Adam Lee Soroca Sells 10,597 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) insider Adam Lee Soroca sold 10,597 shares of Magnite stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $12.30, for a total value of $130,343.10. Following the completion of the transaction, the insider now directly owns 450,655 shares of the company’s stock, valued at $5,543,056.50. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Magnite Price Performance

Shares of MGNI opened at $11.07 on Friday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a 50-day moving average of $9.85 and a 200-day moving average of $9.45. Magnite, Inc. has a one year low of $6.28 and a one year high of $15.73.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, February 28th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.03 by $0.13. The company had revenue of $165.28 million during the quarter, compared to the consensus estimate of $160.24 million. Magnite had a positive return on equity of 3.23% and a negative net margin of 12.24%. On average, sell-side analysts anticipate that Magnite, Inc. will post 0.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Magnite

A number of hedge funds have recently added to or reduced their stakes in the stock. Comerica Bank boosted its stake in Magnite by 6,214.5% during the 1st quarter. Comerica Bank now owns 27,847 shares of the company’s stock valued at $299,000 after purchasing an additional 27,406 shares during the last quarter. Tidal Investments LLC boosted its stake in Magnite by 212.8% during the 1st quarter. Tidal Investments LLC now owns 69,388 shares of the company’s stock valued at $746,000 after purchasing an additional 47,205 shares during the last quarter. Bayesian Capital Management LP acquired a new position in Magnite during the 1st quarter valued at about $132,000. Silvercrest Asset Management Group LLC lifted its position in shares of Magnite by 4.4% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 853,595 shares of the company’s stock worth $9,176,000 after buying an additional 36,298 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Magnite by 6.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 83,460 shares of the company’s stock worth $898,000 after buying an additional 4,879 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analyst Ratings Changes

MGNI has been the subject of several research analyst reports. Bank of America lifted their price objective on Magnite from $11.00 to $13.00 and gave the stock a “neutral” rating in a research report on Thursday, February 29th. Needham & Company LLC reissued a “buy” rating and issued a $15.00 price objective on shares of Magnite in a research report on Thursday, May 16th. Benchmark reissued a “buy” rating and issued a $18.00 price objective on shares of Magnite in a research report on Thursday, May 16th. Craig Hallum lifted their price objective on Magnite from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, May 16th. Finally, Susquehanna reissued a “positive” rating and issued a $14.00 price objective on shares of Magnite in a research report on Thursday, May 16th. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Magnite currently has an average rating of “Moderate Buy” and an average target price of $14.95.

Magnite Company Profile

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company's platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.