Magnite, Inc. (NASDAQ:MGNI) CEO Sells $1,649,843.00 in Stock

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CEO Michael G. Barrett sold 70,900 shares of the firm's stock in a transaction on 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 transaction, the chief executive officer directly owned 285,808 shares of the company's stock, valued at approximately $6,650,752.16. This represents a 19.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Magnite Trading Up 0.9%

Shares of NASDAQ MGNI traded up $0.22 during mid-day trading on Thursday, hitting $24.27. The company's stock had a trading volume of 2,683,541 shares, compared to its average volume of 2,276,472. The stock has a market cap of $3.42 billion, a price-to-earnings ratio of 121.36, a price-to-earnings-growth ratio of 1.96 and a beta of 2.96. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.98. Magnite, Inc. has a one year low of $8.22 and a one year high of $25.27. The company's fifty day simple moving average is $18.92 and its 200-day simple moving average is $16.01.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its 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 net margin of 4.58% and a return on equity of 6.71%. The company had revenue of $145.85 million for the quarter, compared to analyst estimates of $142.18 million. During the same quarter last year, the firm earned $0.05 EPS. The company's revenue for the quarter was up 4.3% on a year-over-year basis. On average, sell-side analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Summit Investment Advisors Inc. lifted its position in shares of Magnite by 6.8% in 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 in the last quarter. GAMMA Investing LLC increased its holdings in Magnite by 355.6% during the second quarter. GAMMA Investing LLC now owns 1,517 shares of the company's stock worth $37,000 after buying an additional 1,184 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in Magnite by 74.9% during the first quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company's stock worth $33,000 after buying an additional 1,203 shares during the last quarter. Perkins Capital Management Inc. increased its holdings in Magnite by 0.9% during the first quarter. Perkins Capital Management Inc. now owns 145,125 shares of the company's stock worth $1,656,000 after buying an additional 1,300 shares during the last quarter. Finally, Jones Financial Companies Lllp increased its holdings in Magnite by 24.3% during the first quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company's stock worth $83,000 after buying an additional 1,423 shares during the last quarter. Institutional investors own 73.40% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have commented on MGNI. Needham & Company LLC boosted their price target on shares of Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Wall Street Zen raised shares of Magnite from a "hold" rating to a "buy" rating in a research report on Sunday. Benchmark cut their target price on shares of Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Craig Hallum set a $24.00 price objective on shares of Magnite and gave the company a "buy" rating in a research note on Tuesday, May 20th. Finally, Lake Street Capital dropped their price objective on shares of Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Magnite presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.33.

Magnite Company Profile

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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