Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CEO Michael G. Barrett sold 30,000 shares of the business's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $19.00, for a total transaction of $570,000.00. Following the completion of the transaction, the chief executive officer now directly owns 656,708 shares in the company, valued at $12,477,452. This represents a 4.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.
Magnite Price Performance
Shares of MGNI traded up $0.59 on Wednesday, reaching $18.82. The stock had a trading volume of 2,459,889 shares, compared to its average volume of 2,130,978. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $21.29. The firm has a market capitalization of $2.66 billion, a PE ratio of 94.10, a PEG ratio of 1.52 and a beta of 2.87. The firm has a 50-day moving average of $14.33 and a 200 day moving average of $15.18. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.
Magnite (NASDAQ:MGNI - Get Free Report) last posted its 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 6.71% and a net margin of 4.58%. The company had revenue of $145.85 million for the quarter, compared to analyst estimates of $142.18 million. During the same quarter in the prior year, the company earned $0.05 earnings per share. Magnite's revenue was up 4.3% compared to the same quarter last year. Sell-side analysts expect that Magnite, Inc. will post 0.33 EPS for the current year.
Institutional Investors Weigh In On Magnite
A number of large investors have recently added to or reduced their stakes in MGNI. Capital Research Global Investors purchased a new position in Magnite during the 4th quarter valued at about $122,986,000. Nuveen LLC acquired a new stake in shares of Magnite in the first quarter valued at approximately $41,036,000. American Century Companies Inc. increased its stake in shares of Magnite by 855.2% during the 1st quarter. American Century Companies Inc. now owns 2,961,009 shares of the company's stock worth $33,785,000 after purchasing an additional 2,651,033 shares in the last quarter. Boston Partners raised its position in shares of 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 purchasing an additional 1,336,458 shares during the last quarter. Finally, Pacer Advisors Inc. purchased a new stake in Magnite in the 1st quarter valued at approximately $12,576,000. 73.40% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several analysts have recently weighed in on MGNI shares. Craig Hallum set a $24.00 target price on shares of Magnite and gave the company a "buy" rating in a report on Tuesday, May 20th. Susquehanna lifted their price objective on Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a report on Thursday, February 27th. Needham & Company LLC boosted their target price on Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Lake Street Capital reduced their price target on Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Finally, Benchmark decreased their price target on Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a research note 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 stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $19.58.
View Our Latest Report on MGNI
About Magnite
(
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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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