Insider Selling: Magnite, Inc. (NASDAQ:MGNI) Director Sells 5,000 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director Paul Caine sold 5,000 shares of the company's stock in a transaction on Tuesday, June 24th. The stock was 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 $3,772,060. This represents a 2.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Magnite Stock Up 0.6%

NASDAQ:MGNI traded up $0.13 during trading hours on Friday, hitting $21.10. The company's stock had a trading volume of 4,722,259 shares, compared to its average volume of 2,165,391. The stock has a market capitalization of $2.98 billion, a P/E ratio of 105.51, a price-to-earnings-growth ratio of 1.72 and a beta of 2.87. The stock has a fifty day moving average of $15.85 and a 200-day moving average of $15.32. 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 52-week low of $8.22 and a 52-week high of $21.29.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $142.18 million. During the same quarter in the prior year, the firm posted $0.05 earnings per share. Magnite's revenue for the quarter was up 4.3% on a year-over-year basis. On average, equities analysts forecast that Magnite, Inc. will post 0.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Craig Hallum set a $24.00 price objective on Magnite and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Wall Street Zen raised Magnite from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Needham & Company LLC upped their price objective on Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Lake Street Capital dropped their target price on Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Finally, Royal Bank Of Canada dropped their target price on Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $19.58.

Hedge Funds Weigh In On Magnite

Several large investors have recently bought and sold shares of the stock. Capital Research Global Investors acquired a new position in Magnite during the fourth quarter worth approximately $122,986,000. Nuveen LLC acquired a new position in Magnite during the first quarter worth approximately $41,036,000. American Century Companies Inc. increased its position in Magnite by 855.2% during the first quarter. American Century Companies Inc. now owns 2,961,009 shares of the company's stock worth $33,785,000 after buying an additional 2,651,033 shares during the period. Boston Partners increased its position in Magnite by 39.1% during the fourth quarter. Boston Partners now owns 4,756,323 shares of the company's stock worth $76,061,000 after buying an additional 1,336,458 shares during the period. Finally, Pacer Advisors Inc. acquired a new position in Magnite during the first quarter worth approximately $12,576,000. Institutional investors and hedge funds own 73.40% of the company's stock.

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.