Insider Selling: Magnite (NASDAQ:MGNI) Director Sells $117,650.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) Director Paul Caine sold 5,000 shares of the firm’s stock in a transaction dated Thursday, September 10th. The shares were sold at an average price of $23.53, for a total value of $117,650.00. Following the completion of the sale, the director directly owned 144,901 shares in the company, valued at approximately $3,409,520.53. The trade was a 3.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paul Caine also recently made the following trade(s):

• On Monday, August 10th, Paul Caine sold 5,000 shares of Magnite stock. The stock was sold at an average price of $24.35, for a total value of $121,750.00.
• On Friday, July 10th, Paul Caine sold 5,000 shares of Magnite stock. The stock was sold at an average price of $20.64, for a total transaction of $103,200.00.

Magnite Price Performance

Shares of MGNI stock traded up $0.22 during trading on Friday, hitting $23.77. The company had a trading volume of 1,231,446 shares, compared to its average volume of 2,556,943. The stock’s 50-day moving average is $21.97 and its two-hundred day moving average is $16.79. The stock has a market capitalization of $3.41 billion, a price-to-earnings ratio of 21.81, a price-to-earnings-growth ratio of 1.03 and a beta of 2.30. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.19.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.02. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The business had revenue of $192.82 million during the quarter, compared to analyst estimates of $179.15 million. During the same period in the previous year, the business posted $0.20 earnings per share. Magnite’s revenue for the quarter was up 11.3% on a year-over-year basis. As a group, analysts predict that Magnite, Inc. will post 0.61 EPS for the current fiscal year.

Hedge Funds Weigh In On Magnite

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in shares of Magnite in the 2nd quarter valued at about $241,296,000. Capital Research Global Investors lifted its position in Magnite by 85.0% in the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after purchasing an additional 5,937,428 shares during the last quarter. Wellington Management Group LLP lifted its position in Magnite by 67.7% in the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after purchasing an additional 3,484,689 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of Magnite by 1,749.8% during the second quarter. California State Teachers Retirement System now owns 3,265,452 shares of the company’s stock valued at $61,978,000 after purchasing an additional 3,088,924 shares during the period. Finally, Canada Pension Plan Investment Board bought a new position in shares of Magnite in the second quarter worth approximately $56,847,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Wall Street Analyst Weigh In

MGNI has been the subject of a number of research analyst reports. B. Riley Financial upped their target price on shares of Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Scotiabank restated an “outperform” rating and set a $27.00 price target on shares of Magnite in a research report on Thursday, August 6th. Wells Fargo & Company lifted 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. Susquehanna upped their price objective on Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a report on Thursday, August 6th. Finally, BTIG Research reiterated a “buy” rating and issued a $27.00 price objective on shares of Magnite in a report on Wednesday. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $28.80.

About Magnite

Magnite, Inc is an independent sell-side advertising technology company that operates a global platform for digital media owners and app developers. Its technology helps publishers and media companies manage, package, sell and optimize advertising inventory across connected television (CTV), online video, mobile, desktop, audio and digital out-of-home channels.

Magnite’s platform connects publishers with agencies, brands and demand-side platforms, supporting automated, data-driven programmatic advertising transactions.