Insider Selling: Magnite, Inc. (NASDAQ:MGNI) CFO Sells 39,000 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) CFO David Day sold 39,000 shares of the business’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $20.00, for a total transaction of $780,000.00. Following the transaction, the chief financial officer now owns 488,506 shares in the company, valued at $9,770,120. The trade was a 7.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

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

• On Friday, January 3rd, David Day sold 13,345 shares of Magnite stock. The stock was sold at an average price of $17.00, for a total value of $226,865.00.
• On Monday, December 16th, David Day sold 11,644 shares of Magnite stock. The stock was sold at an average price of $16.44, for a total value of $191,427.36.

Magnite Trading Up 10.6 %

NASDAQ:MGNI traded up $2.03 on Friday, reaching $21.17. 11,715,763 shares of the company’s stock were exchanged, compared to its average volume of 2,159,522. The business has a fifty day moving average of $16.65 and a 200-day moving average of $14.65. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a 52-week low of $8.38 and a 52-week high of $21.29. The firm has a market capitalization of $2.98 billion, a price-to-earnings ratio of 352.83, a price-to-earnings-growth ratio of 0.90 and a beta of 2.52.

Magnite (NASDAQ:MGNI) last released its earnings results on Thursday, November 7th. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.09). The business had revenue of $162.00 million for the quarter, compared to analyst estimates of $147.94 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. During the same quarter last year, the company earned $0.02 earnings per share. As a group, analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current year.

Institutional Trading of Magnite

Hedge funds have recently modified their holdings of the stock. SBI Securities Co. Ltd. acquired a new position in Magnite during the 4th quarter worth $25,000. Larson Financial Group LLC increased its stake in shares of Magnite by 179.2% during the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock worth $58,000 after buying an additional 2,341 shares during the period. Quarry LP raised its holdings in Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after acquiring an additional 4,508 shares in the last quarter. Jones Financial Companies Lllp lifted its stake in Magnite by 20.6% in the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock worth $93,000 after acquiring an additional 1,000 shares during the last quarter. Finally, KBC Group NV grew its holdings in Magnite by 66.5% during the 4th quarter. KBC Group NV now owns 5,943 shares of the company’s stock worth $95,000 after acquiring an additional 2,374 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently commented on MGNI shares. Macquarie reiterated an “outperform” rating and set a $18.00 price target on shares of Magnite in a report on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 target price on shares of Magnite in a research note on Friday, January 17th. Royal Bank of Canada increased their price target on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Wolfe Research lifted their price target on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Finally, Scotiabank began coverage on Magnite in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective for the company. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Magnite presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.35.

Magnite Company Profile

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.