Magnite, Inc. (NASDAQ:MGNI) Insider Aaron Saltz Sells 5,112 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) insider Aaron Saltz sold 5,112 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $13.50, for a total transaction of $69,012.00. Following the transaction, the insider now directly owns 307,745 shares of the company’s stock, valued at approximately $4,154,557.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Magnite Stock Up 0.9 %

Shares of MGNI opened at $13.61 on Friday. Magnite, Inc. has a fifty-two week low of $6.55 and a fifty-two week high of $15.92. The company’s fifty day moving average is $12.80 and its two-hundred day moving average is $12.63. The firm has a market cap of $1.92 billion, a PE ratio of -123.73, a price-to-earnings-growth ratio of 1.23 and a beta of 2.43. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.77.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The firm had revenue of $162.88 million during the quarter, compared to analyst estimates of $144.04 million. During the same quarter in the previous year, the business posted ($0.04) EPS. Magnite’s revenue was up 6.8% compared to the same quarter last year. Analysts forecast that Magnite, Inc. will post 0.29 earnings per share for the current year.

Hedge Funds Weigh In On Magnite

Hedge funds and other institutional investors have recently modified their holdings of the company. Intech Investment Management LLC purchased a new position in Magnite in the third quarter valued at approximately $649,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Magnite in the third quarter worth $2,065,000. Quest Partners LLC purchased a new position in shares of Magnite in the 3rd quarter valued at $233,000. Seelaus Asset Management LLC acquired a new position in shares of Magnite during the 3rd quarter valued at $175,000. Finally, Royce & Associates LP boosted its position in Magnite by 5.2% during the 3rd quarter. Royce & Associates LP now owns 1,488,301 shares of the company’s stock worth $20,613,000 after purchasing an additional 73,555 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have weighed in on MGNI shares. Craig Hallum reissued a “buy” rating and set a $20.00 price target on shares of Magnite in a research report on Wednesday, August 21st. Needham & Company LLC reiterated a “buy” rating and set a $15.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Royal Bank of Canada reissued an “outperform” rating and issued a $19.00 target price on shares of Magnite in a research note on Friday, September 27th. Bank of America raised their price target on shares of Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Finally, Macquarie reissued an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a research report on Friday. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $16.96.

Magnite Company Profile

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.