Magnite (NASDAQ:MGNI) Trading Down 5.2% Following Insider Selling

Key Points

• Magnite's stock dropped by 5.2% to $24.57 following insider sales, with trading volume down 45% from the average.
• Insider Paul Caine sold 7,500 shares at $25.00, reducing his stake by 4.52%, while Aaron Saltz sold 8,522 shares at $24.50, a 3.81% decrease in his position.
• Research analysts have mixed views, with a notable upgrade from Royal Bank of Canada to $27.00 and a downgrade from Wall Street Zen from "buy" to "hold."

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) shares fell 5.2% during mid-day trading on Monday following insider selling activity. The stock traded as low as $24.52 and last traded at $24.57. 1,525,360 shares were traded during mid-day trading, a decline of 45% from the average session volume of 2,767,855 shares. The stock had previously closed at $25.92.

Specifically, Director Paul Caine sold 7,500 shares of the stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $25.00, for a total value of $187,500.00. Following the completion of the transaction, the director owned 158,603 shares of the company's stock, valued at approximately $3,965,075. This represents a 4.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Aaron Saltz sold 8,522 shares of the company's stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $24.50, for a total value of $208,789.00. Following the completion of the transaction, the insider directly owned 215,079 shares in the company, valued at approximately $5,269,435.50. The trade was a 3.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Magnite news, insider Aaron Saltz sold 6,180 shares of the company's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $23.94, for a total value of $147,949.20. Following the transaction, the insider directly owned 223,601 shares of the company's stock, valued at $5,353,007.94. This represents a 2.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Wall Street Analysts Forecast Growth

MGNI has been the topic of a number of recent analyst reports. Scotiabank reaffirmed an "outperform" rating and issued a $30.00 target price (up from $22.00) on shares of Magnite in a research report on Thursday, August 7th. 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 report on Tuesday, July 8th. Wall Street Zen lowered Magnite from a "buy" rating to a "hold" rating in a research report on Saturday. 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 report on Thursday, July 31st. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $39.00 target price on shares of Magnite in a research report on Wednesday, September 17th. Ten analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Magnite currently has a consensus rating of "Moderate Buy" and an average price target of $25.82.

Magnite Trading Down 6.8%

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 business has a fifty day simple moving average of $23.77 and a 200 day simple moving average of $18.24. The company has a market cap of $3.44 billion, a P/E ratio of 83.31, a P/E/G ratio of 1.78 and a beta of 3.05.

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

Institutional Trading of Magnite

Several hedge funds have recently made changes to their positions in MGNI. Nuveen LLC bought a new stake in shares of Magnite in the 1st quarter worth approximately $41,036,000. American Century Companies Inc. lifted its holdings in shares of Magnite by 855.2% in the 1st quarter. American Century Companies Inc. now owns 2,961,009 shares of the company's stock worth $33,785,000 after purchasing an additional 2,651,033 shares during the last quarter. Frontier Capital Management Co. LLC lifted its holdings in shares of Magnite by 419.4% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,793,830 shares of the company's stock worth $43,267,000 after purchasing an additional 1,448,456 shares during the last quarter. Pacer Advisors Inc. bought a new stake in shares of Magnite in the 1st quarter worth approximately $12,576,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Magnite in the 4th quarter worth approximately $11,076,000. Institutional investors own 73.40% of the company's stock.

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.