Magnite (NASDAQ:MGNI) Director Sells $675,799.70 in Stock

Magnite, Inc. (NASDAQ:MGNI) Director Douglas Knopper sold 37,337 shares of the company’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $18.10, for a total transaction of $675,799.70. Following the transaction, the director owned 125,810 shares of the company’s stock, valued at approximately $2,277,161. This trade represents a 22.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Magnite Price Performance

Magnite stock traded down $0.31 during midday trading on Wednesday, reaching $18.24. The company had a trading volume of 6,567,789 shares, compared to its average volume of 2,498,963. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $26.65. The company has a market capitalization of $2.61 billion, a P/E ratio of 17.54, a P/E/G ratio of 0.79 and a beta of 2.32. The firm’s fifty day simple moving average is $13.73 and its 200-day simple moving average is $13.91.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.02. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The company had revenue of $164.37 million for the quarter, compared to analysts’ expectations of $159.24 million. During the same period in the previous year, the firm posted $0.12 EPS. Magnite’s revenue was up 5.5% compared to the same quarter last year. As a group, equities analysts anticipate that Magnite, Inc. will post 0.6 EPS for the current year.

Hedge Funds Weigh In On Magnite

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MGNI. JPMorgan Chase & Co. raised its holdings in shares of Magnite by 28.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,209,413 shares of the company’s stock worth $26,341,000 after acquiring an additional 271,325 shares during the period. Kopion Asset Management LLC grew its holdings in shares of Magnite by 149.2% in the fourth quarter. Kopion Asset Management LLC now owns 614,459 shares of the company’s stock valued at $9,973,000 after purchasing an additional 367,858 shares during the period. Stephens Investment Management Group LLC increased its position in Magnite by 17.0% during the fourth quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company’s stock worth $18,317,000 after purchasing an additional 164,035 shares during the last quarter. Kennedy Capital Management LLC increased its position in Magnite by 39.6% during the third quarter. Kennedy Capital Management LLC now owns 1,213,613 shares of the company’s stock worth $26,432,000 after purchasing an additional 344,466 shares during the last quarter. Finally, Picton Mahoney Asset Management raised its stake in Magnite by 203.0% during the third quarter. Picton Mahoney Asset Management now owns 387,332 shares of the company’s stock worth $8,436,000 after purchasing an additional 259,482 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on MGNI. Benchmark reduced their price objective on Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 target price on shares of Magnite in a research note on Thursday, April 16th. Evercore reiterated an “outperform” rating and issued a $21.00 target price on shares of Magnite in a research report on Thursday, May 7th. Rosenblatt Securities reissued a “buy” rating and issued a $39.00 price target on shares of Magnite in a research note on Thursday, February 26th. Finally, Scotiabank boosted their price target on shares of Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a research report on Thursday, May 7th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Magnite presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.89.

About Magnite

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).