Magnite (NASDAQ:MGNI) Insider Sells $511,200.00 in Stock

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 stock was sold at an average price of $25.56, for a total value of $511,200.00. Following the sale, the insider directly owned 307,193 shares of the company's stock, valued at $7,851,853.08. The trade was a 6.11% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

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

Shares of MGNI traded down $0.14 during mid-day trading on Monday, hitting $23.73. The company's stock had a trading volume of 1,953,329 shares, compared to its average volume of 2,927,168. Magnite, Inc. has a one year low of $8.22 and a one year high of $26.65. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market capitalization of $3.38 billion, a PE ratio of 58.22, a price-to-earnings-growth ratio of 1.64 and a beta of 3.05. The stock's 50-day moving average is $23.69 and its two-hundred day moving average is $17.83.

Magnite (NASDAQ:MGNI - Get Free Report) last posted 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. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The company had revenue of $162.00 million during the quarter, compared to analysts' expectations of $157.05 million. During the same period in the prior year, the business earned $0.14 earnings per share. Magnite's revenue for the quarter was up 6.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Marex Group plc acquired a new position in shares of Magnite in the second quarter valued at $227,000. Castleark Management LLC acquired a new position in shares of Magnite in the second quarter valued at $3,453,000. CANADA LIFE ASSURANCE Co raised its stake in Magnite by 12.7% during the second quarter. CANADA LIFE ASSURANCE Co now owns 43,505 shares of the company's stock worth $1,051,000 after acquiring an additional 4,901 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Magnite by 382.5% during the second quarter. Tower Research Capital LLC TRC now owns 15,065 shares of the company's stock worth $363,000 after acquiring an additional 11,943 shares in the last quarter. Finally, Cannell Capital LLC acquired a new position in Magnite during the second quarter worth $3,053,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on MGNI shares. Wall Street Zen raised Magnite from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. Craig Hallum set a $24.00 price objective on Magnite and gave the company a "buy" rating in a research report on Tuesday, May 20th. Needham & Company LLC increased their price objective on Magnite from $18.00 to $25.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Royal Bank Of Canada upped their target price on Magnite from $19.00 to $27.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Finally, Wells Fargo & Company upped their target price on Magnite from $13.00 to $24.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $25.82.

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.