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Magnite, Inc. (NASDAQ:MGNI) CEO Michael G. Barrett Sells 70,900 Shares

Magnite logo with Computer and Technology background

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CEO Michael G. Barrett sold 70,900 shares of the business's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $23.27, for a total transaction of $1,649,843.00. Following the completion of the sale, the chief executive officer owned 285,808 shares in the company, valued at $6,650,752.16. This represents a 19.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Magnite Trading Up 0.7%

Shares of NASDAQ MGNI traded up $0.18 on Monday, reaching $24.66. 369,097 shares of the company traded hands, compared to its average volume of 2,267,921. Magnite, Inc. has a fifty-two week low of $8.22 and a fifty-two week high of $25.27. The company has a 50 day moving average of $19.30 and a 200 day moving average of $16.12. 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 has a market capitalization of $3.48 billion, a PE ratio of 123.28, a P/E/G ratio of 2.00 and a beta of 2.96.

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

Institutional Trading of Magnite

A number of institutional investors and hedge funds have recently bought and sold shares of MGNI. GAMMA Investing LLC grew its position in Magnite by 355.6% in the second quarter. GAMMA Investing LLC now owns 1,517 shares of the company's stock valued at $37,000 after acquiring an additional 1,184 shares in the last quarter. Moody National Bank Trust Division grew its position in Magnite by 54.8% in the second quarter. Moody National Bank Trust Division now owns 161,332 shares of the company's stock valued at $3,891,000 after acquiring an additional 57,142 shares in the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in Magnite in the second quarter valued at approximately $255,000. Harbor Capital Advisors Inc. grew its position in Magnite by 7.2% in the second quarter. Harbor Capital Advisors Inc. now owns 634,147 shares of the company's stock valued at $15,296,000 after acquiring an additional 42,834 shares in the last quarter. Finally, Rhumbline Advisers grew its position in 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 acquiring an additional 8,171 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

Wall Street Analyst Weigh In

MGNI has been the topic of several recent research reports. Lake Street Capital decreased their price objective on shares of Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Rosenblatt Securities reiterated a "buy" rating and issued a $18.00 price objective on shares of Magnite in a research report on Thursday, May 8th. Royal Bank Of Canada cut their target price on shares of Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Wells Fargo & Company boosted their target price on shares of Magnite from $13.00 to $24.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Finally, Craig Hallum set a $24.00 target price on shares of Magnite and gave the company a "buy" rating in a research note on Tuesday, May 20th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.33.

Get Our Latest Report on MGNI

Magnite Company Profile

(Get Free Report)

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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