Magnite (NASDAQ:MGNI) Insider Sells 19,233 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) insider Sean Patrick Buckley sold 19,233 shares of the stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $19.00, for a total transaction of $365,427.00. Following the transaction, the insider owned 373,514 shares in the company, valued at $7,096,766. This trade represents a 4.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Magnite Stock Down 1.9%

Shares of MGNI traded down $0.35 during midday trading on Thursday, hitting $17.89. The company had a trading volume of 4,252,419 shares, compared to its average volume of 2,902,224. 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 52 week low of $10.82 and a 52 week high of $26.65. The company’s 50 day moving average price is $13.97 and its 200 day moving average price is $13.96. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of 17.20, a PEG ratio of 0.86 and a beta of 2.32.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The business had revenue of $164.37 million during the quarter, compared to the consensus estimate of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period last year, the firm earned $0.12 earnings per share. On average, equities research analysts predict that Magnite, Inc. will post 0.6 EPS for the current year.

Institutional Trading of Magnite

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of Magnite by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company’s stock valued at $240,247,000 after purchasing an additional 148,198 shares during the period. Capital Research Global Investors boosted its position in shares of Magnite by 85.0% during the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after buying an additional 5,937,428 shares during the period. Wellington Management Group LLP grew its holdings in Magnite by 67.7% in the 4th quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock worth $140,053,000 after buying an additional 3,484,689 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Magnite by 10.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock worth $47,322,000 after buying an additional 367,854 shares in the last quarter. Finally, Granahan Investment Management LLC increased its position in Magnite by 6.3% in the 3rd quarter. Granahan Investment Management LLC now owns 3,873,179 shares of the company’s stock valued at $84,358,000 after acquiring an additional 230,393 shares during the period. 73.40% of the stock is currently owned by institutional investors.

More Magnite News

Here are the key news stories impacting Magnite this week:

• Positive Sentiment: Magnite announced a partnership with Viasat Aviation to bring programmatic ads to in-flight Wi‑Fi and entertainment screens, which could expand its connected advertising reach and open a new revenue stream. Magnite and Viasat Aviation Partner to Bring Programmatic Advertising to In-Flight Screens
• Positive Sentiment: Unusually high call-option activity suggests traders are betting on further upside in MGNI, reinforcing the recent bullish momentum. Investors Purchase High Volume of Magnite Call Options (NASDAQ:MGNI)
• Positive Sentiment: Recent coverage says MGNI has been on a multi-week winning streak, showing that momentum buyers remain active even as insiders sell shares. MGNI stock eyes fifth week of gains: Magnite executives file plans to sell shares, but retail is unfazed
• Neutral Sentiment: Magnite’s recent strong trading has been accompanied by analyst caution that earnings estimate revisions may limit near-term upside. Magnite (MGNI) Moves 10.8% Higher: Will This Strength Last?
• Negative Sentiment: CEO Michael Barrett, CTO David Buonasera, and Director Douglas Knopper all disclosed sizable share sales, which can pressure sentiment even if the transactions were preplanned.

Analyst Ratings Changes

MGNI has been the subject of several recent research reports. Scotiabank boosted their target price on shares of Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research note on Thursday, May 7th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. Evercore reissued an “outperform” rating and issued a $21.00 target price on shares of Magnite in a report on Thursday, May 7th. Rosenblatt Securities reaffirmed a “buy” rating and set a $39.00 target price on shares of Magnite in a report on Thursday, February 26th. Finally, Benchmark cut their price target on Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.89.

About Magnite

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).