Insider Selling: Magnite (NASDAQ:MGNI) CEO Sells $1,462,500.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) CEO Michael Barrett sold 75,000 shares of Magnite stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $19.50, for a total value of $1,462,500.00. Following the sale, the chief executive officer directly owned 403,074 shares of the company’s stock, valued at $7,859,943. This trade represents a 15.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Magnite Stock Performance

MGNI opened at $20.38 on Friday. Magnite, Inc. has a one year low of $10.82 and a one year high of $26.65. The company has a market cap of $2.92 billion, a P/E ratio of 19.60, a PEG ratio of 1.04 and a beta of 2.25. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. The business’s 50-day simple moving average is $15.27 and its 200-day simple moving average is $14.25.

Magnite (NASDAQ:MGNI) last posted its earnings results 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 firm had revenue of $164.37 million during 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 revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.12 earnings per share. As a group, equities research analysts expect that Magnite, Inc. will post 0.55 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have weighed in on MGNI. Needham & Company LLC reissued a “buy” rating and set a $25.00 price objective on shares of Magnite in a report on Thursday, April 16th. Royal Bank Of Canada restated an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Scotiabank increased their target price on shares of Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research report on Thursday, May 7th. Wells Fargo & Company lifted their price target on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. Finally, Evercore reissued an “outperform” rating and issued a $21.00 price target on shares of Magnite in a research report on Thursday, May 7th. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.89.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. boosted its stake in shares of Magnite by 28.9% during the third quarter. JPMorgan Chase & Co. now owns 1,209,413 shares of the company’s stock worth $26,341,000 after buying an additional 271,325 shares during the period. Kopion Asset Management LLC increased its position in Magnite by 149.2% in the 4th quarter. Kopion Asset Management LLC now owns 614,459 shares of the company’s stock valued at $9,973,000 after acquiring an additional 367,858 shares during the period. Stephens Investment Management Group LLC increased its position in Magnite by 17.0% in the 4th quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company’s stock valued at $18,317,000 after acquiring an additional 164,035 shares during the period. Royce & Associates LP raised its stake in Magnite by 19.5% during the 4th quarter. Royce & Associates LP now owns 1,166,469 shares of the company’s stock valued at $18,932,000 after acquiring an additional 190,318 shares during the last quarter. Finally, Kennedy Capital Management LLC raised its stake in Magnite by 39.6% during 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. 73.40% of the stock is owned by hedge funds and other institutional investors.

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).