Magnite (NASDAQ:MGNI) CEO Michael Barrett Sells 100,000 Shares

Magnite, Inc. (NASDAQ:MGNI) CEO Michael Barrett sold 100,000 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $17.50, for a total value of $1,750,000.00. Following the completion of the transaction, the chief executive officer owned 403,074 shares in the company, valued at $7,053,795. The trade was a 19.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.

Magnite Trading Down 1.7%

Magnite stock traded down $0.31 during mid-day trading on Wednesday, hitting $18.24. The stock had a trading volume of 6,567,789 shares, compared to its average volume of 2,498,963. The stock has a 50-day simple moving average of $13.73 and a two-hundred day simple moving average of $13.91. The stock has a market capitalization of $2.61 billion, a PE ratio of 17.54, a P/E/G ratio of 0.79 and a beta of 2.32. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.65. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38.

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

Wall Street Analyst Weigh In

MGNI has been the topic of a number of recent research reports. Weiss Ratings raised shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Magnite in a research note on Thursday, April 16th. 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. Evercore restated an “outperform” rating and issued a $21.00 price target on shares of Magnite in a research report on Thursday, May 7th. Finally, Benchmark reduced their price target on Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Magnite presently has an average rating of “Moderate Buy” and an average target price of $23.89.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Magnite by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company’s stock worth $854,000 after purchasing an additional 3,267 shares in the last quarter. Millennium Management LLC boosted its position in shares of Magnite by 113.7% during the first quarter. Millennium Management LLC now owns 434,479 shares of the company’s stock worth $4,957,000 after purchasing an additional 231,213 shares in the last quarter. Jones Financial Companies Lllp boosted its position in shares of Magnite by 24.3% during the first quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company’s stock worth $83,000 after purchasing an additional 1,423 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Magnite by 9.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company’s stock worth $4,618,000 after purchasing an additional 36,097 shares in the last quarter. Finally, Intech Investment Management LLC boosted its position in shares of Magnite by 103.6% during the first quarter. Intech Investment Management LLC now owns 109,992 shares of the company’s stock worth $1,255,000 after purchasing an additional 55,971 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

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).