Magnite (NASDAQ:MGNI) Insider Sells 19,233 Shares

Key Points

• Magnite insider Sean Patrick Buckley sold 19,233 shares on July 7 at an average price of $21.03, generating about $404,470. After the sale, he still held 354,281 shares valued at roughly $7.45 million.
• The company’s latest earnings beat expectations, with Q1 EPS of $0.13 versus the $0.11 consensus and revenue of $164.37 million versus $159.24 million expected. Revenue also rose 5.5% year over year.
• Wall Street remains moderately bullish on MGNI, with eight Buy ratings and two Hold ratings. The consensus price target is $23.89, while shares recently traded at $21.22.

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) insider Sean Patrick Buckley sold 19,233 shares of the firm's stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $21.03, for a total transaction of $404,469.99. Following the transaction, the insider owned 354,281 shares of the company's stock, valued at approximately $7,450,529.43. This represents a 5.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Wednesday, June 17th, Sean Patrick Buckley sold 19,233 shares of Magnite stock. The shares were sold at an average price of $19.00, for a total value of $365,427.00.

Magnite Price Performance

Shares of MGNI stock traded up $0.91 during trading hours on Thursday, hitting $21.22. The company had a trading volume of 4,238,842 shares, compared to its average volume of 2,593,625. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.65. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. The firm's fifty day moving average is $15.73 and its 200 day moving average is $14.32. The firm has a market capitalization of $3.04 billion, a price-to-earnings ratio of 20.40, a PEG ratio of 1.04 and a beta of 2.25.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.11 by $0.02. The business had revenue of $164.37 million during the quarter, compared to the consensus estimate of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.Magnite's revenue was up 5.5% on a year-over-year basis. During the same quarter last year, the company earned $0.12 EPS. On average, sell-side analysts predict that Magnite, Inc. will post 0.55 EPS for the current fiscal year.

Institutional Trading of Magnite

Several large investors have recently made changes to their positions in MGNI. Harbor Investment Advisory LLC acquired a new stake in shares of Magnite in the second quarter valued at $62,000. Central Pacific Bank Trust Division lifted its position in Magnite by 100.0% during the 2nd quarter. Central Pacific Bank Trust Division now owns 5,000 shares of the company's stock worth $95,000 after buying an additional 2,500 shares in the last quarter. Moody National Bank Trust Division lifted its position in Magnite by 82.3% during the 2nd quarter. Moody National Bank Trust Division now owns 97,202 shares of the company's stock worth $1,845,000 after buying an additional 43,887 shares in the last quarter. Pacer Advisors Inc. acquired a new position in Magnite during the 1st quarter worth about $5,959,000. Finally, Optiver Holding B.V. grew its holdings in Magnite by 2,746.4% during the 1st quarter. Optiver Holding B.V. now owns 5,579 shares of the company's stock worth $66,000 after acquiring an additional 5,383 shares during the last quarter. Institutional investors own 73.40% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on MGNI shares. Scotiabank increased their target price on shares of Magnite from $16.00 to $17.00 and gave the stock a "sector outperform" rating in a research report on Thursday, May 7th. Wells Fargo & Company boosted their price target on shares of Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research report on Friday, May 8th. Needham & Company LLC reaffirmed a "buy" rating and set a $25.00 price objective on shares of Magnite in a research note on Thursday, April 16th. BTIG Research began coverage on shares of Magnite in a report on Tuesday, June 9th. They set a "buy" rating and a $20.00 price objective for the company. Finally, Weiss Ratings upgraded shares of Magnite from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, May 11th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $23.89.

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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