Magnite, Inc. (NASDAQ:MGNI) Director Paul Caine Sells 5,000 Shares

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director Paul Caine sold 5,000 shares of Magnite stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $23.53, for a total value of $117,650.00. Following the completion of the sale, the director owned 183,603 shares of the company's stock, valued at approximately $4,320,178.59. The trade was a 2.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Paul Caine also recently made the following trade(s):

• On Tuesday, June 24th, Paul Caine sold 5,000 shares of Magnite stock. The stock was sold at an average price of $20.00, for a total value of $100,000.00.

Magnite Stock Up 2.3%

NASDAQ MGNI traded up $0.53 during trading on Monday, hitting $23.10. The stock had a trading volume of 4,009,231 shares, compared to its average volume of 2,285,346. The company has a market capitalization of $3.26 billion, a PE ratio of 115.51, a P/E/G ratio of 1.84 and a beta of 2.96. The company's 50-day moving average price is $18.46 and its two-hundred day moving average price is $15.90. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 0.98. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $25.27.

Magnite (NASDAQ:MGNI - Get Free Report) last released its 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. The firm had revenue of $145.85 million for 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 business's quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.05 EPS. As a group, sell-side analysts forecast that Magnite, Inc. will post 0.33 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MGNI. Royal Bank Of Canada reduced their target price on Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Rosenblatt Securities restated a "buy" rating and set a $18.00 target price on shares of Magnite in a report on Thursday, May 8th. Benchmark reduced their target price on Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Needham & Company LLC lifted their price objective on Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a report on Monday, May 12th. Finally, Lake Street Capital cut their price objective on Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $20.33.

Institutional Investors Weigh In On Magnite

Several institutional investors have recently bought and sold shares of the company. GAMMA Investing LLC lifted its stake in Magnite by 355.6% in the 2nd 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 lifted its stake in Magnite by 54.8% in the 2nd 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 position in shares of Magnite during the 2nd quarter worth approximately $255,000. Harbor Capital Advisors Inc. increased its position in shares of Magnite by 7.2% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 634,147 shares of the company's stock worth $15,296,000 after purchasing an additional 42,834 shares during the last quarter. Finally, Rhumbline Advisers increased its position in shares of Magnite by 4.4% during the 1st quarter. Rhumbline Advisers now owns 192,502 shares of the company's stock worth $2,196,000 after purchasing an additional 8,171 shares during the last quarter. Institutional investors own 73.40% of the company's stock.

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.