Insider Selling: Magnite (NASDAQ:MGNI) Insider Sells 8,522 Shares of Stock

Key Points

• Insider Aaron Saltz sold 8,522 shares of Magnite stock at an average price of $24.50, totaling $208,789, which decreased his ownership stake by 3.81%.
• Magnite's stock price increased by 8.5%, reaching $25.92, with a trading volume significantly higher than the average.
• The company recently reported earnings exceeding analyst estimates, with a revenue of $162 million for the quarter and earnings per share of $0.20.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) insider Aaron Saltz sold 8,522 shares of the stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $24.50, for a total transaction of $208,789.00. Following the transaction, the insider owned 215,079 shares in the company, valued at approximately $5,269,435.50. This represents a 3.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

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

• On Monday, September 15th, Aaron Saltz sold 6,180 shares of Magnite stock. The stock was sold at an average price of $23.94, for a total value of $147,949.20.
• On Friday, August 29th, Aaron Saltz sold 12,403 shares of Magnite stock. The shares were sold at an average price of $26.07, for a total value 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 value of $323,492.40.

Magnite Stock Performance

Shares of MGNI stock traded down $1.76 during mid-day trading on Monday, hitting $24.16. The stock had a trading volume of 4,916,501 shares, compared to its average volume of 3,184,727. The company's 50-day simple moving average is $23.77 and its 200-day simple moving average is $18.24. 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 firm has a market cap of $3.44 billion, a PE ratio of 83.31, a PEG ratio of 1.78 and a beta of 3.05. Magnite, Inc. has a fifty-two week low of $8.22 and a fifty-two week high of $26.65.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $162.00 million during 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 was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.14 earnings per share. Sell-side analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current year.

Hedge Funds Weigh In On Magnite

A number of large investors have recently bought and sold shares of MGNI. Cambridge Investment Research Advisors Inc. raised its holdings in Magnite by 74.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 51,815 shares of the company's stock worth $591,000 after buying an additional 22,131 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Magnite by 54.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 44,947 shares of the company's stock valued at $513,000 after buying an additional 15,762 shares in the last quarter. Calamos Advisors LLC lifted its holdings in shares of Magnite by 85.7% during the first quarter. Calamos Advisors LLC now owns 65,275 shares of the company's stock worth $745,000 after purchasing an additional 30,132 shares during the period. Vanguard Group Inc. raised its holdings in Magnite by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company's stock worth $156,814,000 after purchasing an additional 138,417 shares during the period. Finally, Brown Advisory Inc. acquired a new position in Magnite during the first quarter worth about $290,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on MGNI. Susquehanna upped their price target on Magnite from $22.00 to $28.00 and gave the company a "positive" rating in a research report on Thursday, August 7th. Royal Bank Of Canada lifted their price objective on Magnite from $19.00 to $27.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Rosenblatt Securities restated a "buy" rating and set a $39.00 target price on shares of Magnite in a report on Wednesday, September 17th. Needham & Company LLC boosted their target price on Magnite from $18.00 to $25.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Finally, Benchmark upped their target price on Magnite from $30.00 to $31.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, Magnite currently has a consensus rating of "Moderate Buy" and an average target price of $25.82.

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.