Magnite (NASDAQ:MGNI) Stock: Insider James Rossman Sells 49,190 Shares

Magnite, Inc. (NASDAQ:MGNI) Director James Rossman sold 49,190 shares of the firm’s stock in a transaction dated Wednesday, November 11th. The stock was sold at an average price of $29.05, for a total transaction of $1,428,969.50. Following the sale, the director owned 58,287 shares of the company’s stock, valued at approximately $1,693,237.35. This represents a 45.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Magnite Stock Down 0.2%

Shares of MGNI opened at $29.29 on Friday. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $29.78. The firm has a market cap of $4.20 billion, a P/E ratio of 24.61, a price-to-earnings-growth ratio of 0.89 and a beta of 2.44. The firm’s 50-day simple moving average is $24.58 and its 200 day simple moving average is $18.20. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.04 and a current ratio of 1.04.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, November 4th. The company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.04. The firm had revenue of $204.20 million for the quarter, compared to analysts’ expectations of $190.19 million. Magnite had a net margin of 23.58% and a return on equity of 10.94%. The business’s revenue was up 22.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.20 EPS. On average, analysts forecast that Magnite, Inc. will post 0.68 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Magnite in the third quarter valued at approximately $752,000. Bleakley Financial Group LLC acquired a new stake in Magnite during the third quarter worth approximately $295,000. Benjamin Edwards Inc. acquired a new stake in Magnite during the third quarter worth approximately $255,000. First Trust Advisors LP acquired a new stake in Magnite during the third quarter worth approximately $6,938,000. Finally, Global Retirement Partners LLC grew its position in Magnite by 2,723.8% during the third quarter. Global Retirement Partners LLC now owns 2,259 shares of the company’s stock worth $57,000 after buying an additional 2,179 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Key Stories Impacting Magnite

These are some of the MGNI stories that stood out recently:

• Positive Sentiment: An analysis describes Magnite’s CTV growth as solid, while coverage of its expanded Gracenote deal sees potential value in the company’s streaming-TV opportunity. These themes add to the backdrop of a recent quarter in which Magnite beat earnings and revenue estimates. Gracenote deal analysis
• Negative Sentiment: A Seeking Alpha article argues the stock is expensive despite solid CTV growth, raising the risk that valuation could limit further gains after the recent run-up. Magnite CTV growth and valuation article
• Negative Sentiment: Several Magnite executives and a director reported selling shares in transactions dated November 9 and 11, totaling roughly 92,000 shares, or about $2.7 million. The CTO’s sale was under a pre-arranged trading plan, and sellers retained substantial holdings, but the cluster of sales may still temper investor sentiment. Magnite insider sales report

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. BTIG Research lifted their price target on Magnite from $27.00 to $33.00 and gave the stock a “buy” rating in a report on Monday. Wells Fargo & Company upped their price objective on Magnite from $22.00 to $23.00 and gave the company an “equal weight” rating in a report on Thursday, November 5th. Needham & Company LLC increased their price objective on Magnite from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, September 3rd. Susquehanna increased their price objective on Magnite from $30.00 to $35.00 and gave the stock a “positive” rating in a research report on Thursday, November 5th. Finally, Weiss Ratings downgraded Magnite from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, November 4th. Ten investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $31.00.

About Magnite

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.