Paul Caine Sells 7,500 Shares of Magnite (NASDAQ:MGNI) Stock

Key Points

• Paul Caine, a director at Magnite, Inc. (NASDAQ:MGNI), sold 7,500 shares at an average price of $25.00, totaling $187,500.00, which reduced his position by 4.52% to 158,603 shares.
• Magnite's stock price increased by 8.5%, reaching $25.92, with a trading volume significantly surpassing its average.
• Analyst ratings for Magnite have improved, with Scotiabank raising its target price to $30.00, and most analysts currently rating the stock as a "Moderate Buy."

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director Paul Caine sold 7,500 shares of the stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $25.00, for a total value of $187,500.00. Following the transaction, the director directly owned 158,603 shares of the company's stock, valued at $3,965,075. The trade was a 4.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Paul Caine also recently made the following trade(s):

• On Wednesday, September 10th, Paul Caine sold 5,000 shares of Magnite stock. The shares were sold at an average price of $23.60, for a total transaction of $118,000.00.
• On Monday, August 25th, Paul Caine sold 7,500 shares of Magnite stock. The shares were sold at an average price of $25.00, for a total transaction of $187,500.00.
• On Monday, August 11th, Paul Caine sold 5,000 shares of Magnite stock. The shares were sold at an average price of $22.29, for a total transaction of $111,450.00.
• On Thursday, July 10th, Paul Caine sold 5,000 shares of Magnite stock. The shares were sold at an average price of $23.53, for a total transaction of $117,650.00.
• On Tuesday, June 24th, Paul Caine sold 5,000 shares of Magnite stock. The shares were sold at an average price of $20.00, for a total transaction of $100,000.00.

Magnite Trading Up 8.5%

Shares of Magnite stock traded up $2.04 during mid-day trading on Friday, hitting $25.92. The stock had a trading volume of 8,334,127 shares, compared to its average volume of 2,899,501. The firm has a 50-day moving average of $23.68 and a two-hundred day moving average of $18.03. Magnite, Inc. has a 12-month low of $8.22 and a 12-month high of $26.65. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.45. The firm has a market cap of $3.69 billion, a P/E ratio of 58.24, a price-to-earnings-growth ratio of 1.64 and a beta of 3.05.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, beating analysts' consensus estimates of $0.17 by $0.03. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The company had revenue of $162.00 million during the quarter, compared to analysts' expectations of $157.05 million. During the same period last year, the business posted $0.14 EPS. Magnite's revenue for the quarter was up 6.4% on a year-over-year basis. Sell-side analysts forecast that Magnite, Inc. will post 0.33 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently commented on MGNI shares. Scotiabank reiterated an "outperform" rating and set a $30.00 target price (up previously from $22.00) on shares of Magnite in a research note on Thursday, August 7th. Wells Fargo & Company boosted their target price on shares of Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Royal Bank Of Canada boosted their target price on shares of Magnite from $19.00 to $27.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Needham & Company LLC lifted their price target on shares of Magnite from $18.00 to $25.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Finally, Wall Street Zen upgraded shares of Magnite from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Ten analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $25.82.

Institutional Trading of Magnite

Several hedge funds and other institutional investors have recently made changes to their positions in MGNI. Nuveen LLC purchased a new stake in shares of Magnite in the first quarter valued at about $41,036,000. American Century Companies Inc. boosted its holdings in shares of Magnite by 855.2% in the first quarter. American Century Companies Inc. now owns 2,961,009 shares of the company's stock valued at $33,785,000 after acquiring an additional 2,651,033 shares in the last quarter. Frontier Capital Management Co. LLC boosted its holdings in shares of Magnite by 419.4% in the second quarter. Frontier Capital Management Co. LLC now owns 1,793,830 shares of the company's stock valued at $43,267,000 after acquiring an additional 1,448,456 shares in the last quarter. Pacer Advisors Inc. purchased a new stake in shares of Magnite in the first quarter valued at about $12,576,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Magnite in the fourth quarter valued at about $11,076,000. Hedge funds and other institutional investors 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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