Adam Lee Soroca Sells 8,328 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) insider Adam Lee Soroca sold 8,328 shares of the business’s stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $17.70, for a total value of $147,405.60. Following the completion of the sale, the insider now owns 437,117 shares in the company, valued at $7,736,970.90. The trade was a 1.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Adam Lee Soroca also recently made the following trade(s):

• On Tuesday, May 20th, Adam Lee Soroca sold 8,328 shares of Magnite stock. The shares were sold at an average price of $17.00, for a total value of $141,576.00.
• On Friday, May 16th, Adam Lee Soroca sold 11,366 shares of Magnite stock. The shares were sold at an average price of $15.73, for a total value of $178,787.18.

Magnite Stock Up 0.8%

MGNI stock opened at $17.60 on Friday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market capitalization of $2.48 billion, a price-to-earnings ratio of 293.33, a PEG ratio of 1.00 and a beta of 2.73. The business’s fifty day moving average price is $13.21 and its two-hundred day moving average price is $15.13. Magnite, Inc. has a fifty-two week low of $8.22 and a fifty-two week high of $21.29.

Magnite (NASDAQ:MGNI) 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. The firm had revenue of $145.85 million for the quarter, compared to analysts’ expectations of $142.18 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. The company’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.05 EPS. On average, equities analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on MGNI shares. Rosenblatt Securities reissued a “buy” rating and issued a $18.00 price objective on shares of Magnite in a report on Thursday, May 8th. Lake Street Capital cut their price objective on Magnite from $21.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, May 8th. Susquehanna increased their price objective on Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a report on Thursday, February 27th. Benchmark cut their price objective on Magnite from $25.00 to $24.00 and set a “buy” rating for the company in a report on Thursday, May 8th. Finally, Royal Bank of Canada cut their price objective on Magnite from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Friday, May 2nd. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $19.58.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in MGNI. Barclays PLC increased its position in Magnite by 352.9% during the 3rd quarter. Barclays PLC now owns 210,598 shares of the company’s stock worth $2,917,000 after buying an additional 164,093 shares during the period. KBC Group NV grew its holdings in shares of Magnite by 66.5% during the 4th quarter. KBC Group NV now owns 5,943 shares of the company’s stock worth $95,000 after purchasing an additional 2,374 shares in the last quarter. Jennison Associates LLC acquired a new stake in shares of Magnite during the 4th quarter worth $818,000. Stephens Investment Management Group LLC grew its holdings in shares of Magnite by 146.8% during the 4th quarter. Stephens Investment Management Group LLC now owns 996,644 shares of the company’s stock worth $15,867,000 after purchasing an additional 592,853 shares in the last quarter. Finally, Legato Capital Management LLC grew its holdings in shares of Magnite by 32.1% during the 4th quarter. Legato Capital Management LLC now owns 48,123 shares of the company’s stock worth $766,000 after purchasing an additional 11,705 shares in the last quarter. 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.