Skip to main content

Magnite (NASDAQ:MGNI) Shares Gap Down After Insider Selling

Monday, April 19, 2021 | MarketBeat

Magnite, Inc. (NASDAQ:MGNI) shares gapped down prior to trading on Monday after an insider sold shares in the company. The stock had previously closed at $37.64, but opened at $36.06. Magnite shares last traded at $36.73, with a volume of 36,534 shares traded. Specifically, General Counsel Aaron Saltz sold 24,131 shares of Magnite stock in a transaction dated Tuesday, February 16th. The shares were sold at an average price of $56.13, for a total transaction of $1,354,473.03. Following the completion of the sale, the general counsel now owns 292,467 shares in the company, valued at approximately $16,416,172.71. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Thomas Kershaw sold 50,000 shares of the company's stock in a transaction dated Tuesday, February 16th. The stock was sold at an average price of $59.20, for a total transaction of $2,960,000.00. Following the completion of the transaction, the chief technology officer now owns 633,216 shares in the company, valued at $37,486,387.20. The disclosure for this sale can be found here. Insiders have sold a total of 407,207 shares of company stock valued at $18,465,834 over the last three months. 5.70% of the stock is owned by corporate insiders.

Several analysts have issued reports on the company. Truist cut Magnite from a "buy" rating to a "hold" rating and increased their target price for the company from $12.00 to $37.00 in a research report on Monday, January 25th. Evercore ISI assumed coverage on shares of Magnite in a research report on Tuesday, April 13th. They issued an "in-line" rating and a $44.00 price objective on the stock. Craig Hallum raised their target price on shares of Magnite from $63.00 to $72.00 and gave the company a "buy" rating in a research note on Thursday, February 25th. Needham & Company LLC increased their price objective on Magnite from $30.00 to $70.00 and gave the company a "buy" rating in a report on Tuesday, February 9th. Finally, B. Riley reaffirmed a "neutral" rating on shares of Magnite in a research report on Thursday, January 28th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of "Buy" and an average price target of $41.63.

The firm has a market cap of $4.26 billion, a PE ratio of -61.70 and a beta of 2.45. The company has a 50-day simple moving average of $43.93 and a 200 day simple moving average of $29.78.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, February 24th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.08. The business had revenue of $82.00 million for the quarter, compared to analyst estimates of $82.00 million. Magnite had a negative net margin of 30.72% and a negative return on equity of 9.19%. On average, equities analysts expect that Magnite, Inc. will post -0.21 earnings per share for the current year.

A number of institutional investors and hedge funds have recently bought and sold shares of MGNI. BlackRock Inc. raised its position in shares of Magnite by 7.7% during the 4th quarter. BlackRock Inc. now owns 8,030,030 shares of the company's stock worth $246,602,000 after purchasing an additional 575,166 shares during the last quarter. ProShare Advisors LLC increased its position in shares of Magnite by 54.4% during the fourth quarter. ProShare Advisors LLC now owns 1,682,598 shares of the company's stock worth $51,673,000 after purchasing an additional 592,933 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Magnite by 12,327.3% during the fourth quarter. Russell Investments Group Ltd. now owns 1,453,875 shares of the company's stock worth $44,667,000 after buying an additional 1,442,176 shares in the last quarter. Lord Abbett & CO. LLC raised its position in shares of Magnite by 69.3% in the fourth quarter. Lord Abbett & CO. LLC now owns 1,138,207 shares of the company's stock valued at $34,954,000 after buying an additional 465,745 shares during the last quarter. Finally, Nuveen Asset Management LLC boosted its position in Magnite by 2.9% during the fourth quarter. Nuveen Asset Management LLC now owns 957,343 shares of the company's stock worth $29,400,000 after acquiring an additional 26,556 shares during the last quarter. 74.34% of the stock is currently owned by institutional investors and hedge funds.

Magnite Company Profile (NASDAQ:MGNI)

Magnite, Inc provides a technology solution to automate the purchase and sale of digital advertising inventory for buyers and sellers. It features applications and services for digital advertising sellers including websites, mobile applications, and other digital media properties. The company was founded by Frank Addante, Duc Chau, Craig Roah, Julie Mattern and Brian D.

Recommended Story: What are gap-up stocks?

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]

Featured Article: What is operating income?


7 Cryptocurrencies That Are Leading The Market Higher

An Influx Of Capital Is Driving Cryptocurrency Higher

There is an influx of money to the cryptocurrency market that is driving the entire complex higher. Not only is institutional interest peaking but recognition and use are on the rise as well. With Bitcoin setting new all-time highs 100% above the 2017 highs the number of new Bitcoin millionaires is on the rise too.

But Bitcoin is not the only cryptocurrency on the market today by far. The number of cryptocurrencies on the market has been growing steadily with more than 4,000 listed on Coinmarketcap alone. But that doesn’t mean they are all worth your time. Many if not most will not stand the test of time.

One way to judge the market’s interest in a cryptocurrency is its market performance gains. A cryptocurrency that is gaining in value is certainly one that you may want to own. The better method of judging the market’s interest in a cryptocurrency is the market cap. The cryptocurrency market is worth upwards of $1 trillion and growing, and most of that value is centered in the top seven. Together, the bottom 3,993 odd cryptocurrencies only account for 12% of the market and have yet to prove any lasting value.

View the "7 Cryptocurrencies That Are Leading The Market Higher".


MarketBeat - Stock Market News and Research Tools logo

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more about MarketBeat.

MarketBeat is accredited by the Better Business Bureau

© American Consumer News, LLC dba MarketBeat® 2010-2021. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | U.S. Based Support Team at [email protected] | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security.

Our Accessibility Statement | Terms of Service | Do Not Sell My Information

© 2021 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer. Fundamental company data provided by Zacks Investment Research. As a bonus to opt-ing into our email newsletters, you will also get a free subscription to the Liberty Through Wealth e-newsletter. You can opt out at any time.