Magnite (NASDAQ:MGNI) Stock: Insider Paul Caine Sells 12,500 Shares

Magnite, Inc. (NASDAQ:MGNI) Director Paul Caine sold 12,500 shares of Magnite stock in a transaction that occurred on Monday, October 12th. The stock was sold at an average price of $25.29, for a total transaction of $316,125.00. Following the completion of the transaction, the director owned 124,901 shares of the company’s stock, valued at $3,158,746.29. This represents a 9.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paul Caine also recently made the following trade(s):

• On Thursday, September 17th, Paul Caine sold 7,500 shares of Magnite stock. The stock was sold at an average price of $26.50, for a total value of $198,750.00.
• On Thursday, September 10th, Paul Caine sold 5,000 shares of Magnite stock. The stock was sold at an average price of $23.53, for a total value of $117,650.00.
• On Monday, August 10th, Paul Caine sold 5,000 shares of Magnite stock. The stock was sold at an average price of $24.35, for a total value of $121,750.00.

Magnite Stock Down 5.7%

MGNI stock traded down $1.45 during trading on Wednesday, hitting $23.87. 2,224,399 shares of the company’s stock were exchanged, compared to its average volume of 2,513,192. The business has a 50-day moving average price of $24.26 and a two-hundred day moving average price of $18.72. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $3.42 billion, a price-to-earnings ratio of 21.90, a PEG ratio of 0.82 and a beta of 2.33. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $26.84.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, beating 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 analyst estimates of $179.15 million. During the same period in the prior year, the firm posted $0.20 earnings per share. The firm’s revenue was up 11.3% on a year-over-year basis. As a group, equities research analysts expect that Magnite, Inc. will post 0.61 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on MGNI shares. Scotiabank reiterated an “outperform” rating and set a $27.00 price target on shares of Magnite in a research note on Thursday, August 6th. B. Riley Financial boosted their price target on shares of Magnite from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, September 18th. Evercore reaffirmed an “outperform” rating and set a $25.00 price objective on shares of Magnite in a report on Thursday, August 6th. Benchmark raised their price objective on Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Finally, Susquehanna lifted their target price on Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a research report on Thursday, August 6th. Ten investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.36.

Institutional Trading of Magnite

Several institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. purchased a new position in Magnite during the 2nd quarter worth $241,296,000. Canada Pension Plan Investment Board purchased a new stake in shares of Magnite in the second quarter valued at about $56,847,000. Dimensional Fund Advisors LP raised its holdings in shares of Magnite by 10.2% in the first quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock valued at $47,322,000 after buying an additional 367,854 shares during the last quarter. 325 Capital LLC boosted its stake in shares of Magnite by 208.5% during the fourth 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 during the period. Finally, Blue Grotto Capital LLC boosted its stake in shares of Magnite by 5.2% during the fourth quarter. Blue Grotto Capital LLC now owns 1,628,782 shares of the company’s stock worth $26,435,000 after buying an additional 79,986 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Company Profile

Magnite, Inc is an independent sell-side advertising technology company that helps publishers, broadcasters and other content owners monetize digital advertising inventory. Its platform connects sellers of advertising space with brands, agencies and demand-side platforms, facilitating the automated buying and selling of ads across connected television (CTV), streaming video, mobile applications, websites, audio and digital out-of-home media.

The company offers tools for managing, packaging and selling advertising inventory, including programmatic auctions, direct and private marketplace transactions, audience targeting, yield optimization and measurement.