Magnite, Inc. (NASDAQ:MGNI) Insider Sells $244,109.25 in Stock

Magnite, Inc. (NASDAQ:MGNI) insider Adam Lee Soroca sold 15,499 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $15.75, for a total value of $244,109.25. Following the completion of the transaction, the insider now owns 458,386 shares of the company’s stock, valued at $7,219,579.50. This trade represents a 3.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Magnite Trading Down 1.1 %

Shares of NASDAQ:MGNI opened at $14.49 on Thursday. The company has a market cap of $2.07 billion, a P/E ratio of 241.50, a PEG ratio of 1.00 and a beta of 2.79. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. Magnite, Inc. has a 1 year low of $8.38 and a 1 year high of $21.29. The stock’s fifty day moving average price is $17.20 and its 200-day moving average price is $15.27.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The business had revenue of $180.20 million for the quarter, compared to the consensus estimate of $183.90 million. Sell-side analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Benchmark increased their price target on Magnite from $21.00 to $25.00 and gave the stock a “buy” rating in a research note on Thursday, February 27th. Wells Fargo & Company raised 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. Needham & Company LLC restated a “buy” rating and set a $20.00 price target on shares of Magnite in a research report on Thursday, February 27th. Susquehanna raised their price target on Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research report on Thursday, February 27th. Finally, Royal Bank of Canada raised their price target on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $19.27.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of MGNI. Arizona State Retirement System increased its position in Magnite by 1.5% in the fourth quarter. Arizona State Retirement System now owns 36,846 shares of the company’s stock worth $587,000 after buying an additional 559 shares in the last quarter. Truist Financial Corp grew its position in shares of Magnite by 2.0% during the fourth quarter. Truist Financial Corp now owns 34,242 shares of the company’s stock worth $545,000 after purchasing an additional 674 shares in the last quarter. Summit Investment Advisors Inc. grew its position in shares of Magnite by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company’s stock worth $210,000 after purchasing an additional 836 shares in the last quarter. Verdence Capital Advisors LLC grew its holdings in Magnite by 4.8% during the 3rd quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock valued at $268,000 after buying an additional 892 shares in the last quarter. Finally, ANTIPODES PARTNERS Ltd lifted its stake in shares of Magnite by 13.4% in the 4th quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company’s stock valued at $129,000 after purchasing an additional 956 shares during 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.