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

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

Magnite Price Performance

Shares of MGNI stock traded down $0.07 during mid-day trading on Monday, hitting $17.53. 1,293,057 shares of the stock traded hands, compared to its average volume of 2,125,879. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $21.29. The firm has a market cap of $2.47 billion, a price-to-earnings ratio of 292.17, a price-to-earnings-growth ratio of 1.00 and a beta of 2.87. The company's 50-day simple moving average is $13.21 and its 200-day simple moving average is $15.12. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11.

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, 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 for the quarter, compared to analysts' expectations of $142.18 million. During the same period last year, the firm earned $0.05 EPS. The firm's revenue for the quarter was up 4.3% on a year-over-year basis. As a group, equities research analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current year.

Analyst Upgrades and Downgrades

MGNI has been the topic of a number of research reports. Craig Hallum set a $24.00 price target on Magnite and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Royal Bank of Canada dropped their price target on Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Lake Street Capital dropped their price target on Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Benchmark dropped their price target on Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Finally, Rosenblatt Securities restated a "buy" rating and issued a $18.00 target price on shares of Magnite in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.58.

Hedge Funds Weigh In On Magnite

Several hedge funds have recently modified their holdings of the company. Arizona State Retirement System increased its position in shares of Magnite by 1.5% during the 4th quarter. Arizona State Retirement System now owns 36,846 shares of the company's stock valued at $587,000 after purchasing an additional 559 shares during the period. Truist Financial Corp raised its position in shares of 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 purchasing an additional 674 shares during the period. Summit Investment Advisors Inc. raised its position in shares of 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 purchasing an additional 836 shares during the period. ANTIPODES PARTNERS Ltd raised its position in shares of 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 purchasing an additional 956 shares during the period. Finally, Jones Financial Companies Lllp raised its position in shares of 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 purchasing an additional 1,000 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

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.