Sarah Patricia Harden Sells 18,436 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) Director Sarah Patricia Harden sold 18,436 shares of the business’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $24.00, for a total value of $442,464.00. Following the sale, the director owned 114,751 shares in the company, valued at $2,754,024. The trade was a 13.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Sarah Patricia Harden also recently made the following trade(s):

• On Wednesday, August 26th, Sarah Patricia Harden sold 30,550 shares of Magnite stock. The shares were sold at an average price of $23.31, for a total transaction of $712,120.50.

Magnite Stock Up 1.5%

MGNI stock opened at $23.70 on Friday. The firm has a 50 day moving average of $21.04 and a 200 day moving average of $15.99. The stock has a market capitalization of $3.40 billion, a PE ratio of 21.74, a price-to-earnings-growth ratio of 1.03 and a beta of 2.26. 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 $26.63.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, topping 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 company had revenue of $192.82 million for the quarter, compared to the consensus estimate of $179.15 million. During the same quarter in the previous year, the firm earned $0.20 EPS. Magnite’s revenue was up 11.3% compared to the same quarter last year. Sell-side analysts forecast that Magnite, Inc. will post 0.61 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Magnite by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company’s stock valued at $240,247,000 after purchasing an additional 148,198 shares during the last quarter. Capital Research Global Investors boosted its stake in shares of Magnite by 85.0% in the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after buying an additional 5,937,428 shares during the last quarter. BlackRock Inc. purchased a new stake in shares of Magnite in the second quarter worth about $241,296,000. Wellington Management Group LLP grew its holdings in Magnite by 67.7% during the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock worth $140,053,000 after acquiring an additional 3,484,689 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in Magnite by 10.2% during the first quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock valued at $47,322,000 after acquiring an additional 367,854 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on MGNI shares. Evercore reissued an “outperform” rating and issued a $25.00 target price on shares of Magnite in a research report on Thursday, August 6th. BTIG Research boosted their price target on Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Scotiabank reissued an “outperform” rating and issued a $27.00 price objective on shares of Magnite in a report on Thursday, August 6th. Wells Fargo & Company raised their price objective on Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Friday, August 7th. Finally, Susquehanna lifted their target price on Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a report on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Magnite currently has an average rating of “Moderate Buy” and an average 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).