Sean Patrick Buckley Sells 19,233 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) insider Sean Patrick Buckley sold 19,233 shares of the firm’s stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $19.00, for a total transaction of $365,427.00. Following the completion of the sale, the insider owned 373,514 shares of the company’s stock, valued at $7,096,766. This trade represents a 4.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Magnite Stock Performance

Shares of Magnite stock opened at $17.89 on Friday. The firm has a market cap of $2.56 billion, a price-to-earnings ratio of 17.20, a price-to-earnings-growth ratio of 0.91 and a beta of 2.32. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $26.65. The company’s 50-day simple moving average is $14.08 and its 200-day simple moving average is $13.99. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The firm had revenue of $164.37 million during the quarter, compared to the consensus estimate of $159.24 million. During the same quarter last year, the firm earned $0.12 earnings per share. The firm’s revenue was up 5.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Magnite, Inc. will post 0.55 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the company. Royal Bank Of Canada restated an “outperform” rating on shares of Magnite in a research note on Thursday, May 28th. BTIG Research started coverage on Magnite in a report on Tuesday, June 9th. They issued a “buy” rating and a $20.00 target price for the company. Needham & Company LLC restated a “buy” rating and set a $25.00 target price on shares of Magnite in a research report on Thursday, April 16th. Rosenblatt Securities reaffirmed a “buy” rating and set a $39.00 price target on shares of Magnite in a research note on Thursday, February 26th. Finally, Weiss Ratings upgraded shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $23.89.

Institutional Investors Weigh In On Magnite

Several institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Magnite by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company’s stock valued at $854,000 after purchasing an additional 3,267 shares in the last quarter. Millennium Management LLC boosted its position in Magnite by 113.7% during the first quarter. Millennium Management LLC now owns 434,479 shares of the company’s stock worth $4,957,000 after purchasing an additional 231,213 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in Magnite by 24.3% in the first quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company’s stock valued at $83,000 after purchasing an additional 1,423 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Magnite by 9.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company’s stock valued at $4,618,000 after purchasing an additional 36,097 shares during the last quarter. Finally, Intech Investment Management LLC increased its position in shares of Magnite by 103.6% in the first quarter. Intech Investment Management LLC now owns 109,992 shares of the company’s stock valued at $1,255,000 after buying an additional 55,971 shares in 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).