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 stock in a transaction on Friday, February 7th. The shares were sold at an average price of $19.46, for a total value of $2,917,754.56. Following the sale, the director now owns 219,920 shares in the company, valued at approximately $4,279,643.20. This trade represents a 40.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Magnite Price Performance

Shares of Magnite stock opened at $21.17 on Friday. The stock has a market capitalization of $2.98 billion, a P/E 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. The business’s fifty day moving average price is $16.65 and its 200 day moving average price is $14.65. Magnite, Inc. has a twelve month low of $8.38 and a twelve month high of $21.29.

Magnite (NASDAQ:MGNI) last issued its earnings results 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). Magnite had a return on equity of 4.64% and a net margin of 2.62%. The firm had revenue of $162.00 million for the quarter, compared to analysts’ expectations of $147.94 million. During the same quarter in the previous year, the firm posted $0.02 EPS. As a group, research analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current year.

Institutional Investors Weigh In On Magnite

Several institutional investors have recently bought and sold shares of the business. SBI Securities Co. Ltd. purchased 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 valued at $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 period. Jones Financial Companies Lllp lifted 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 worth $93,000 after purchasing an additional 1,000 shares in the last quarter. Finally, KBC Group NV boosted its position in shares of Magnite by 66.5% in the fourth quarter. KBC Group NV now owns 5,943 shares of the company’s stock worth $95,000 after buying an additional 2,374 shares during the period. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on MGNI shares. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price objective on shares of Magnite in a research note on Friday, January 17th. Scotiabank began coverage on shares of Magnite in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target on the stock. 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 research report on Friday, January 3rd. Macquarie restated an “outperform” rating and set a $18.00 target price on shares of Magnite in a research report on Friday, November 8th. Finally, Wells Fargo & Company boosted their price target on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.35.

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.