Insider Selling: Magnite, Inc. (NASDAQ:MGNI) CFO Sells 21,299 Shares of Stock

Magnite, Inc. (NASDAQ:MGNIGet Free Report) CFO David Day sold 21,299 shares of the business’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $14.01, for a total transaction of $298,398.99. Following the sale, the chief financial officer now owns 449,832 shares of the company’s stock, valued at approximately $6,302,146.32. The sale was disclosed in a legal filing with the SEC, which is available at this link.

David Day also recently made the following trade(s):

  • On Monday, June 3rd, David Day sold 20,732 shares of Magnite stock. The shares were sold at an average price of $13.00, for a total transaction of $269,516.00.

Magnite Price Performance

NASDAQ MGNI opened at $13.73 on Monday. The company has a market cap of $1.92 billion, a PE ratio of -21.45, a price-to-earnings-growth ratio of 0.96 and a beta of 2.35. Magnite, Inc. has a 52 week low of $6.28 and a 52 week high of $15.73. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.79. The firm’s 50-day simple moving average is $10.64 and its two-hundred day simple moving average is $10.07.

Magnite (NASDAQ:MGNIGet Free Report) last released its quarterly earnings data on Wednesday, May 8th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.05. The business had revenue of $130.55 million for the quarter, compared to the consensus estimate of $123.77 million. Magnite had a negative net margin of 12.24% and a positive return on equity of 3.23%. Research analysts predict that Magnite, Inc. will post 0.38 earnings per share for the current year.

Institutional Investors Weigh In On Magnite

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Magnite by 1.3% during the first quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock valued at $137,796,000 after purchasing an additional 166,522 shares during the last quarter. Rubric Capital Management LP lifted its holdings in shares of Magnite by 80.7% in the third quarter. Rubric Capital Management LP now owns 4,000,000 shares of the company’s stock worth $30,160,000 after buying an additional 1,785,978 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Magnite by 1.8% in the fourth quarter. Wellington Management Group LLP now owns 2,939,541 shares of the company’s stock worth $27,455,000 after buying an additional 52,129 shares in the last quarter. Kennedy Capital Management LLC lifted its holdings in shares of Magnite by 2.8% in the third quarter. Kennedy Capital Management LLC now owns 2,692,371 shares of the company’s stock worth $20,300,000 after buying an additional 74,367 shares in the last quarter. Finally, Burgundy Asset Management Ltd. lifted its holdings in shares of Magnite by 1.1% in the first quarter. Burgundy Asset Management Ltd. now owns 2,457,031 shares of the company’s stock worth $26,413,000 after buying an additional 25,921 shares in the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on MGNI shares. Royal Bank of Canada boosted their price target on shares of Magnite from $17.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, June 5th. Susquehanna reiterated a “positive” rating and issued a $14.00 target price on shares of Magnite in a research note on Thursday, May 16th. Evercore ISI upped their target price on shares of Magnite from $13.00 to $15.00 and gave the stock an “outperform” rating in a research note on Monday, June 3rd. Bank of America upgraded shares of Magnite from a “neutral” rating to a “buy” rating and upped their target price for the stock from $13.00 to $15.00 in a research note on Friday, May 24th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $15.00 target price on shares of Magnite in a research note on Thursday, May 16th. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $15.65.

View Our Latest Stock Report on Magnite

About Magnite

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Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company's platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.

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