Robert Spillane Sells 10,000 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) Director Robert Spillane sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $13.33, for a total value of $133,300.00. Following the transaction, the director directly owned 43,917 shares in the company, valued at approximately $585,413.61. This represents a 18.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Magnite Stock Up 0.1%

MGNI opened at $13.20 on Friday. The business has a 50 day moving average price of $12.70 and a two-hundred day moving average price of $13.88. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The company has a market cap of $1.89 billion, a PE ratio of 12.69, a P/E/G ratio of 0.62 and a beta of 2.33. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.65.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The company had revenue of $164.37 million for the quarter, compared to the consensus estimate of $159.24 million. During the same period last year, the business posted $0.12 EPS. The company’s revenue was up 5.5% on a year-over-year basis. As a group, research analysts anticipate that Magnite, Inc. will post 0.6 EPS for the current year.

Institutional Investors Weigh In On Magnite

Several institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. grew its holdings in Magnite by 28.9% in the third quarter. JPMorgan Chase & Co. now owns 1,209,413 shares of the company’s stock valued at $26,341,000 after purchasing an additional 271,325 shares during the last quarter. Kopion Asset Management LLC boosted its position in shares of Magnite by 149.2% in the 4th quarter. Kopion Asset Management LLC now owns 614,459 shares of the company’s stock worth $9,973,000 after buying an additional 367,858 shares in the last quarter. Kennedy Capital Management LLC grew its stake in Magnite by 39.6% in the 3rd quarter. Kennedy Capital Management LLC now owns 1,213,613 shares of the company’s stock valued at $26,432,000 after acquiring an additional 344,466 shares during the last quarter. Stephens Investment Management Group LLC raised its position in Magnite by 17.0% during the fourth quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company’s stock worth $18,317,000 after acquiring an additional 164,035 shares during the last quarter. Finally, Picton Mahoney Asset Management grew its position in shares of Magnite by 203.0% in the third quarter. Picton Mahoney Asset Management now owns 387,332 shares of the company’s stock valued at $8,436,000 after purchasing an additional 259,482 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Evercore reaffirmed an “outperform” rating and issued a $21.00 price objective on shares of Magnite in a report on Thursday, May 7th. Rosenblatt Securities reissued a “buy” rating and set a $39.00 target price on shares of Magnite in a research note on Thursday, February 26th. Wells Fargo & Company raised their price target on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. Finally, Royal Bank Of Canada decreased their price target on Magnite from $23.00 to $20.00 and set an “outperform” rating on the stock in a research note on Thursday, May 7th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $24.38.

Magnite Company Profile

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).