Magnite, Inc. (NASDAQ:MGNI) Insider Adam Lee Soroca Sells 15,499 Shares

Magnite, Inc. (NASDAQ:MGNI) insider Adam Lee Soroca sold 15,499 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $15.75, for a total transaction of $244,109.25. Following the sale, the insider now directly owns 458,386 shares in the company, valued at approximately $7,219,579.50. This represents a 3.27 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Magnite Price Performance

Shares of MGNI opened at $14.49 on Thursday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. Magnite, Inc. has a 52-week low of $8.38 and a 52-week high of $21.29. The business’s 50 day moving average price is $17.20 and its two-hundred day moving average price is $15.27. The firm has a market cap of $2.07 billion, a PE ratio of 241.50, a price-to-earnings-growth ratio of 1.00 and a beta of 2.79.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). The firm had revenue of $180.20 million for the quarter, compared to analyst estimates of $183.90 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. On average, equities analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current year.

Analyst Ratings Changes

MGNI has been the topic of a number of research reports. Wolfe Research upped their target price on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Wells Fargo & Company increased their price target on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Susquehanna increased their price target on shares of Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research report on Thursday, February 27th. Royal Bank of Canada increased their price target on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Finally, Macquarie reiterated an “outperform” rating and issued a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $19.27.

Institutional Investors Weigh In On Magnite

Institutional investors and hedge funds have recently bought and sold shares of the stock. Victory Capital Management Inc. raised its position in Magnite by 2.9% in the 3rd quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock valued at $18,569,000 after buying an additional 37,601 shares during the last quarter. Merit Financial Group LLC bought a new position in Magnite in the 4th quarter valued at $586,000. Rice Hall James & Associates LLC bought a new position in Magnite in the 4th quarter valued at $3,000,000. Jennison Associates LLC bought a new position in Magnite in the 4th quarter valued at $818,000. Finally, Penbrook Management LLC grew its stake in Magnite by 60.8% in the 4th quarter. Penbrook Management LLC now owns 38,480 shares of the company’s stock valued at $613,000 after purchasing an additional 14,550 shares during the period. 73.40% of the stock is owned by hedge funds and other institutional investors.

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.