Katie Seitz Evans Sells 35,000 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) insider Katie Seitz Evans sold 35,000 shares of the stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $17.36, for a total value of $607,600.00. Following the sale, the insider now directly owns 442,788 shares in the company, valued at $7,686,799.68. This trade represents a 7.33% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Magnite Stock Performance

MGNI traded up $0.14 during midday trading on Friday, hitting $17.60. 1,896,697 shares of the company were exchanged, compared to its average volume of 2,126,494. The firm has a market capitalization of $2.48 billion, a price-to-earnings ratio of 293.33, a price-to-earnings-growth ratio of 1.00 and a beta of 2.73. The company's 50 day simple moving average is $13.09 and its 200 day simple moving average is $15.13. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. 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 announced 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. Magnite had a return on equity of 4.64% and a net margin of 2.62%. The company had revenue of $145.85 million during the quarter, compared to analysts' expectations of $142.18 million. During the same period last year, the business earned $0.05 earnings per share. Magnite's quarterly revenue was up 4.3% on a year-over-year basis. As a group, sell-side analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have recently weighed in on MGNI shares. Rosenblatt Securities restated a "buy" rating and issued a $18.00 price target on shares of Magnite in a report on Thursday, May 8th. Susquehanna increased 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. Benchmark cut their price target on shares of Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Needham & Company LLC increased their price objective on Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a report on Monday, May 12th. Finally, Lake Street Capital dropped their target price on Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.58.

Hedge Funds Weigh In On Magnite

Several institutional investors have recently made changes to their positions in MGNI. SBI Securities Co. Ltd. acquired a new stake in Magnite during the fourth quarter valued at $25,000. MCF Advisors LLC grew its position in shares of Magnite by 2,100.0% during the 1st quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock valued at $25,000 after acquiring an additional 2,100 shares during the period. Smartleaf Asset Management LLC grew its position in shares of Magnite by 74.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company's stock valued at $33,000 after acquiring an additional 1,203 shares during the period. 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 in the last quarter. Finally, Larson Financial Group LLC raised its holdings in Magnite by 179.2% in the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company's stock worth $58,000 after purchasing an additional 2,341 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.

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