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

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director James Rossman sold 137,007 shares of the firm's stock in a transaction dated 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 directly owns 93,679 shares in the company, 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 available through this hyperlink.

Magnite Trading Up 0.9%

NASDAQ:MGNI traded up $0.17 during trading hours on Monday, hitting $18.89. 1,620,952 shares of the company were exchanged, compared to its average volume of 2,138,086. The stock has a market capitalization of $2.67 billion, a price-to-earnings ratio of 94.45, a price-to-earnings-growth ratio of 1.53 and a beta of 2.87. Magnite, Inc. has a one year low of $8.22 and a one year high of $21.29. The company has a fifty day simple moving average of $14.85 and a 200 day simple moving average of $15.20. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.47.

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

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MGNI. Lake Street Capital reduced their price target on shares of Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Susquehanna raised their target price on shares of Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a research report on Thursday, February 27th. Wall Street Zen raised shares of Magnite from a "hold" rating to a "buy" rating in a research note on Saturday. Needham & Company LLC increased their price target on Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Finally, Royal Bank Of Canada cut their price objective on Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, Magnite has a consensus rating of "Moderate Buy" and a consensus price target of $19.58.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MGNI. Capital Research Global Investors acquired a new stake in shares of Magnite during the fourth quarter worth $122,986,000. Nuveen LLC bought a new stake in Magnite during the first quarter valued at $41,036,000. American Century Companies Inc. boosted its position in Magnite by 855.2% during the first quarter. American Century Companies Inc. now owns 2,961,009 shares of the company's stock valued at $33,785,000 after acquiring an additional 2,651,033 shares during the last quarter. Boston Partners grew its holdings in Magnite by 39.1% during the 4th quarter. Boston Partners now owns 4,756,323 shares of the company's stock worth $76,061,000 after acquiring an additional 1,336,458 shares during the period. Finally, Pacer Advisors Inc. bought a new position in shares of Magnite in the 1st quarter worth about $12,576,000. Institutional investors 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.