Magnite, Inc. (NASDAQ:MGNI) CEO Sells $947,250.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) CEO Michael G. Barrett sold 75,000 shares of Magnite stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $12.63, for a total transaction of $947,250.00. Following the sale, the chief executive officer now directly owns 944,552 shares of the company’s stock, valued at $11,929,691.76. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Magnite Price Performance

Shares of NASDAQ:MGNI opened at $12.54 on Monday. The company has a 50-day simple moving average of $13.65 and a 200-day simple moving average of $11.52. Magnite, Inc. has a one year low of $6.28 and a one year high of $15.92. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a market capitalization of $1.77 billion, a price-to-earnings ratio of -19.59, a PEG ratio of 0.87 and a beta of 2.35.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, August 7th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The business had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $144.04 million. During the same period in the previous year, the company posted ($0.04) earnings per share. Magnite’s quarterly revenue was up 6.8% on a year-over-year basis. On average, analysts predict that Magnite, Inc. will post 0.39 EPS for the current year.

Institutional Investors Weigh In On Magnite

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of Magnite by 1.3% during the first quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock worth $137,796,000 after acquiring an additional 166,522 shares during the period. Wellington Management Group LLP increased its stake in shares of Magnite by 1.8% during the fourth quarter. Wellington Management Group LLP now owns 2,939,541 shares of the company’s stock worth $27,455,000 after acquiring an additional 52,129 shares during the period. Burgundy Asset Management Ltd. increased its stake in shares of Magnite by 1.1% during the first quarter. Burgundy Asset Management Ltd. now owns 2,457,031 shares of the company’s stock worth $26,413,000 after acquiring an additional 25,921 shares during the period. Marshall Wace LLP increased its stake in shares of Magnite by 59.0% during the second quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock worth $20,726,000 after acquiring an additional 578,678 shares during the period. Finally, Meros Investment Management LP increased its stake in shares of Magnite by 1.3% during the second quarter. Meros Investment Management LP now owns 1,044,209 shares of the company’s stock worth $13,878,000 after acquiring an additional 13,570 shares during the period. 73.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on MGNI shares. Royal Bank of Canada lifted their price objective on shares of Magnite from $17.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 5th. Wolfe Research started coverage on shares of Magnite in a research report on Tuesday, July 16th. They set an “outperform” rating and a $16.00 price objective for the company. Evercore ISI lifted their price objective on shares of Magnite from $13.00 to $15.00 and gave the stock an “outperform” rating in a research report on Monday, June 3rd. Craig Hallum boosted their price target on shares of Magnite from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, May 16th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $15.00 price target on shares of Magnite in a research report on Tuesday, July 9th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat, Magnite presently has a consensus rating of “Buy” and an average target price of $17.25.

About Magnite

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.