Insider Selling: Magnite, Inc. (NASDAQ:MGNI) CRO Sells 2,682 Shares of Stock

Magnite, Inc. (NASDAQ:MGNIGet Free Report) CRO Sean Patrick Buckley sold 2,682 shares of Magnite stock in a transaction on Friday, May 24th. The stock was sold at an average price of $12.50, for a total transaction of $33,525.00. Following the completion of the transaction, the executive now owns 404,875 shares in the company, valued at approximately $5,060,937.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Magnite Stock Down 2.1 %

MGNI traded down $0.26 during trading hours on Wednesday, hitting $12.21. 1,297,465 shares of the company’s stock were exchanged, compared to its average volume of 1,432,615. Magnite, Inc. has a 1-year low of $6.28 and a 1-year high of $15.73. The stock’s 50-day moving average is $9.92 and its two-hundred day moving average is $9.59. The stock has a market cap of $1.71 billion, a price-to-earnings ratio of -19.08, a PEG ratio of 0.99 and a beta of 2.29. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.79.

Magnite (NASDAQ:MGNIGet Free Report) last announced its earnings results on Wednesday, May 8th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.05. Magnite had a negative net margin of 12.24% and a positive return on equity of 3.23%. The business had revenue of $130.55 million during the quarter, compared to analysts’ expectations of $123.77 million. Sell-side analysts predict that Magnite, Inc. will post 0.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on MGNI shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $15.00 target price on shares of Magnite in a report on Thursday, March 7th. Susquehanna reiterated a “positive” rating and set a $14.00 target price on shares of Magnite in a research report on Thursday, May 16th. Benchmark reiterated a “buy” rating and set a $18.00 target price on shares of Magnite in a research report on Thursday, May 16th. B. Riley started coverage on shares of Magnite in a research report on Friday, April 19th. They set a “buy” rating and a $14.50 target price on the stock. Finally, Needham & Company LLC restated a “buy” rating and issued a $15.00 price target on shares of Magnite in a research report on Thursday, May 16th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $15.15.

Get Our Latest Analysis on Magnite

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in MGNI. Commonwealth Equity Services LLC boosted its holdings in Magnite by 120.1% during the third quarter. Commonwealth Equity Services LLC now owns 34,544 shares of the company’s stock worth $260,000 after purchasing an additional 18,846 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Magnite by 17.0% in the third quarter. Principal Financial Group Inc. now owns 17,424 shares of the company’s stock valued at $131,000 after acquiring an additional 2,526 shares during the last quarter. NBC Securities Inc. acquired a new stake in Magnite in the third quarter valued at $198,000. Victory Capital Management Inc. lifted its stake in Magnite by 0.8% in the third quarter. Victory Capital Management Inc. now owns 2,046,734 shares of the company’s stock valued at $15,432,000 after acquiring an additional 15,924 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in Magnite in the third quarter valued at $575,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

About Magnite

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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.

Further Reading

Insider Buying and Selling by Quarter for Magnite (NASDAQ:MGNI)

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