Insider Selling: Magnite, Inc. (NASDAQ:MGNI) Insider Sells 5,112 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) insider Aaron Saltz sold 5,112 shares of the firm's stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $13.50, for a total value of $69,012.00. Following the sale, the insider now directly owns 307,745 shares of the company's stock, valued at approximately $4,154,557.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Magnite Stock Up 0.9 %

Shares of NASDAQ MGNI traded up $0.12 during mid-day trading on Friday, hitting $13.61. The company had a trading volume of 3,923,508 shares, compared to its average volume of 1,602,704. The company has a market capitalization of $1.92 billion, a PE ratio of -123.73, a price-to-earnings-growth ratio of 1.23 and a beta of 2.43. The business's 50-day simple moving average is $12.80 and its 200 day simple moving average is $12.66. Magnite, Inc. has a 1-year low of $6.55 and a 1-year high of $15.92. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.10 and a quick ratio of 1.10.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.15 by ($0.01). Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The company had revenue of $162.88 million during the quarter, compared to analyst estimates of $144.04 million. During the same period in the prior year, the business earned ($0.04) EPS. Magnite's revenue for the quarter was up 6.8% on a year-over-year basis. On average, analysts predict that Magnite, Inc. will post 0.29 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on MGNI shares. Royal Bank of Canada reiterated an "outperform" rating and set a $19.00 price target on shares of Magnite in a report on Friday, September 27th. Benchmark reaffirmed a "buy" rating and set a $21.00 target price on shares of Magnite in a research note on Wednesday, October 2nd. Bank of America lifted their price target on shares of Magnite from $15.00 to $17.00 and gave the company a "buy" rating in a research report on Monday, July 29th. Wolfe Research began coverage on shares of Magnite in a report on Tuesday, July 16th. They issued an "outperform" rating and a $16.00 price objective on the stock. Finally, Macquarie reiterated an "outperform" rating and issued a $18.00 target price on shares of Magnite in a report on Friday. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $16.96.

Institutional Trading of Magnite

Hedge funds have recently added to or reduced their stakes in the company. 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 worth $268,000 after acquiring an additional 892 shares in the last quarter. Mount Yale Investment Advisors LLC grew its stake in shares of Magnite by 4.6% during the third quarter. Mount Yale Investment Advisors LLC now owns 24,229 shares of the company's stock worth $336,000 after purchasing an additional 1,068 shares in the last quarter. Arizona State Retirement System grew its stake in shares of Magnite by 3.4% during the second quarter. Arizona State Retirement System now owns 35,256 shares of the company's stock worth $469,000 after purchasing an additional 1,160 shares in the last quarter. UMB Bank n.a. increased its holdings in Magnite by 111.8% in the second quarter. UMB Bank n.a. now owns 2,251 shares of the company's stock valued at $30,000 after buying an additional 1,188 shares during the last quarter. Finally, Fulton Bank N.A. raised its stake in Magnite by 6.4% in the third quarter. Fulton Bank N.A. now owns 28,311 shares of the company's stock valued at $392,000 after buying an additional 1,696 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

Magnite Company Profile

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.