Paul Caine Sells 7,500 Shares of Magnite (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) Director Paul Caine sold 7,500 shares of the stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $26.50, for a total transaction of $198,750.00. Following the completion of the transaction, the director owned 137,401 shares of the company’s stock, valued at $3,641,126.50. This trade represents a 5.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Paul Caine also recently made the following trade(s):

• On Thursday, September 10th, Paul Caine sold 5,000 shares of Magnite stock. The stock was sold at an average price of $23.53, for a total value of $117,650.00.
• On Monday, August 10th, Paul Caine sold 5,000 shares of Magnite stock. The stock was sold at an average price of $24.35, for a total value of $121,750.00.
• On Friday, July 10th, Paul Caine sold 5,000 shares of Magnite stock. The stock was sold at an average price of $20.64, for a total value of $103,200.00.

Magnite Price Performance

NASDAQ MGNI traded down $0.48 on Friday, reaching $25.15. 3,586,245 shares of the stock traded hands, compared to its average volume of 2,566,550. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.84. The company has a market cap of $3.61 billion, a price-to-earnings ratio of 23.07, a P/E/G ratio of 1.04 and a beta of 2.30. The firm’s fifty day simple moving average is $22.31 and its 200 day simple moving average is $17.20. 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 posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. The company had revenue of $192.82 million for the quarter, compared to the consensus estimate of $179.15 million. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The company’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.20 EPS. As a group, research analysts predict that Magnite, Inc. will post 0.61 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on MGNI shares. BTIG Research reiterated a “buy” rating and issued a $27.00 price target on shares of Magnite in a research report on Wednesday, September 9th. Benchmark raised their price objective 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. Scotiabank reaffirmed an “outperform” rating and issued a $27.00 price objective on shares of Magnite in a research note on Thursday, August 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a report on Friday, August 7th. Finally, Craig Hallum reissued a “buy” rating and set a $32.00 target price on shares of Magnite in a research note on Thursday. Eleven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Magnite has a consensus rating of “Moderate Buy” and a consensus target price of $29.36.

Institutional Investors Weigh In On Magnite

Several hedge funds have recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of Magnite in the second quarter valued at $241,296,000. Capital Research Global Investors grew its holdings in shares of Magnite by 85.0% during the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after buying an additional 5,937,428 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Magnite during the second quarter valued at $56,847,000. 325 Capital LLC raised its position in Magnite by 208.5% during the fourth 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 period. Finally, Bank of America Corp DE acquired a new position in Magnite during the second quarter valued at $22,431,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

About Magnite

Magnite, Inc is an independent sell-side advertising technology company that operates a global platform for digital media owners and app developers. Its technology helps publishers and media companies manage, package, sell and optimize advertising inventory across connected television (CTV), online video, mobile, desktop, audio and digital out-of-home channels.

Magnite’s platform connects publishers with agencies, brands and demand-side platforms, supporting automated, data-driven programmatic advertising transactions.