Insider Selling: Magnite (NASDAQ:MGNI) Director Sells $246,224.88 in Stock

Magnite, Inc. (NASDAQ:MGNI) Director Robert Spillane sold 10,363 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $23.76, for a total value of $246,224.88. Following the sale, the director directly owned 57,715 shares of the company’s stock, valued at $1,371,308.40. The trade was a 15.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Magnite Trading Down 1.9%

NASDAQ:MGNI opened at $25.15 on Friday. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.84. The firm has a market cap of $3.61 billion, a price-to-earnings ratio of 23.07, a P/E/G ratio of 1.12 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. The company’s 50 day moving average is $22.41 and its 200-day moving average is $17.25.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) 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 business had revenue of $192.82 million during the quarter, compared to the consensus estimate of $179.15 million. During the same period in the prior year, the firm earned $0.20 EPS. Magnite’s quarterly revenue was up 11.3% compared to the same quarter last year. Equities analysts anticipate that Magnite, Inc. will post 0.61 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on MGNI shares. Craig Hallum reiterated a “buy” rating and issued a $32.00 price objective on shares of Magnite in a research note on Thursday. Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a research report on Friday, August 7th. Rosenblatt Securities upped their target price on Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. BTIG Research reaffirmed a “buy” rating and set a $27.00 price objective on shares of Magnite in a report on Wednesday, September 9th. Finally, Needham & Company LLC raised their price objective on shares of Magnite from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, September 3rd. Eleven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.36.

Magnite News Roundup

Here are the key news stories impacting Magnite this week:

• Positive Sentiment: Analyst support increased: B. Riley raised its Magnite price target from $27 to $30 and maintained a “buy” rating, implying additional upside from recent trading levels. StoneX also reiterated its “buy” rating. StoneX Sticks to Its Buy Rating for Magnite
• Positive Sentiment: Google antitrust remedies could benefit ad-tech exchanges: Magnite shares recently rallied after an unsealed opinion in the U.S. Justice Department’s case against Alphabet’s Google raised expectations that remedies could improve competition and create opportunities for independent supply-side advertising platforms. Craig-Hallum reportedly lifted its target to $32. Magnite Rises on Google Auction Remedies
• Positive Sentiment: Product expansion supports the growth narrative: Magnite expanded its media-buying orchestration capabilities, potentially strengthening its offering to advertisers and media owners across increasingly complex digital channels. Magnite Expands Orchestration Capabilities for Media Buying
• Neutral Sentiment: Underlying results remain solid: Magnite’s latest quarter exceeded EPS and revenue expectations, with revenue up 11.3% year over year. However, investors are also weighing whether the recent AI-driven advertising enthusiasm has pushed the shares too far, with one analysis suggesting the stock could be substantially overvalued. Magnite Stock Could Be Overvalued
• Negative Sentiment: Several insiders sold shares: Director Douglas Knopper sold approximately $981,000 of stock, director Paul Caine sold $198,750, CTO David Buonasera sold 1,165 shares, and Robert Spillane was also reported to have sold shares. The Knopper and Caine transactions were made under pre-arranged Rule 10b5-1 plans, reducing their significance as discretionary bearish signals, but the cluster of sales may still weigh on sentiment. Robert Spillane Sells Magnite Shares

Institutional Investors Weigh In On Magnite

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in shares of Magnite in the second quarter worth about $241,296,000. Capital Research Global Investors grew its stake in shares of Magnite by 85.0% during 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. Canada Pension Plan Investment Board bought a new stake in shares of Magnite during the second quarter valued at approximately $56,847,000. 325 Capital LLC lifted its holdings in Magnite by 208.5% during the 4th quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock worth $32,547,000 after buying an additional 1,355,326 shares in the last quarter. Finally, Bank of America Corp DE bought a new position in Magnite in the 2nd quarter valued at $22,431,000. Institutional investors own 73.40% of the company’s stock.

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.