Rachel Lam Sells 10,000 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) Director Rachel Lam sold 10,000 shares of the company’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $24.16, for a total transaction of $241,600.00. Following the transaction, the director owned 230,620 shares of the company’s stock, valued at approximately $5,571,779.20. This trade represents a 4.16% 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 Trading Up 1.0%

Shares of Magnite stock opened at $24.58 on Friday. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.65. The firm has a market capitalization of $3.53 billion, a PE ratio of 22.55, a P/E/G ratio of 1.15 and a beta of 2.26. The firm’s 50-day moving average price is $19.45 and its 200 day moving average price is $15.21.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.24 by $0.02. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The company had revenue of $192.82 million during the quarter, compared to analyst estimates of $179.15 million. During the same period in the previous year, the business earned $0.20 EPS. Magnite’s quarterly revenue was up 11.3% on a year-over-year basis. On average, sell-side analysts predict that Magnite, Inc. will post 0.56 EPS for the current fiscal year.

Hedge Funds Weigh In On Magnite

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cetera Trust Company N.A acquired a new stake in shares of Magnite in the 2nd quarter worth $81,000. Elevation Point Wealth Partners LLC acquired a new position in shares of Magnite during the 2nd quarter valued at about $458,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Magnite in the second quarter valued at about $289,000. Norwood Investment Partners LP purchased a new stake in shares of Magnite in the second quarter valued at about $4,460,300,000. Finally, Allworth Financial LP acquired a new stake in Magnite during the second quarter worth about $30,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on MGNI shares. Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a research note on Friday, August 7th. Evercore reaffirmed an “outperform” rating and set a $25.00 target price on shares of Magnite in a research note on Thursday, August 6th. Benchmark increased their target price on shares of Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Needham & Company LLC reissued a “buy” rating and issued a $25.00 price target on shares of Magnite in a research note on Thursday, April 16th. Finally, B. Riley Financial boosted their price target on shares of Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $28.30.

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).