Insider Selling: Magnite (NASDAQ:MGNI) CEO Sells 75,000 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) CEO Michael Barrett sold 75,000 shares of the stock in a transaction that occurred on Monday, June 29th. The stock was sold at an average price of $19.50, for a total transaction of $1,462,500.00. Following the completion of the transaction, the chief executive officer owned 403,074 shares in the company, valued at approximately $7,859,943. This trade represents a 15.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Magnite Stock Performance

NASDAQ MGNI traded up $1.30 on Wednesday, hitting $20.28. 3,741,741 shares of the company’s stock traded hands, compared to its average volume of 2,577,000. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $26.65. The firm’s 50-day moving average price is $14.86 and its two-hundred day moving average price is $14.15. The firm has a market capitalization of $2.90 billion, a PE ratio of 19.50, a P/E/G ratio of 0.97 and a beta of 2.32.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.11 by $0.02. The business had revenue of $164.37 million for the quarter, compared to the consensus estimate of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The business’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.12 EPS. As a group, analysts expect that Magnite, Inc. will post 0.55 EPS for the current year.

Analyst Upgrades and Downgrades

MGNI has been the topic of several analyst reports. Scotiabank increased their price target on Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a research report on Thursday, May 7th. Needham & Company LLC reissued a “buy” rating and issued a $25.00 price objective on shares of Magnite in a report on Thursday, April 16th. Royal Bank Of Canada restated an “outperform” rating on shares of Magnite in a research note on Thursday, May 28th. Weiss Ratings raised Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Finally, Evercore reiterated an “outperform” rating and set a $21.00 price target on shares of Magnite in a research report on Thursday, May 7th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $23.89.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MGNI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Magnite by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company’s stock worth $854,000 after acquiring an additional 3,267 shares in the last quarter. Millennium Management LLC increased its stake in shares of Magnite by 113.7% in the 1st quarter. Millennium Management LLC now owns 434,479 shares of the company’s stock valued at $4,957,000 after purchasing an additional 231,213 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in Magnite by 24.3% in the 1st quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company’s stock worth $83,000 after purchasing an additional 1,423 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Magnite by 9.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company’s stock worth $4,618,000 after purchasing an additional 36,097 shares during the period. Finally, Intech Investment Management LLC boosted its position in Magnite by 103.6% during the first quarter. Intech Investment Management LLC now owns 109,992 shares of the company’s stock worth $1,255,000 after purchasing an additional 55,971 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

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).