David Day Sells 36,000 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CFO David Day sold 36,000 shares of the company's stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $20.95, for a total transaction of $754,200.00. Following the completion of the transaction, the chief financial officer now directly owns 443,528 shares in the company, valued at $9,291,911.60. This trade represents a 7.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

David Day also recently made the following trade(s):

• On Tuesday, June 24th, David Day sold 35,000 shares of Magnite stock. The stock was sold at an average price of $19.95, for a total transaction of $698,250.00.
• On Wednesday, June 18th, David Day sold 38,146 shares of Magnite stock. The stock was sold at an average price of $18.95, for a total transaction of $722,866.70.

Magnite Stock Performance

MGNI stock traded up $0.13 during midday trading on Friday, hitting $21.10. 4,722,259 shares of the company traded hands, compared to its average volume of 2,165,391. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $21.29. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The business has a 50 day simple moving average of $15.85 and a 200-day simple moving average of $15.32. The stock has a market capitalization of $2.98 billion, a price-to-earnings ratio of 105.51, a price-to-earnings-growth ratio of 1.72 and a beta of 2.87.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 EPS 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 the consensus estimate of $142.18 million. During the same quarter last year, the company posted $0.05 earnings per share. The company's revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, equities research analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Wall Street Zen upgraded Magnite from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Needham & Company LLC increased their price objective on Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Rosenblatt Securities restated a "buy" rating and issued a $18.00 price objective on shares of Magnite in a report on Thursday, May 8th. Royal Bank Of Canada dropped their price objective on Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Finally, Benchmark dropped their price objective on Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.58.

Hedge Funds Weigh In On Magnite

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. grew its stake in shares of Magnite by 14.5% in the fourth quarter. Principal Financial Group Inc. now owns 123,073 shares of the company's stock worth $1,959,000 after acquiring an additional 15,558 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of Magnite in the fourth quarter worth $335,000. Truist Financial Corp grew its stake in shares of Magnite by 2.0% in the fourth quarter. Truist Financial Corp now owns 34,242 shares of the company's stock worth $545,000 after acquiring an additional 674 shares during the last quarter. Handelsbanken Fonder AB grew its stake in shares of Magnite by 28.1% in the fourth quarter. Handelsbanken Fonder AB now owns 30,100 shares of the company's stock worth $479,000 after acquiring an additional 6,600 shares during the last quarter. Finally, Parkside Financial Bank & Trust grew its stake in shares of Magnite by 42.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 9,886 shares of the company's stock worth $157,000 after acquiring an additional 2,968 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

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.