Magnite (NASDAQ:MGNI) CEO Michael Barrett Sells 178,596 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) CEO Michael Barrett sold 178,596 shares of the stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $16.59, for a total value of $2,962,907.64. Following the transaction, the chief executive officer owned 403,074 shares of the company’s stock, valued at approximately $6,686,997.66. The trade was a 30.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Magnite Stock Down 1.7%

NASDAQ:MGNI opened at $18.24 on Thursday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. The company has a market cap of $2.61 billion, a PE ratio of 17.54, a PEG ratio of 0.88 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 stock has a 50-day simple moving average of $13.85 and a 200 day simple moving average of $13.94.

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 analysts’ consensus estimates of $0.11 by $0.02. The business had revenue of $164.37 million during the quarter, compared to the consensus estimate of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.Magnite’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period last year, the company earned $0.12 earnings per share. On average, sell-side analysts expect that Magnite, Inc. will post 0.6 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on MGNI. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Magnite in a research report on Thursday, April 16th. BTIG Research began coverage on Magnite in a research report on Tuesday, June 9th. They issued a “buy” rating and a $20.00 price objective for the company. Scotiabank raised their price objective on Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research report on Thursday, May 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $39.00 price objective on shares of Magnite in a research report on Thursday, February 26th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Magnite currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.89.

Key Headlines Impacting Magnite

Here are the key news stories impacting Magnite this week:

• Positive Sentiment: Magnite announced a partnership with Viasat Aviation to bring programmatic advertising to in-flight screens, expanding its connected advertising reach and potentially opening a new revenue channel. Magnite and Viasat Aviation Partner to Bring Programmatic Advertising to In-Flight Screens
• Positive Sentiment: Investor sentiment appears strong, with unusual call-option activity showing a sharp jump in bullish bets on Magnite shares. Investors Purchase High Volume of Magnite Call Options (NASDAQ:MGNI)
• Positive Sentiment: Recent coverage notes Magnite shares have been gaining for multiple weeks, suggesting momentum traders are still interested despite mixed longer-term earnings-revision signals. MGNI stock eyes fifth week of gains: Magnite executives file plans to sell shares, but retail is unfazed
• Neutral Sentiment: Magnite’s stock saw unusually heavy trading and a strong session, but analysts warned that recent earnings estimate revisions may limit further near-term upside. Magnite (MGNI) Moves 10.8% Higher: Will This Strength Last?
• Negative Sentiment: Several Magnite executives and a director disclosed stock sales, including large sales by CEO Michael Barrett and CTO David Buonasera, which can weigh on investor sentiment even if the sales were preplanned or routine.

Institutional Trading of Magnite

Several institutional investors have recently added to or reduced their stakes in MGNI. Smartleaf Asset Management LLC raised its holdings in Magnite by 20.5% in the 2nd quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock valued at $82,000 after acquiring an additional 577 shares in the last quarter. US Bancorp DE raised its holdings in Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after acquiring an additional 688 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Magnite by 45.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after acquiring an additional 755 shares in the last quarter. AYAL Capital Advisors Ltd raised its holdings in Magnite by 0.5% in the 4th quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company’s stock valued at $3,246,000 after acquiring an additional 1,000 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its holdings in Magnite by 2.4% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company’s stock valued at $992,000 after acquiring an additional 1,047 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

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).