Magnite (NASDAQ:MGNI) Insider Sells $335,928.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) insider Katie Evans sold 13,997 shares of Magnite stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $24.00, for a total transaction of $335,928.00. Following the sale, the insider directly owned 441,800 shares of the company’s stock, valued at $10,603,200. The trade was a 3.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Katie Seitz Evans also recently made the following trade(s):

• On Wednesday, September 9th, Katie Evans sold 11,100 shares of Magnite stock. The shares were sold at an average price of $23.46, for a total transaction of $260,406.00.
• On Tuesday, September 8th, Katie Evans sold 32,285 shares of Magnite stock. The stock was sold at an average price of $23.63, for a total transaction of $762,894.55.
• On Thursday, August 6th, Katie Evans sold 20,000 shares of Magnite stock. The stock was sold at an average price of $24.00, for a total value of $480,000.00.

Magnite Stock Performance

Shares of Magnite stock traded up $0.22 on Friday, hitting $23.77. The stock had a trading volume of 1,231,446 shares, compared to its average volume of 2,556,943. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.19. The business’s 50 day moving average is $21.97 and its two-hundred day moving average is $16.79. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. The stock has a market cap 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.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. The company had revenue of $192.82 million for the quarter, compared to analyst estimates of $179.15 million. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.20 earnings per share. Analysts forecast that Magnite, Inc. will post 0.61 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on MGNI shares. Evercore reissued an “outperform” rating and set a $25.00 target price on shares of Magnite in a report on Thursday, August 6th. Rosenblatt Securities upped their price target on shares of Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Wells Fargo & Company raised their price target on shares of Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Friday, August 7th. Scotiabank reiterated an “outperform” rating and issued a $27.00 price objective on shares of Magnite in a research note on Thursday, August 6th. Finally, B. Riley Financial boosted their price objective on shares of Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.80.

Hedge Funds Weigh In On Magnite

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Meros Investment Management LP bought a new stake in shares of Magnite during the 2nd quarter worth $18,815,538. Stephens Investment Management Group LLC grew its position in Magnite by 17.0% in the fourth quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company’s stock valued at $18,317,000 after acquiring an additional 164,035 shares during the last quarter. Royce & Associates LP raised its stake in Magnite by 19.5% during the fourth 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 in the last quarter. Capital Research Global Investors raised its stake in 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 acquiring an additional 5,937,428 shares in the last quarter. Finally, Manatuck Hill Partners LLC bought a new position in shares of Magnite in the second quarter worth about $8,541,000. 73.40% of the stock is owned by institutional investors and hedge funds.

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.