Magnite, Inc. (NASDAQ:MGNI) CEO Michael G. Barrett Sells 45,000 Shares

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CEO Michael G. Barrett sold 45,000 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $17.76, for a total value of $799,200.00. Following the transaction, the chief executive officer now directly owns 686,708 shares in the company, valued at $12,195,934.08. This trade represents a 6.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Magnite Stock Performance

Shares of MGNI stock traded down $0.10 during trading on Friday, reaching $18.72. 2,166,857 shares of the company's stock were exchanged, compared to its average volume of 2,140,163. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $2.64 billion, a PE ratio of 93.60, a PEG ratio of 1.53 and a beta of 2.87. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $21.29. The firm's fifty day moving average price is $14.85 and its 200-day moving average price is $15.22.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, topping analysts' consensus estimates of $0.06 by $0.06. The business had revenue of $145.85 million for the quarter, compared to analyst estimates of $142.18 million. Magnite had a return on equity of 6.71% and a net margin of 4.58%. The firm's revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.05 EPS. As a group, sell-side analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MGNI. Rosenblatt Securities reaffirmed a "buy" rating and set a $18.00 price target on shares of Magnite in a research report on Thursday, May 8th. Lake Street Capital lowered their price target on Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Craig Hallum set a $24.00 price target on Magnite and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Benchmark lowered their price target on Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Finally, Needham & Company LLC boosted their price target on Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Magnite has an average rating of "Moderate Buy" and an average price target of $19.58.

Institutional Trading of Magnite

Several institutional investors have recently added to or reduced their stakes in MGNI. Principal Financial Group Inc. boosted its stake in Magnite by 14.5% in the 4th quarter. Principal Financial Group Inc. now owns 123,073 shares of the company's stock valued at $1,959,000 after purchasing an additional 15,558 shares during the period. Sanctuary Advisors LLC bought a new stake in Magnite in the 4th quarter valued at $335,000. Truist Financial Corp boosted its stake in Magnite by 2.0% in the 4th quarter. Truist Financial Corp now owns 34,242 shares of the company's stock valued at $545,000 after purchasing an additional 674 shares during the period. Rice Hall James & Associates LLC bought a new stake in Magnite in the 4th quarter valued at $3,000,000. Finally, Handelsbanken Fonder AB boosted its stake in Magnite by 28.1% in the 4th quarter. Handelsbanken Fonder AB now owns 30,100 shares of the company's stock valued at $479,000 after purchasing an additional 6,600 shares during the period. 73.40% of the stock is currently owned by institutional investors.

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.