Magnite (NASDAQ:MGNI) Insider Sean Patrick Buckley Sells 20,000 Shares

Key Points

• Sean Patrick Buckley, an insider at Magnite, Inc., has sold 20,000 shares of stock at an average price of $25.56, totaling approximately $511,200, which represents a 6.11% decrease in his ownership.
• Magnite's stock performance showed a recent trading value of $23.89 with significant trading volume, alongside a 12-month price range from $8.22 to $26.65.
• Equities analysts have generally rated Magnite positively, with ten analysts$25.82.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) insider Sean Patrick Buckley sold 20,000 shares of the company's stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $25.56, for a total value of $511,200.00. Following the completion of the transaction, the insider directly owned 307,193 shares of the company's stock, valued at approximately $7,851,853.08. This represents a 6.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Sean Patrick Buckley also recently made the following trade(s):

• On Tuesday, August 19th, Sean Patrick Buckley sold 9,315 shares of Magnite stock. The shares were sold at an average price of $23.42, for a total value of $218,157.30.
• On Monday, August 18th, Sean Patrick Buckley sold 10,886 shares of Magnite stock. The shares were sold at an average price of $23.85, for a total value of $259,631.10.

Magnite Stock Performance

NASDAQ MGNI traded down $0.50 on Wednesday, hitting $23.89. 4,503,302 shares of the stock traded hands, compared to its average volume of 2,756,035. The business's fifty day moving average is $23.72 and its two-hundred day moving average is $17.69. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $26.65. The firm has a market capitalization of $3.40 billion, a price-to-earnings ratio of 82.38, a PEG ratio of 1.74 and a beta of 3.05. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.00.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.03. The business had revenue of $162.00 million during the quarter, compared to analyst estimates of $157.05 million. Magnite had a return on equity of 8.07% and a net margin of 6.30%.Magnite's revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.14 earnings per share. As a group, equities analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Institutional Investors Weigh In On Magnite

A number of large investors have recently added to or reduced their stakes in the company. Marex Group plc purchased a new stake in Magnite during the second quarter valued at about $227,000. Castleark Management LLC purchased a new stake in Magnite during the second quarter valued at about $3,453,000. CANADA LIFE ASSURANCE Co raised its position in Magnite by 12.7% during the second quarter. CANADA LIFE ASSURANCE Co now owns 43,505 shares of the company's stock valued at $1,051,000 after purchasing an additional 4,901 shares in the last quarter. Tower Research Capital LLC TRC raised its position in Magnite by 382.5% during the second quarter. Tower Research Capital LLC TRC now owns 15,065 shares of the company's stock valued at $363,000 after purchasing an additional 11,943 shares in the last quarter. Finally, Cannell Capital LLC purchased a new stake in Magnite during the second quarter valued at about $3,053,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Needham & Company LLC increased their target price on Magnite from $18.00 to $25.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Wells Fargo & Company increased their price objective on Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Royal Bank Of Canada increased their price objective on Magnite from $19.00 to $27.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Scotiabank reiterated an "outperform" rating and issued a $30.00 price objective (up previously from $22.00) on shares of Magnite in a research report on Thursday, August 7th. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $39.00 price objective on shares of Magnite in a research report on Thursday, August 7th. Ten research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $25.82.

About Magnite

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.