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

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 shares were sold at an average price of $17.76, for a total value of $799,200.00. Following the completion of the sale, the chief executive officer now owns 686,708 shares of the company's stock, valued at $12,195,934.08. This trade represents a 6.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Magnite Stock Performance

Magnite stock traded up $0.59 during midday trading on Wednesday, reaching $18.82. 2,459,889 shares of the stock traded hands, compared to its average volume of 2,130,978. Magnite, Inc. has a fifty-two week low of $8.22 and a fifty-two week high of $21.29. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.47. The firm has a market cap of $2.66 billion, a price-to-earnings ratio of 94.10, a PEG ratio of 1.52 and a beta of 2.87. The firm has a fifty day moving average price of $14.33 and a two-hundred day moving average price of $15.18.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.06. Magnite had a return on equity of 6.71% and a net margin of 4.58%. The business had revenue of $145.85 million during the quarter, compared to the consensus estimate of $142.18 million. During the same period in the previous year, the firm posted $0.05 earnings per share. The business's revenue was up 4.3% on a year-over-year basis. On average, equities research analysts forecast that Magnite, Inc. will post 0.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Lake Street Capital decreased their price objective on shares of Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Craig Hallum set a $24.00 price target on shares of Magnite and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Royal Bank Of Canada decreased their price target on shares of Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Needham & Company LLC increased their price objective on shares of Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $18.00 target price on shares of Magnite in a report on Thursday, May 8th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Magnite presently has a consensus rating of "Moderate Buy" and an average target price of $19.58.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Magnite by 1.0% during the first quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company's stock valued at $156,814,000 after purchasing an additional 138,417 shares during the period. Capital Research Global Investors bought a new position in Magnite in the 4th quarter valued at about $122,986,000. Wellington Management Group LLP increased its stake in Magnite by 6.8% during the 4th quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company's stock valued at $111,918,000 after buying an additional 450,341 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Magnite by 3.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company's stock worth $87,957,000 after buying an additional 170,532 shares in the last quarter. Finally, Boston Partners raised its position in shares of Magnite by 10.9% during the 1st quarter. Boston Partners now owns 5,276,356 shares of the company's stock worth $60,187,000 after buying an additional 520,033 shares in the last quarter. Institutional investors and hedge funds 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.

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