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

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CFO David Day sold 36,000 shares of the stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $20.95, for a total value of $754,200.00. Following the sale, the chief financial officer now owns 443,528 shares of the company's stock, valued at approximately $9,291,911.60. The trade was a 7.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

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

• On Tuesday, June 24th, David Day sold 35,000 shares of Magnite stock. The shares were sold at an average price of $19.95, for a total value 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 value of $722,866.70.

Magnite Stock Up 1.3%

Shares of NASDAQ:MGNI traded up $0.26 during midday trading on Thursday, hitting $20.97. 1,940,045 shares of the company's stock were exchanged, compared to its average volume of 2,158,628. 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 12 month low of $8.22 and a 12 month high of $21.29. The company has a market cap of $2.96 billion, a PE ratio of 62.76, a price-to-earnings-growth ratio of 1.69 and a beta of 2.87. The stock has a 50 day moving average price of $15.45 and a 200-day moving average price of $15.28.

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of MGNI. Rhumbline Advisers raised its position in Magnite by 4.4% in the 1st quarter. Rhumbline Advisers now owns 192,502 shares of the company's stock valued at $2,196,000 after buying an additional 8,171 shares during the last quarter. Strs Ohio bought a new stake in shares of Magnite in the 1st quarter worth $544,000. Intech Investment Management LLC raised its holdings in shares of Magnite by 103.6% in the first quarter. Intech Investment Management LLC now owns 109,992 shares of the company's stock valued at $1,255,000 after purchasing an additional 55,971 shares during the last quarter. Bayforest Capital Ltd raised its holdings in shares of Magnite by 608.6% in the first quarter. Bayforest Capital Ltd now owns 17,835 shares of the company's stock valued at $203,000 after purchasing an additional 15,318 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of 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 valued at $4,618,000 after purchasing an additional 36,097 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Royal Bank Of Canada dropped their price target on Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Benchmark dropped their target price on shares of Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Wall Street Zen raised shares of Magnite from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Needham & Company LLC lifted their price target on shares of Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Finally, Susquehanna upped their price objective on shares of Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a report on Thursday, February 27th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $19.58.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.