Magnite (NASDAQ:MGNI) Director Robert Spillane Sells 10,000 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) Director Robert Spillane sold 10,000 shares of the company’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $13.33, for a total transaction of $133,300.00. Following the completion of the sale, the director owned 43,917 shares of the company’s stock, valued at approximately $585,413.61. This represents a 18.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Magnite Price Performance

MGNI opened at $13.19 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.65. The company has a fifty day simple moving average of $12.70 and a 200 day simple moving average of $13.88. The stock has a market cap of $1.89 billion, a P/E ratio of 12.68, a P/E/G ratio of 0.62 and a beta of 2.33.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The business had revenue of $164.37 million during the quarter, compared to analysts’ expectations of $159.24 million. During the same quarter in the prior year, the company earned $0.12 EPS. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. On average, research analysts expect that Magnite, Inc. will post 0.6 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on MGNI shares. Weiss Ratings upgraded Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Rosenblatt Securities reiterated a “buy” rating and set a $39.00 target price on shares of Magnite in a report on Thursday, February 26th. Royal Bank Of Canada lowered their target price on Magnite from $23.00 to $20.00 and set an “outperform” rating for the company in a report on Thursday, May 7th. Benchmark lowered their target price on Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Finally, Evercore reiterated an “outperform” rating and set a $21.00 target price on shares of Magnite in a report on Thursday, May 7th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Magnite has a consensus rating of “Moderate Buy” and an average price target of $24.38.

Hedge Funds Weigh In On Magnite

Hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its holdings in shares of Magnite by 28.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,209,413 shares of the company’s stock valued at $26,341,000 after acquiring an additional 271,325 shares in the last quarter. Kopion Asset Management LLC grew its holdings in shares of Magnite by 149.2% in the 4th quarter. Kopion Asset Management LLC now owns 614,459 shares of the company’s stock valued at $9,973,000 after acquiring an additional 367,858 shares in the last quarter. Kennedy Capital Management LLC grew its holdings in shares of Magnite by 39.6% in the 3rd quarter. Kennedy Capital Management LLC now owns 1,213,613 shares of the company’s stock valued at $26,432,000 after acquiring an additional 344,466 shares in the last quarter. Picton Mahoney Asset Management grew its holdings in shares of Magnite by 203.0% in the 3rd quarter. Picton Mahoney Asset Management now owns 387,332 shares of the company’s stock valued at $8,436,000 after acquiring an additional 259,482 shares in the last quarter. Finally, Stephens Investment Management Group LLC grew its holdings in shares of Magnite by 17.0% in the 4th quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company’s stock valued at $18,317,000 after acquiring an additional 164,035 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

Magnite Company Profile

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).