Magnite, Inc. (NASDAQ:MGNI) Director James Rossman Sells 149,936 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) Director James Rossman sold 149,936 shares of the firm’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $19.46, for a total transaction of $2,917,754.56. Following the sale, the director now directly owns 219,920 shares in the company, valued at approximately $4,279,643.20. The trade was a 40.54 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Magnite Stock Performance

Shares of MGNI stock opened at $21.17 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The stock has a 50 day simple moving average of $16.65 and a 200-day simple moving average of $14.65. The company has a market cap of $2.98 billion, a price-to-earnings ratio of 352.83, a price-to-earnings-growth ratio of 1.05 and a beta of 2.52. Magnite, Inc. has a 12-month low of $8.38 and a 12-month high of $21.29.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.09). The business had revenue of $162.00 million during the quarter, compared to analysts’ expectations of $147.94 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. During the same quarter in the previous year, the company posted $0.02 EPS. On average, equities analysts forecast that Magnite, Inc. will post 0.33 EPS for the current year.

Analyst Ratings Changes

MGNI has been the topic of several research analyst reports. Macquarie reiterated an “outperform” rating and set a $18.00 price target on shares of Magnite in a research note on Friday, November 8th. Wells Fargo & Company lifted their target price on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Wolfe Research upped their target price on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Scotiabank assumed coverage on Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target on the stock. Finally, Royal Bank of Canada increased their price objective on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Magnite has an average rating of “Moderate Buy” and an average target price of $18.35.

Hedge Funds Weigh In On Magnite

A number of large investors have recently made changes to their positions in MGNI. Arizona State Retirement System boosted its holdings in Magnite by 1.5% during the fourth quarter. Arizona State Retirement System now owns 36,846 shares of the company’s stock worth $587,000 after buying an additional 559 shares in the last quarter. Truist Financial Corp lifted its position in shares of Magnite by 2.0% during the 4th quarter. Truist Financial Corp now owns 34,242 shares of the company’s stock valued at $545,000 after acquiring an additional 674 shares during the period. Verdence Capital Advisors LLC grew its holdings in shares of Magnite by 4.8% in the 3rd quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock worth $268,000 after acquiring an additional 892 shares during the period. Jones Financial Companies Lllp increased its stake in Magnite by 20.6% in the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC raised its holdings in Magnite by 4.6% during the third quarter. Mount Yale Investment Advisors LLC now owns 24,229 shares of the company’s stock worth $336,000 after purchasing an additional 1,068 shares during the last quarter. Hedge funds and other institutional investors 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.