Insider Selling: Magnite (NASDAQ:MGNI) Director Sells $712,120.50 in Stock

Magnite, Inc. (NASDAQ:MGNI) Director Sarah Patricia Harden sold 30,550 shares of the company’s stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $23.31, for a total transaction of $712,120.50. Following the sale, the director directly owned 133,187 shares in the company, valued at $3,104,588.97. This trade represents a 18.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Sarah Patricia Harden also recently made the following trade(s):

• On Friday, August 28th, Sarah Patricia Harden sold 18,436 shares of Magnite stock. The stock was sold at an average price of $24.00, for a total value of $442,464.00.

Magnite Price Performance

Shares of NASDAQ:MGNI opened at $23.70 on Monday. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of 21.74, a P/E/G ratio of 1.03 and a beta of 2.26. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.03. The business’s 50-day moving average is $21.04 and its 200-day moving average is $16.02. Magnite, Inc. has a 1 year low of $10.82 and a 1 year high of $26.63.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.24 by $0.02. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The business had revenue of $192.82 million during the quarter, compared to analysts’ expectations of $179.15 million. During the same quarter last year, the firm posted $0.20 earnings per share. The firm’s revenue was up 11.3% on a year-over-year basis. Equities research analysts predict that Magnite, Inc. will post 0.61 earnings per share for the current year.

Analyst Upgrades and Downgrades

MGNI has been the topic of several recent research reports. Rosenblatt Securities raised their price target on shares of Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. B. Riley Financial boosted their price objective on Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Evercore reissued an “outperform” rating and issued a $25.00 price objective on shares of Magnite in a research note on Thursday, August 6th. BTIG Research raised their target price on Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research report on Friday, August 7th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.30.

Institutional Investors Weigh In On Magnite

Several institutional investors and hedge funds have recently added to or reduced their stakes in MGNI. Nykredit A S bought a new stake in Magnite during the second quarter worth $25,000. EFG International AG bought a new stake in shares of Magnite in the 2nd quarter worth approximately $28,000. Allworth Financial LP purchased a new position in Magnite in the second quarter valued at approximately $30,000. US Bancorp DE grew its holdings in Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after purchasing an additional 688 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in Magnite by 45.1% in the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock worth $53,000 after buying an additional 755 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

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).