Aaron Saltz Sells 15,328 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) insider Aaron Saltz sold 15,328 shares of the business’s stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $16.71, for a total transaction of $256,130.88. Following the transaction, the insider now owns 296,176 shares in the company, valued at $4,949,100.96. This trade represents a 4.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Magnite Stock Up 0.8%

Shares of NASDAQ:MGNI opened at $17.60 on Monday. The stock’s fifty day simple moving average is $13.21 and its 200-day simple moving average is $15.12. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $21.29. The company has a market capitalization of $2.48 billion, a P/E ratio of 293.33, a P/E/G ratio of 1.00 and a beta of 2.87. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.06. Magnite had a return on equity of 4.64% and a net margin of 2.62%. The firm had revenue of $145.85 million during the quarter, compared to analysts’ expectations of $142.18 million. During the same quarter in the prior year, the business earned $0.05 EPS. Magnite’s quarterly revenue was up 4.3% compared to the same quarter last year. As a group, equities research analysts forecast that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Magnite

A number of hedge funds have recently made changes to their positions in MGNI. SBI Securities Co. Ltd. bought a new stake in shares of Magnite in the 4th quarter valued at approximately $25,000. MCF Advisors LLC boosted its holdings in Magnite by 2,100.0% in the first quarter. MCF Advisors LLC now owns 2,200 shares of the company’s stock valued at $25,000 after acquiring an additional 2,100 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in Magnite by 74.9% during the first quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company’s stock worth $33,000 after buying an additional 1,203 shares during the last quarter. AllSquare Wealth Management LLC lifted its holdings in shares of Magnite by 76.8% during the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company’s stock valued at $41,000 after purchasing an additional 1,555 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Magnite by 10,170.3% during the first quarter. GAMMA Investing LLC now owns 3,800 shares of the company’s stock worth $43,000 after buying an additional 3,763 shares during the period. Institutional investors own 73.40% of the company’s stock.

Analyst Ratings Changes

MGNI has been the topic of several recent research reports. Susquehanna increased their target price on shares of Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a report on Thursday, February 27th. 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 research report on Thursday, May 8th. Rosenblatt Securities reaffirmed a “buy” rating and set a $18.00 price objective on shares of Magnite in a research note on Thursday, May 8th. Benchmark lowered their target price on shares of Magnite from $25.00 to $24.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Finally, Needham & Company LLC lifted their price objective on shares of Magnite from $14.00 to $18.00 and gave the company a “buy” rating in a report on Monday, May 12th. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $19.58.

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.