiabank reaffirmed an "outperform" rating and issued a $30.00 target price (up from $22.00) on shares of Magnite in a report on Thursday, August 7th. Ten investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, Magnite currently has an average rating of "Moderate Buy" and an average price target of $25.82.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC grew its position in Magnite by 355.6% during the second quarter. GAMMA Investing LLC now owns 1,517 shares of the company's stock valued at $37,000 after buying an additional 1,184 shares during the period. CWM LLC grew its position in Magnite by 133.6% during the second quarter. CWM LLC now owns 1,775 shares of the company's stock valued at $43,000 after buying an additional 1,015 shares during the period. MCF Advisors LLC grew its position in Magnite by 2,100.0% during the first 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 during the period. MTM Investment Management LLC bought a new stake in Magnite during the second quarter valued at approximately $58,000. Finally, Nisa Investment Advisors LLC grew its position in Magnite by 66.0% during the second quarter. Nisa Investment Advisors LLC now owns 2,780 shares of the company's stock valued at $67,000 after buying an additional 1,105 shares during the period. 73.40% of the stock is owned by hedge funds and other institutional investors.

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.