Magnite, Inc. (NASDAQ:MGNI) Insider Adam Lee Soroca Sells 44,519 Shares

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) insider Adam Lee Soroca sold 44,519 shares of the stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $20.00, for a total transaction of $890,380.00. Following the completion of the sale, the insider now directly owns 400,927 shares in the company, valued at approximately $8,018,540. The trade was a 9.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

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

• On Friday, June 6th, Adam Lee Soroca sold 8,328 shares of Magnite stock. The stock was sold at an average price of $17.70, for a total transaction of $147,405.60.
• On Tuesday, May 20th, Adam Lee Soroca sold 8,328 shares of Magnite stock. The stock was sold at an average price of $17.00, for a total transaction 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 transaction of $178,787.18.

Magnite Price Performance

NASDAQ MGNI traded up $0.13 on Friday, reaching $21.10. 4,722,259 shares of the company's stock traded hands, compared to its average volume of 2,165,391. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $21.29. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.98. The stock has a 50-day simple moving average of $15.85 and a 200 day simple moving average of $15.32. The stock has a market cap of $2.98 billion, a PE ratio of 105.51, a P/E/G ratio of 1.72 and a beta of 2.87.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.06. Magnite had a net margin of 4.58% and a return on equity of 6.71%. The firm had revenue of $145.85 million for the quarter, compared to analysts' expectations of $142.18 million. During the same quarter last year, the business earned $0.05 earnings per share. The business's revenue was up 4.3% on a year-over-year basis. As a group, research analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on MGNI. Rosenblatt Securities reaffirmed a "buy" rating and issued a $18.00 target price on shares of Magnite in a research note 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. Benchmark lowered their target price on shares of Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Craig Hallum set a $24.00 target price on shares of Magnite and gave the company a "buy" rating in a research note on Tuesday, May 20th. Finally, Lake Street Capital lowered their target price on shares of Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $19.58.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Magnite by 1.0% in the first quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company's stock worth $156,814,000 after purchasing an additional 138,417 shares during the last quarter. Capital Research Global Investors bought a new position in shares of Magnite in the fourth quarter worth approximately $122,986,000. Wellington Management Group LLP grew its holdings in shares of Magnite by 6.8% in the fourth quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company's stock worth $111,918,000 after purchasing an additional 450,341 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Magnite by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company's stock worth $87,957,000 after purchasing an additional 170,532 shares during the last quarter. Finally, Boston Partners boosted its holdings in Magnite by 10.9% in the first quarter. Boston Partners now owns 5,276,356 shares of the company's stock valued at $60,187,000 after acquiring an additional 520,033 shares in 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.