Magnite (NASDAQ:MGNI) CFO Sells $106,486.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) CFO Brian Gephart sold 3,700 shares of the company’s stock in a transaction dated Monday, November 9th. The stock was sold at an average price of $28.78, for a total value of $106,486.00. Following the sale, the chief financial officer owned 163,310 shares in the company, valued at $4,700,061.80. The trade was a 2.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Magnite Stock Up 0.4%

NASDAQ MGNI traded up $0.13 during trading hours on Thursday, hitting $29.34. 2,148,142 shares of the company traded hands, compared to its average volume of 2,526,010. The business’s 50-day moving average is $24.39 and its 200-day moving average is $18.06. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $29.67. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market capitalization of $4.21 billion, a price-to-earnings ratio of 24.66, a P/E/G ratio of 0.96 and a beta of 2.44.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.04. The firm had revenue of $204.20 million for the quarter, compared to analyst estimates of $190.19 million. Magnite had a return on equity of 10.94% and a net margin of 23.58%. The business’s quarterly revenue was up 22.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.20 EPS. Sell-side analysts anticipate that Magnite, Inc. will post 0.61 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Covestor Ltd raised its holdings in Magnite by 562.1% in the 3rd quarter. Covestor Ltd now owns 1,066 shares of the company’s stock valued at $26,000 after acquiring an additional 905 shares during the period. Nykredit A S acquired a new stake in Magnite during the second quarter worth approximately $25,000. EFG International AG bought a new stake in shares of Magnite during the second quarter worth approximately $28,000. Allworth Financial LP bought a new stake in shares of Magnite during the second quarter worth approximately $30,000. Finally, Signaturefd LLC grew its position in shares of Magnite by 35.8% in the third quarter. Signaturefd LLC now owns 1,715 shares of the company’s stock valued at $43,000 after purchasing an additional 452 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Key Magnite News

Here’s some of the latest news about MGNI:

• Positive Sentiment: Recent results were stronger than expected: Magnite beat quarterly EPS and revenue estimates, with revenue up 22.4% year over year. Coverage also points to a raised outlook and an expanded Gracenote connected-TV deal, which could support future growth. Article: Is Magnite Undervalued Following Its Gracenote CTV Deal Expansion?
• Neutral Sentiment: One assessment says the stock may be near fair value despite the raised outlook, suggesting that strong fundamentals may already be reflected in the valuation. Article: Magnite Stock May Be Near Fair Value Despite Raised Outlook
• Negative Sentiment: Six insiders reported sales totaling about 91,963 shares across November 9 and 11. Director James Rossman sold 49,190 shares, reducing his stake by 45.77%; the other sellers included the CFO and CAO. These sales can concern investors, though the CTO’s small sale was under a pre-arranged trading plan, and insiders retain substantial holdings. SEC filing for director James Rossman

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MGNI. Benchmark boosted their target price on shares of Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Susquehanna increased their price target on shares of Magnite from $30.00 to $35.00 and gave the company a “positive” rating in a research note on Thursday, November 5th. Royal Bank Of Canada lifted their price objective on shares of Magnite from $27.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday, November 5th. B. Riley Financial lifted their price objective on shares of Magnite from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, September 18th. Finally, Craig Hallum restated a “buy” rating and set a $32.00 price objective on shares of Magnite in a research note on Thursday, September 17th. Ten 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 has an average rating of “Moderate Buy” and an average target price of $31.00.

Magnite Company Profile

Magnite, Inc. operates a sell-side advertising platform that helps publishers, streaming services and app developers sell digital advertising inventory through programmatic auctions. Its technology connects those sellers with advertisers and their agencies seeking to buy ad placements. The company supports advertising across connected TV, online video, mobile applications and desktop formats. Its offerings include tools for managing and monetizing ad inventory, including streaming-focused ad-serving technology.