Magnite, Inc. (NASDAQ:MGNI) Insider Sells $890,380.00 in Stock

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) insider Adam Lee Soroca sold 44,519 shares of the business's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $20.00, for a total value of $890,380.00. Following the sale, the insider now 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 transaction was disclosed in a filing with the SEC, which is available through this link.

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 shares were sold at an average price of $17.70, for a total value 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

Shares of NASDAQ MGNI traded up $0.26 during mid-day trading on Thursday, reaching $20.97. The company had a trading volume of 1,940,045 shares, compared to its average volume of 2,158,628. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.47. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $21.29. The stock has a market cap of $2.96 billion, a PE ratio of 62.76, a P/E/G ratio of 1.69 and a beta of 2.87. The company has a 50-day moving average price of $15.45 and a two-hundred day moving average price of $15.28.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.06 by $0.06. Magnite had a net margin of 4.58% and a return on equity of 6.71%. The business had revenue of $145.85 million for the quarter, compared to analyst estimates of $142.18 million. During the same quarter in the previous year, the business earned $0.05 earnings per share. The firm's revenue was up 4.3% compared to the same quarter last year. On average, equities analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current year.

Institutional Trading of Magnite

Several hedge funds and other institutional investors have recently modified their holdings of the business. Rhumbline Advisers boosted its position in 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 acquiring an additional 8,171 shares during the period. Strs Ohio purchased a new position in Magnite in the first quarter valued at about $544,000. Intech Investment Management LLC raised its stake in shares of Magnite by 103.6% during the 1st quarter. Intech Investment Management LLC now owns 109,992 shares of the company's stock worth $1,255,000 after purchasing an additional 55,971 shares in the last quarter. Bayforest Capital Ltd increased its holdings in Magnite by 608.6% in the first quarter. Bayforest Capital Ltd now owns 17,835 shares of the company's stock worth $203,000 after buying an additional 15,318 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Magnite by 9.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company's stock valued at $4,618,000 after acquiring an additional 36,097 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Susquehanna raised their price objective on shares of Magnite from $16.00 to $22.00 and gave the stock a "positive" rating in a research note on Thursday, February 27th. Royal Bank Of Canada cut their price objective on Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Lake Street Capital cut their target price on shares of Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Benchmark reduced their price target on shares of Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Finally, Needham & Company LLC boosted their target price on Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a report on Monday, May 12th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price 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.

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