Magnite, Inc. (NASDAQ:MGNI) Insider Sells $244,109.25 in Stock

Magnite, Inc. (NASDAQ:MGNI) insider Adam Lee Soroca sold 15,499 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $15.75, for a total transaction of $244,109.25. Following the sale, the insider now directly owns 458,386 shares in the company, valued at $7,219,579.50. This trade represents a 3.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Magnite Trading Down 3.9 %

Shares of MGNI stock opened at $13.10 on Friday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market cap of $1.87 billion, a PE ratio of 218.33, a price-to-earnings-growth ratio of 1.00 and a beta of 2.79. The company has a 50-day moving average of $17.07 and a two-hundred day moving average of $15.26. Magnite, Inc. has a 1-year low of $8.38 and a 1-year high of $21.29.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.14). Magnite had a return on equity of 4.64% and a net margin of 2.62%. The company had revenue of $180.20 million for the quarter, compared to analysts’ expectations of $183.90 million. On average, analysts predict that Magnite, Inc. will post 0.33 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. SBI Securities Co. Ltd. acquired a new stake in Magnite in the fourth quarter valued at approximately $25,000. Larson Financial Group LLC raised its holdings in Magnite by 179.2% in the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock valued at $58,000 after acquiring an additional 2,341 shares in the last quarter. 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. Quantbot Technologies LP acquired a new stake in Magnite in the fourth quarter valued at approximately $87,000. Finally, Jones Financial Companies Lllp raised its holdings in Magnite by 20.6% in the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after acquiring an additional 1,000 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MGNI. Benchmark upped their price objective on shares of Magnite from $21.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, February 27th. Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of Magnite in a research report on Thursday, February 27th. Susquehanna upped their price objective on shares of Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research report on Thursday, February 27th. Macquarie restated an “outperform” rating and set a $18.00 price objective on shares of Magnite in a research report on Friday, November 8th. Finally, Scotiabank assumed coverage on shares of Magnite in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 target price for the company. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Magnite currently has an average rating of “Moderate Buy” and a consensus target price of $19.27.

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.