Magnite, Inc. (NASDAQ:MGNI) Insider Katie Seitz Evans Sells 20,000 Shares

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) insider Katie Seitz Evans sold 20,000 shares of the business's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $18.50, for a total value of $370,000.00. Following the completion of the sale, the insider now directly owns 442,788 shares of the company's stock, valued at $8,191,578. The trade was a 4.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Katie Seitz Evans also recently made the following trade(s):

• On Thursday, June 5th, Katie Seitz Evans sold 35,000 shares of Magnite stock. The shares were sold at an average price of $17.36, for a total transaction of $607,600.00.

Magnite Price Performance

NASDAQ:MGNI traded down $0.10 during mid-day trading on Friday, hitting $18.72. 2,166,857 shares of the company's stock traded hands, compared to its average volume of 2,140,163. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 0.98. The firm's 50 day simple moving average is $14.85 and its 200 day simple moving average is $15.22. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $21.29. The company has a market cap of $2.64 billion, a PE ratio of 93.60, a price-to-earnings-growth ratio of 1.53 and a beta of 2.87.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.06. The company 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%. Magnite's revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.05 earnings per share. Sell-side analysts expect that Magnite, Inc. will post 0.33 EPS for the current year.

Institutional Investors Weigh In On Magnite

A number of institutional investors have recently added to or reduced their stakes in MGNI. Principal Financial Group Inc. boosted its holdings in Magnite by 14.5% in the fourth quarter. Principal Financial Group Inc. now owns 123,073 shares of the company's stock valued at $1,959,000 after purchasing an additional 15,558 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Magnite during the 4th quarter valued at approximately $335,000. Truist Financial Corp boosted its stake in shares of Magnite by 2.0% during the 4th quarter. Truist Financial Corp now owns 34,242 shares of the company's stock valued at $545,000 after buying an additional 674 shares during the last quarter. Rice Hall James & Associates LLC bought a new position in Magnite during the 4th quarter valued at $3,000,000. Finally, Handelsbanken Fonder AB boosted its stake in Magnite by 28.1% during the 4th quarter. Handelsbanken Fonder AB now owns 30,100 shares of the company's stock valued at $479,000 after acquiring an additional 6,600 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on MGNI. Royal Bank Of Canada reduced their price objective on Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Wall Street Zen upgraded Magnite from a "hold" rating to a "buy" rating in a research note on Saturday. Benchmark cut their price objective on shares of Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Lake Street Capital cut their price objective on shares of Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Finally, Needham & Company LLC upped their price objective 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. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average 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.