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.
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