Magnite (NASDAQ:MGNI) Director Paul Caine Sells 5,000 Shares of Stock

Key Points

• Magnite Director Paul Caine sold 5,000 shares at an average price of $24.35, generating $121,750. The transaction, conducted under a Rule 10b5-1 plan, reduced his ownership by 3.08% to 157,401 shares.
• Magnite reported quarterly EPS of $0.26, beating estimates by $0.02, while revenue rose 11.3% year over year to $192.82 million, above expectations.
• Analysts remain broadly positive, with nine Buy ratings and two Holds and an average price target of $28.30. Institutional investors own 73.4% of the company, while MGNI recently traded near $24.34.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director Paul Caine sold 5,000 shares of the company's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $24.35, for a total transaction of $121,750.00. Following the completion of the transaction, the director owned 157,401 shares of the company's stock, valued at approximately $3,832,714.35. The trade was a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paul Caine also recently made the following trade(s):

• On Friday, July 10th, Paul Caine sold 5,000 shares of Magnite stock. The shares were sold at an average price of $20.64, for a total transaction of $103,200.00.

Magnite Price Performance

Shares of MGNI traded up $0.04 during trading hours on Wednesday, reaching $24.34. 3,320,117 shares of the stock traded hands, compared to its average volume of 2,594,091. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The company's 50-day moving average price is $19.05 and its two-hundred day moving average price is $15.08. The company has a market cap of $3.49 billion, a P/E ratio of 22.33, a price-to-earnings-growth ratio of 1.48 and a beta of 2.26. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $26.65.

Magnite (NASDAQ:MGNI - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.02. The firm had revenue of $192.82 million during the quarter, compared to analysts' expectations of $179.15 million. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The firm's revenue was up 11.3% on a year-over-year basis. During the same quarter last year, the business posted $0.20 earnings per share. On average, analysts anticipate that Magnite, Inc. will post 0.44 earnings per share for the current year.

Institutional Investors Weigh In On Magnite

Several large investors have recently bought and sold shares of MGNI. Vanguard Group Inc. lifted its position in Magnite by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company's stock valued at $240,247,000 after purchasing an additional 148,198 shares during the last quarter. Capital Research Global Investors increased its holdings in shares of Magnite by 85.0% in the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company's stock worth $209,696,000 after buying an additional 5,937,428 shares during the last quarter. BlackRock Inc. bought a new stake in shares of Magnite in the 2nd quarter worth about $241,296,000. Wellington Management Group LLP raised its position in shares of Magnite by 67.7% during the 4th quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company's stock valued at $140,053,000 after buying an additional 3,484,689 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Magnite by 10.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company's stock valued at $47,322,000 after buying an additional 367,854 shares in the last quarter. Institutional investors own 73.40% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Needham & Company LLC reiterated a "buy" rating and set a $25.00 price objective on shares of Magnite in a research report on Thursday, April 16th. Scotiabank reissued an "outperform" rating and set a $27.00 price objective on shares of Magnite in a report on Thursday, August 6th. Susquehanna raised their price objective on Magnite from $22.00 to $30.00 and gave the company a "positive" rating in a research report on Thursday, August 6th. Benchmark lifted their target price on Magnite from $30.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Magnite in a research report on Friday. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $28.30.

About Magnite

Magnite, Inc NASDAQ: MGNI operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite's offering is its supply-side platform (SSP), which connects publishers' ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).

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