Insider Selling: Magnite, Inc. (NASDAQ:MGNI) CAO Sells 6,250 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CAO Brian Gephart sold 6,250 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $16.00, for a total transaction of $100,000.00. Following the completion of the sale, the chief accounting officer now directly owns 132,909 shares of the company's stock, valued at $2,126,544. The trade was a 4.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Magnite Stock Down 3.9 %

NASDAQ:MGNI traded down $0.53 during mid-day trading on Friday, reaching $13.10. The stock had a trading volume of 3,310,890 shares, compared to its average volume of 2,558,140. The business's 50 day moving average is $17.07 and its 200 day moving average is $15.27. Magnite, Inc. has a fifty-two week low of $8.38 and a fifty-two week high of $21.29. The stock has a market cap of $1.87 billion, a P/E ratio of 218.33, 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 (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing analysts' consensus estimates of $0.39 by ($0.14). The firm had revenue of $180.20 million during the quarter, compared to analyst estimates of $183.90 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. As a group, sell-side analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current year.

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Institutional Investors Weigh In On Magnite

Large investors have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. bought a new stake in Magnite during the fourth quarter worth approximately $25,000. Larson Financial Group LLC boosted its position in Magnite by 179.2% during the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company's stock worth $58,000 after purchasing an additional 2,341 shares during the period. Quantbot Technologies LP bought a new stake in Magnite during the fourth quarter worth approximately $87,000. Quarry LP boosted its position in Magnite by 446.8% during the third quarter. Quarry LP now owns 5,517 shares of the company's stock worth $76,000 after purchasing an additional 4,508 shares during the period. Finally, Jones Financial Companies Lllp boosted its position in 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 during the period. Institutional investors own 73.40% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on MGNI. Benchmark upped their price target on shares of Magnite from $21.00 to $25.00 and gave the company a "buy" rating in a report on Thursday, February 27th. Wells Fargo & Company boosted their price objective on Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a report on Thursday, January 16th. Needham & Company LLC reiterated a "buy" rating and issued a $20.00 target price on shares of Magnite in a report on Thursday, February 27th. Scotiabank initiated coverage on Magnite in a report on Thursday, December 5th. They issued a "sector outperform" rating and a $22.00 target price on the stock. Finally, Susquehanna upped their target price on Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a report on Thursday, February 27th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $19.27.

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.