Michael G. Barrett Sells 30,000 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CEO Michael G. Barrett sold 30,000 shares of Magnite stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $19.00, for a total value of $570,000.00. Following the sale, the chief executive officer now owns 656,708 shares in the company, valued at $12,477,452. This trade 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 link.

Magnite Stock Performance

Shares of NASDAQ MGNI traded down $0.10 during mid-day trading on Friday, hitting $18.72. The company had a trading volume of 2,166,857 shares, compared to its average volume of 2,140,163. The company has a market capitalization of $2.64 billion, a price-to-earnings ratio of 93.60, a P/E/G ratio of 1.53 and a beta of 2.87. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $21.29. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.47. The stock's 50-day moving average price is $14.85 and its 200-day moving average price is $15.22.

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. 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 firm's quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.05 earnings per share. On average, sell-side analysts forecast that Magnite, Inc. will post 0.33 earnings per share for the current year.

Hedge Funds Weigh In On Magnite

Several hedge funds have recently made changes to their positions in the stock. Rhumbline Advisers grew its position in shares of Magnite by 4.4% in the first quarter. Rhumbline Advisers now owns 192,502 shares of the company's stock valued at $2,196,000 after purchasing an additional 8,171 shares in the last quarter. Strs Ohio purchased a new position in Magnite during the first quarter worth about $544,000. Intech Investment Management LLC grew its position in Magnite by 103.6% during the first quarter. Intech Investment Management LLC now owns 109,992 shares of the company's stock worth $1,255,000 after buying an additional 55,971 shares in the last quarter. Bayforest Capital Ltd grew its position in Magnite by 608.6% during the first quarter. Bayforest Capital Ltd now owns 17,835 shares of the company's stock worth $203,000 after buying an additional 15,318 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Magnite by 9.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company's stock worth $4,618,000 after buying an additional 36,097 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MGNI. 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 report on Thursday, May 8th. Benchmark decreased their target price on Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Wall Street Zen raised Magnite from a "hold" rating to a "buy" rating in a research report on Saturday. Rosenblatt Securities reissued a "buy" rating and issued a $18.00 target price on shares of Magnite in a research report on Thursday, May 8th. Finally, Needham & Company LLC raised 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. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $19.58.

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.