Magnite, Inc. (NASDAQ:MGNI) Insider Sells $147,405.60 in Stock

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) insider Adam Lee Soroca sold 8,328 shares of the business's stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $17.70, for a total value of $147,405.60. Following the transaction, the insider now owns 437,117 shares in the company, valued at $7,736,970.90. This represents a 1.87% 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 link.

Adam Lee Soroca also recently made the following trade(s):

• On Tuesday, May 20th, Adam Lee Soroca sold 8,328 shares of Magnite stock. The shares were sold at an average price of $17.00, for a total value of $141,576.00.
• On Friday, May 16th, Adam Lee Soroca sold 11,366 shares of Magnite stock. The shares were sold at an average price of $15.73, for a total value of $178,787.18.

Magnite Trading Up 0.8%

Shares of MGNI stock traded up $0.14 during trading hours on Friday, reaching $17.60. The company had a trading volume of 1,896,697 shares, compared to its average volume of 2,126,494. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $21.29. The company has a 50 day moving average of $13.09 and a 200 day moving average of $15.13. The firm has a market cap of $2.48 billion, a price-to-earnings ratio of 293.33, a P/E/G ratio of 1.00 and a beta of 2.73.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, beating analysts' consensus estimates of $0.06 by $0.06. Magnite had a net margin of 2.62% and a return on equity of 4.64%. The business had revenue of $145.85 million during the quarter, compared to analysts' expectations of $142.18 million. During the same quarter in the prior year, the company earned $0.05 EPS. The firm's quarterly revenue was up 4.3% on a year-over-year basis. On average, equities research analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Susquehanna upped their price objective on Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a research note on Thursday, February 27th. Lake Street Capital lowered their price objective on Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Needham & Company LLC upped their price objective on Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, May 12th. 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. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $18.00 price objective on shares of Magnite in a report on Thursday, May 8th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $19.58.

Hedge Funds Weigh In On Magnite

A number of large investors have recently modified their holdings of MGNI. Capital Research Global Investors acquired a new position in shares of Magnite during the 4th quarter worth about $122,986,000. Nuveen LLC acquired a new stake in shares of Magnite in the first quarter valued at approximately $41,036,000. American Century Companies Inc. raised its position in shares of Magnite by 855.2% in the first quarter. American Century Companies Inc. now owns 2,961,009 shares of the company's stock valued at $33,785,000 after buying an additional 2,651,033 shares in the last quarter. Boston Partners increased its stake in Magnite by 39.1% in the fourth quarter. Boston Partners now owns 4,756,323 shares of the company's stock valued at $76,061,000 after acquiring an additional 1,336,458 shares during the last quarter. Finally, Pacer Advisors Inc. bought a new position in Magnite in the first quarter valued at approximately $12,576,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

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.