Magnite, Inc. (NASDAQ:MGNI) Director Sells $333,750.00 in Stock

Key Points

• Rachel Lam, a director at Magnite, Inc., sold 15,000 shares of the company's stock for a total of $333,750, reducing her ownership by 6.20%.
• Magnite reported a quarterly earnings per share (EPS) of $0.20, surpassing analysts' expectations, and witnessed a revenue growth of 6.4% year-over-year.
• Institutional investors own approximately 73.40% of Magnite's shares, indicating significant interest from large financial entities in the company.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director Rachel Lam sold 15,000 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $22.25, for a total value of $333,750.00. Following the completion of the transaction, the director owned 226,822 shares in the company, valued at approximately $5,046,789.50. The trade was a 6.20% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.

Magnite Stock Performance

Shares of NASDAQ MGNI traded up $0.11 during trading on Friday, reaching $23.70. 2,903,873 shares of the stock traded hands, compared to its average volume of 2,818,075. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $25.27. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00. The company has a 50-day moving average of $21.96 and a 200-day moving average of $17.02. The stock has a market capitalization of $3.37 billion, a P/E ratio of 81.73, a price-to-earnings-growth ratio of 1.63 and a beta of 3.05.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, beating analysts' consensus estimates of $0.17 by $0.03. Magnite had a return on equity of 8.07% and a net margin of 6.30%. The firm had revenue of $162.00 million for the quarter, compared to analysts' expectations of $157.05 million. During the same quarter in the prior year, the firm earned $0.14 EPS. The business's revenue for the quarter was up 6.4% compared to the same quarter last year. Analysts forecast that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Hedge Funds Weigh In On Magnite

Hedge funds have recently made changes to their positions in the stock. MCF Advisors LLC grew its position in shares of Magnite by 2,100.0% in the first quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock valued at $25,000 after purchasing an additional 2,100 shares in the last quarter. Smartleaf Asset Management LLC grew its position 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 in the last quarter. GAMMA Investing LLC grew its position 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 in the last quarter. AllSquare Wealth Management LLC grew its position in Magnite by 76.8% during the first quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock worth $41,000 after buying an additional 1,555 shares in the last quarter. Finally, CWM LLC grew its position in Magnite by 133.6% during the second quarter. CWM LLC now owns 1,775 shares of the company's stock worth $43,000 after buying an additional 1,015 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MGNI has been the topic of several analyst reports. Susquehanna lifted their target price on Magnite from $22.00 to $28.00 and gave the company a "positive" rating in a research report on Thursday, August 7th. Lake Street Capital cut their target price on Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Craig Hallum set a $24.00 target price on Magnite and gave the company a "buy" rating in a research report on Tuesday, May 20th. Wells Fargo & Company lifted their target price on Magnite from $13.00 to $24.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $39.00 target price on shares of Magnite in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $25.82.

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.