Brian Gephart Sells 12,479 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) CAO Brian Gephart sold 12,479 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $24.68, for a total transaction of $307,981.72. Following the transaction, the chief accounting officer owned 106,117 shares in the company, valued at approximately $2,618,967.56. This trade represents a 10.52% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Magnite Stock Up 0.2%

Shares of Magnite stock traded up $0.04 during midday trading on Wednesday, reaching $24.34. 3,320,117 shares of the company’s stock traded hands, compared to its average volume of 2,594,091. The company has a market cap of $3.49 billion, a price-to-earnings ratio of 22.33, a price-to-earnings-growth ratio of 1.48 and a beta of 2.26. The company’s 50 day simple moving average is $19.05 and its 200 day simple moving average is $15.08. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.65.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. The firm had revenue of $192.82 million during the quarter, compared to analysts’ expectations of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. Magnite’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.20 earnings per share. Equities analysts expect that Magnite, Inc. will post 0.44 earnings per share for the current fiscal year.

Institutional Trading of Magnite

Hedge funds have recently added to or reduced their stakes in the business. Stephens Investment Management Group LLC grew its position in Magnite by 17.0% during the fourth quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company’s stock worth $18,317,000 after buying an additional 164,035 shares in the last quarter. Royce & Associates LP lifted its position in shares of Magnite by 19.5% in the 4th quarter. Royce & Associates LP now owns 1,166,469 shares of the company’s stock worth $18,932,000 after acquiring an additional 190,318 shares during the period. Meros Investment Management LP lifted its position in shares of Magnite by 34.5% in the 4th quarter. Meros Investment Management LP now owns 825,595 shares of the company’s stock worth $13,399,000 after acquiring an additional 211,767 shares during the period. Capital Research Global Investors lifted its position 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 worth $209,696,000 after acquiring an additional 5,937,428 shares during the period. Finally, Vanguard Group Inc. grew its holdings in shares of Magnite by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company’s stock worth $240,247,000 after purchasing an additional 148,198 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on MGNI shares. Wells Fargo & Company upped their price target on Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Friday, August 7th. Evercore restated an “outperform” rating and issued a $25.00 target price on shares of Magnite in a report on Thursday, August 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research report on Friday. Royal Bank Of Canada increased their price target on Magnite from $20.00 to $27.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. Finally, BTIG Research lifted their price target on shares of Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Nine investment 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, Magnite presently has an average rating of “Moderate Buy” and a consensus target price of $28.30.

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).