Insider Selling: Magnite, Inc. (NASDAQ:MGNI) Insider Sells 15,499 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) insider Adam Lee Soroca sold 15,499 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $15.75, for a total transaction of $244,109.25. Following the completion of the sale, the insider now owns 458,386 shares of the company's stock, valued at $7,219,579.50. This represents a 3.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Magnite Price Performance

Shares of MGNI traded down $0.53 during mid-day trading on Friday, hitting $13.10. 3,310,890 shares of the company traded hands, compared to its average volume of 2,558,140. Magnite, Inc. has a one year low of $8.38 and a one year high of $21.29. 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 has a 50-day moving average of $17.07 and a 200 day moving average of $15.27. The stock has a market capitalization of $1.87 billion, a price-to-earnings ratio of 218.33, a PEG ratio of 1.00 and a beta of 2.79.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $183.90 million. As a group, equities analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

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Wall Street Analysts Forecast Growth

MGNI has been the subject of a number of recent analyst reports. Needham & Company LLC restated a "buy" rating and set a $20.00 price target on shares of Magnite in a report on Thursday, February 27th. Wells Fargo & Company upped their price objective on shares of Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research report on Thursday, January 16th. Scotiabank started coverage on shares of Magnite in a research report on Thursday, December 5th. They set a "sector outperform" rating and a $22.00 price objective for the company. Susquehanna upped their price objective on shares of Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a research report on Thursday, February 27th. Finally, Wolfe Research upped their price objective on shares of Magnite from $14.00 to $19.00 and gave the company an "outperform" rating in a research report on Friday, January 3rd. 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 stock has a consensus rating of "Moderate Buy" and a consensus target price of $19.27.

Hedge Funds Weigh In On Magnite

Hedge funds and other institutional investors have recently bought and sold shares of the business. Victory Capital Management Inc. boosted its stake in Magnite by 2.9% in the third quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company's stock valued at $18,569,000 after acquiring an additional 37,601 shares during the last quarter. Merit Financial Group LLC bought a new position in Magnite in the fourth quarter valued at approximately $586,000. Rice Hall James & Associates LLC bought a new position in Magnite in the fourth quarter valued at approximately $3,000,000. Jennison Associates LLC bought a new position in Magnite in the fourth quarter valued at approximately $818,000. Finally, Penbrook Management LLC raised its holdings in Magnite by 60.8% in the fourth quarter. Penbrook Management LLC now owns 38,480 shares of the company's stock worth $613,000 after purchasing an additional 14,550 shares during the period. 73.40% of the stock is owned by institutional investors.

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.