Magnite (NASDAQ:MGNI) Insider Sean Patrick Buckley Sells 19,233 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) insider Sean Patrick Buckley sold 19,233 shares of the stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $19.00, for a total value of $365,427.00. Following the completion of the transaction, the insider directly owned 373,514 shares of the company’s stock, valued at approximately $7,096,766. The trade was a 4.90% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Magnite Stock Performance

Shares of NASDAQ MGNI traded down $0.35 during midday trading on Thursday, reaching $17.89. 4,252,419 shares of the company traded hands, compared to its average volume of 2,902,224. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.65. The stock has a 50-day moving average price of $13.97 and a 200 day moving average price of $13.96. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. The company has a market cap of $2.56 billion, a price-to-earnings ratio of 17.20, a PEG ratio of 0.86 and a beta of 2.32.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.02. The business had revenue of $164.37 million during the quarter, compared to the consensus estimate of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.12 earnings per share. Sell-side analysts anticipate that Magnite, Inc. will post 0.6 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MGNI. BTIG Research assumed coverage on shares of Magnite in a research note on Tuesday, June 9th. They issued a “buy” rating and a $20.00 price target for the company. Wells Fargo & Company raised their price objective on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Friday, May 8th. Rosenblatt Securities reissued a “buy” rating and set a $39.00 target price on shares of Magnite in a report on Thursday, February 26th. Needham & Company LLC restated a “buy” rating and issued a $25.00 target price on shares of Magnite in a research report on Thursday, April 16th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Magnite in a research note on Thursday, May 28th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $23.89.

Institutional Investors Weigh In On Magnite

Several hedge funds and other institutional investors have recently bought and sold shares of MGNI. Smartleaf Asset Management LLC boosted its position in shares of Magnite by 20.5% during the 2nd quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock valued at $82,000 after purchasing an additional 577 shares in the last quarter. US Bancorp DE raised its holdings in shares of Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after purchasing an additional 688 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in Magnite by 45.1% during the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after purchasing an additional 755 shares during the last quarter. AYAL Capital Advisors Ltd lifted its stake in Magnite by 0.5% during the fourth quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company’s stock valued at $3,246,000 after purchasing an additional 1,000 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co boosted its holdings in Magnite by 2.4% during the third quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company’s stock worth $992,000 after buying an additional 1,047 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

More Magnite News

Here are the key news stories impacting Magnite this week:

• Positive Sentiment: Magnite announced a partnership with Viasat Aviation to bring programmatic ads to in-flight Wi‑Fi and entertainment screens, which could expand its connected advertising reach and open a new revenue stream. Magnite and Viasat Aviation Partner to Bring Programmatic Advertising to In-Flight Screens
• Positive Sentiment: Unusually high call-option activity suggests traders are betting on further upside in MGNI, reinforcing the recent bullish momentum. Investors Purchase High Volume of Magnite Call Options (NASDAQ:MGNI)
• Positive Sentiment: Recent coverage says MGNI has been on a multi-week winning streak, showing that momentum buyers remain active even as insiders sell shares. MGNI stock eyes fifth week of gains: Magnite executives file plans to sell shares, but retail is unfazed
• Neutral Sentiment: Magnite’s recent strong trading has been accompanied by analyst caution that earnings estimate revisions may limit near-term upside. Magnite (MGNI) Moves 10.8% Higher: Will This Strength Last?
• Negative Sentiment: CEO Michael Barrett, CTO David Buonasera, and Director Douglas Knopper all disclosed sizable share sales, which can pressure sentiment even if the transactions were preplanned.

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).