Magnite (NASDAQ:MGNI) Director James Rossman Sells 49,190 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) Director James Rossman sold 49,190 shares of the business’s stock in a transaction dated Wednesday, November 11th. The stock was sold at an average price of $29.05, for a total value of $1,428,969.50. Following the transaction, the director directly owned 58,287 shares of the company’s stock, valued at $1,693,237.35. This represents a 45.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Magnite Stock Up 0.4%

MGNI opened at $29.34 on Friday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.36. The stock has a market capitalization of $4.21 billion, a price-to-earnings ratio of 24.66, a P/E/G ratio of 0.97 and a beta of 2.44. The business has a 50 day moving average of $24.48 and a 200-day moving average of $18.13. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $29.67.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, November 4th. The company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.04. Magnite had a net margin of 23.58% and a return on equity of 10.94%. The company had revenue of $204.20 million for the quarter, compared to the consensus estimate of $190.19 million. During the same quarter in the previous year, the firm posted $0.20 EPS. The business’s revenue was up 22.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Magnite, Inc. will post 0.62 earnings per share for the current year.

Hedge Funds Weigh In On Magnite

Hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in Magnite during the 2nd quarter worth $241,296,000. Canada Pension Plan Investment Board acquired a new position in shares of Magnite in the 2nd quarter valued at $56,847,000. Bank of America Corp DE bought a new position in shares of Magnite in the 2nd quarter worth $22,431,000. Bank of New York Mellon Corp bought a new position in shares of Magnite in the 2nd quarter worth $22,059,000. Finally, Meros Investment Management LP bought a new position in shares of Magnite in the 2nd quarter worth $18,815,538. 73.40% of the stock is owned by institutional investors.

More Magnite News

Investors following MGNI have been watching these news items:

• Positive Sentiment: Magnite’s recent results provide a growth backdrop: it beat quarterly EPS and revenue estimates, with revenue up 22.4% year over year. A report also points to a raised outlook, while another highlights the expanded Gracenote connected-TV deal as a potential source of value. Magnite stock and raised outlook Magnite and Gracenote deal expansion
• Neutral Sentiment: One valuation analysis says MGNI may be near fair value despite the raised outlook, tempering the more optimistic view that the expanded Gracenote deal leaves the shares undervalued. Magnite valuation analysis
• Negative Sentiment: SEC disclosures show multiple Magnite directors and executives sold shares in transactions dated November 9 and 11. Together, the reported sales totaled about 91,963 shares, worth approximately $2.67 million. The largest disclosed sale was by director James Rossman; CTO David Buonasera’s smaller sale was made under a pre-arranged trading plan. Insider selling can raise concerns about near-term sentiment, although sellers retained substantial holdings. Magnite insider sale report James Rossman SEC filing

Analysts Set New Price Targets

MGNI has been the topic of a number of recent analyst reports. BTIG Research boosted their price objective on Magnite from $27.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday. Needham & Company LLC boosted their target price on Magnite from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, September 3rd. Scotiabank raised their price target on Magnite from $27.00 to $30.00 and gave the company a “sector outperform” rating in a report on Thursday, November 5th. Evercore reiterated an “outperform” rating and issued a $25.00 price objective on shares of Magnite in a research report on Thursday, August 6th. Finally, Wells Fargo & Company lifted their price objective on Magnite from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 5th. Ten analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Magnite presently has an average rating of “Moderate Buy” and an average price target of $31.00.

Magnite Company Profile

Magnite, Inc. operates a sell-side advertising platform that helps publishers, streaming services and app developers sell digital advertising inventory through programmatic auctions. Its technology connects those sellers with advertisers and their agencies seeking to buy ad placements. The company supports advertising across connected TV, online video, mobile applications and desktop formats. Its offerings include tools for managing and monetizing ad inventory, including streaming-focused ad-serving technology.