Paul Caine Sells 5,000 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director Paul Caine sold 5,000 shares of the firm's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $20.00, for a total value of $100,000.00. Following the sale, the director now directly owns 188,603 shares in the company, valued at approximately $3,772,060. This trade represents a 2.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Magnite Trading Up 1.3%

NASDAQ:MGNI traded up $0.26 on Thursday, reaching $20.97. 1,940,045 shares of the stock traded hands, compared to its average volume of 2,158,628. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.47. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $21.29. The company's 50 day moving average is $15.45 and its 200-day moving average is $15.28. The firm has a market capitalization of $2.96 billion, a price-to-earnings ratio of 62.76, a price-to-earnings-growth ratio of 1.69 and a beta of 2.87.

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

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Benchmark dropped their target price on Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Wall Street Zen raised Magnite from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Susquehanna raised their price objective on shares of Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a report on Thursday, February 27th. Lake Street Capital cut their target price on shares of Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Finally, Rosenblatt Securities restated a "buy" rating and issued a $18.00 price target on shares of Magnite in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Magnite has an average rating of "Moderate Buy" and a consensus target price of $19.58.

Institutional Trading of Magnite

Large investors have recently bought and sold shares of the business. SBI Securities Co. Ltd. bought a new position in shares of Magnite in the 4th quarter worth about $25,000. MCF Advisors LLC grew its stake in Magnite by 2,100.0% during the first quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock worth $25,000 after purchasing an additional 2,100 shares during the period. Smartleaf Asset Management LLC increased its holdings in Magnite by 74.9% in the first quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company's stock worth $33,000 after purchasing an additional 1,203 shares in the last quarter. AllSquare Wealth Management LLC increased its holdings in Magnite by 76.8% in the first quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock worth $41,000 after purchasing an additional 1,555 shares in the last quarter. Finally, Larson Financial Group LLC lifted its stake in Magnite by 179.2% in the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company's stock valued at $58,000 after buying an additional 2,341 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

About Magnite

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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