James Rossman Sells 137,007 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director James Rossman sold 137,007 shares of the business's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $18.78, for a total value of $2,572,991.46. Following the completion of the sale, the director now owns 93,679 shares of the company's stock, valued at $1,759,291.62. This trade represents a 59.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Magnite Price Performance

Shares of NASDAQ:MGNI traded down $0.10 during trading on Friday, reaching $18.72. The stock had a trading volume of 2,166,857 shares, compared to its average volume of 2,138,109. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 0.98. The business has a fifty day moving average price of $14.67 and a 200-day moving average price of $15.22. The stock has a market cap of $2.64 billion, a PE ratio of 57.03, a PEG ratio of 1.54 and a beta of 2.87. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $21.29.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.06. The firm had revenue of $145.85 million for the quarter, compared to analyst estimates of $142.18 million. Magnite had a return on equity of 6.71% and a net margin of 4.58%. The business's revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.05 earnings per share. On average, equities analysts forecast that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Analyst Ratings Changes

MGNI has been the subject of a number of recent analyst reports. Royal Bank Of Canada cut their price objective on Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Needham & Company LLC boosted their price objective on Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Benchmark cut their price objective on Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Rosenblatt Securities restated a "buy" rating and issued a $18.00 price objective on shares of Magnite in a research report on Thursday, May 8th. Finally, Lake Street Capital cut their price objective on Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $19.58.

Hedge Funds Weigh In On Magnite

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Arizona State Retirement System boosted its stake in Magnite by 1.5% during the fourth quarter. Arizona State Retirement System now owns 36,846 shares of the company's stock worth $587,000 after buying an additional 559 shares during the last quarter. Truist Financial Corp boosted its stake in Magnite by 2.0% during the fourth quarter. Truist Financial Corp now owns 34,242 shares of the company's stock worth $545,000 after buying an additional 674 shares during the last quarter. Summit Investment Advisors Inc. boosted its stake in Magnite by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company's stock worth $210,000 after buying an additional 836 shares during the last quarter. ANTIPODES PARTNERS Ltd boosted its stake in Magnite by 13.4% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company's stock worth $129,000 after buying an additional 956 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its stake in Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock worth $93,000 after buying an additional 1,000 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

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.

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