Magnite, Inc. (NASDAQ:MGNI) Director Sells $2,917,754.56 in Stock

Magnite, Inc. (NASDAQ:MGNI) Director James Rossman sold 149,936 shares of the company’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $19.46, for a total transaction of $2,917,754.56. Following the completion of the transaction, the director now owns 219,920 shares in the company, valued at $4,279,643.20. This trade represents a 40.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Magnite Stock Up 10.6 %

Shares of NASDAQ MGNI opened at $21.17 on Monday. The company has a market cap of $2.98 billion, a price-to-earnings ratio of 352.83, a PEG ratio of 1.05 and a beta of 2.52. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a 12 month low of $8.38 and a 12 month high of $21.29. The stock has a 50-day moving average price of $16.74 and a two-hundred day moving average price of $14.68.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.09). The company had revenue of $162.00 million for the quarter, compared to analyst estimates of $147.94 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. During the same quarter in the prior year, the company earned $0.02 earnings per share. As a group, analysts forecast that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

MGNI has been the subject of a number of recent research reports. Royal Bank of Canada boosted their price objective on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Macquarie reiterated an “outperform” rating and issued a $18.00 price target on shares of Magnite in a research note on Friday, November 8th. Wells Fargo & Company raised their price objective on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Needham & Company LLC reiterated a “buy” rating and set a $20.00 target price on shares of Magnite in a research report on Friday, January 17th. Finally, Scotiabank assumed coverage on Magnite in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price target on the stock. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.35.

Institutional Trading of Magnite

Hedge funds and other institutional investors have recently modified their holdings of the stock. SBI Securities Co. Ltd. bought a new position in shares of Magnite in the 4th quarter valued at $25,000. Larson Financial Group LLC increased its holdings in Magnite by 179.2% in the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock worth $58,000 after purchasing an additional 2,341 shares in the last quarter. Quarry LP raised its position in Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after purchasing an additional 4,508 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after purchasing an additional 1,000 shares in the last quarter. Finally, KBC Group NV boosted its stake in shares of Magnite by 66.5% during the fourth quarter. KBC Group NV now owns 5,943 shares of the company’s stock valued at $95,000 after purchasing an additional 2,374 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

About Magnite

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company’s platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.