Brian Gephart Sells 12,479 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) CAO Brian Gephart sold 12,479 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $24.68, for a total transaction of $307,981.72. Following the sale, the chief accounting officer owned 106,117 shares of the company’s stock, valued at $2,618,967.56. This trade represents a 10.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Magnite Trading Up 1.0%

Shares of MGNI stock opened at $24.58 on Friday. 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 $3.53 billion, a P/E ratio of 22.55, a P/E/G ratio of 1.15 and a beta of 2.26. The firm has a 50-day moving average price of $19.45 and a 200 day moving average price of $15.21. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.02. The firm had revenue of $192.82 million for the quarter, compared to analysts’ expectations of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.20 earnings per share. Research analysts forecast that Magnite, Inc. will post 0.56 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on MGNI shares. Scotiabank restated an “outperform” rating and set a $27.00 price target on shares of Magnite in a research report on Thursday, August 6th. Benchmark boosted their price objective on Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Evercore restated an “outperform” rating and set a $25.00 target price on shares of Magnite in a report on Thursday, August 6th. Rosenblatt Securities raised their target price on Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a report on Friday, August 7th. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Magnite presently has an average rating of “Moderate Buy” and a consensus target price of $28.30.

Hedge Funds Weigh In On Magnite

A number of large investors have recently modified their holdings of MGNI. BlackRock Inc. acquired a new stake in shares of Magnite in the second quarter valued at approximately $241,296,000. Capital Research Global Investors lifted its holdings in Magnite by 85.0% during the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after buying an additional 5,937,428 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Magnite by 67.7% during the 4th quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock worth $140,053,000 after buying an additional 3,484,689 shares in the last quarter. Ophir Asset Management Pty Ltd bought a new position in Magnite in the 4th quarter valued at $38,695,000. Finally, 325 Capital LLC boosted its position in Magnite by 208.5% in the 4th quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock valued at $32,547,000 after buying an additional 1,355,326 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

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).