Insider Selling: Magnite (NASDAQ:MGNI) Insider Sells $404,469.99 in Stock

Magnite, Inc. (NASDAQ:MGNI) insider Sean Patrick Buckley sold 19,233 shares of the stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $21.03, for a total transaction of $404,469.99. Following the sale, the insider directly owned 354,281 shares in the company, valued at $7,450,529.43. This trade represents a 5.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Sean Patrick Buckley also recently made the following trade(s):

• On Wednesday, June 17th, Sean Patrick Buckley sold 19,233 shares of Magnite stock. The shares were sold at an average price of $19.00, for a total transaction of $365,427.00.

Magnite Trading Up 4.5%

MGNI stock traded up $0.91 during trading on Thursday, hitting $21.22. The company had a trading volume of 4,238,842 shares, compared to its average volume of 2,593,625. The firm has a 50-day moving average price of $15.73 and a 200-day moving average price of $14.32. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.65. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The stock has a market cap of $3.04 billion, a price-to-earnings ratio of 20.40, a PEG ratio of 1.04 and a beta of 2.25.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The firm had revenue of $164.37 million for the quarter, compared to analyst estimates of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The business’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same period last year, the company earned $0.12 EPS. As a group, analysts predict that Magnite, Inc. will post 0.55 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Needham & Company LLC reiterated a “buy” rating and issued a $25.00 price objective on shares of Magnite in a research report on Thursday, April 16th. Wells Fargo & Company upped their target price on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Friday, May 8th. BTIG Research started coverage on shares of Magnite in a research note on Tuesday, June 9th. They issued a “buy” rating and a $20.00 target price on the stock. Evercore reiterated an “outperform” rating and set a $21.00 price target on shares of Magnite in a research report on Thursday, May 7th. Finally, Weiss Ratings raised shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $23.89.

Institutional Investors Weigh In On Magnite

Institutional investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Magnite by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company’s stock valued at $854,000 after buying an additional 3,267 shares during the period. Millennium Management LLC grew its position in shares of Magnite by 113.7% during the 1st quarter. Millennium Management LLC now owns 434,479 shares of the company’s stock worth $4,957,000 after buying an additional 231,213 shares during the period. Jones Financial Companies Lllp increased its stake in shares of Magnite by 24.3% in the 1st quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company’s stock valued at $83,000 after acquiring an additional 1,423 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Magnite by 9.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company’s stock valued at $4,618,000 after acquiring an additional 36,097 shares during the last quarter. Finally, Intech Investment Management LLC raised its position in shares of Magnite by 103.6% in the 1st quarter. Intech Investment Management LLC now owns 109,992 shares of the company’s stock valued at $1,255,000 after acquiring an additional 55,971 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Company Profile

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).