Michael Barrett Sells 100,000 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) CEO Michael Barrett sold 100,000 shares of Magnite stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $17.50, for a total transaction of $1,750,000.00. Following the transaction, the chief executive officer directly owned 403,074 shares in the company, valued at $7,053,795. This represents a 19.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Magnite Stock Performance

Shares of MGNI stock opened at $17.89 on Friday. The firm has a 50-day moving average of $13.97 and a 200-day moving average of $13.96. The company has a market cap of $2.56 billion, a P/E ratio of 17.20, a P/E/G ratio of 0.86 and a beta of 2.32. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. Magnite, Inc. has a one year low of $10.82 and a one year high of $26.65.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $159.24 million. During the same period in the previous year, the company earned $0.12 earnings per share. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. Equities research analysts forecast that Magnite, Inc. will post 0.6 EPS for the current fiscal year.

Magnite News Summary

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.

Analysts Set New Price Targets

Several brokerages have recently commented on MGNI. Evercore reiterated an “outperform” rating and set a $21.00 price objective on shares of Magnite in a research report on Thursday, May 7th. Scotiabank upped their target price on Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a research note on Thursday, May 7th. Wells Fargo & Company upped their target price on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. Rosenblatt Securities reissued a “buy” rating and set a $39.00 price target on shares of Magnite in a research note on Thursday, February 26th. Finally, Needham & Company LLC reissued a “buy” rating and set a $25.00 price target on shares of Magnite in a research note on Thursday, April 16th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $23.89.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Capital Research Global Investors lifted its stake in shares of Magnite by 85.0% in the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after acquiring an additional 5,937,428 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Magnite by 67.7% during the 4th quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after acquiring an additional 3,484,689 shares during the period. Ophir Asset Management Pty Ltd bought a new position in Magnite during the 4th quarter worth approximately $38,695,000. 325 Capital LLC grew its position in Magnite by 208.5% during the 4th quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock worth $32,547,000 after acquiring an additional 1,355,326 shares during the last quarter. Finally, Blue Grotto Capital LLC increased its stake in Magnite by 443.8% in the 3rd quarter. Blue Grotto Capital LLC now owns 1,548,796 shares of the company’s stock worth $33,733,000 after purchasing an additional 1,263,992 shares during the period. 73.40% of the stock is owned by institutional investors.

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).