Key Points
- Director Robert Spillane sold 10,000 Magnite shares at an average price of $13.33, totaling $133,300. After the sale, he still owned 43,917 shares, a reduction of about 18.55% in his stake.
- Magnite shares were up about 1% and opened at $13.19, with the stock trading below its 200-day average and well off its 52-week high of $26.65. The company has a market cap of $1.89 billion and a beta of 2.33, indicating above-average volatility.
- Magnite recently beat earnings expectations, reporting $0.13 EPS versus the $0.11 estimate and revenue of $164.37 million, up 5.5% year over year. Analysts remain generally bullish, with a consensus rating of Moderate Buy and an average target price of $24.38.
Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director Robert Spillane sold 10,000 shares of the firm's stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $13.33, for a total transaction of $133,300.00. Following the completion of the sale, the director owned 43,917 shares of the company's stock, valued at $585,413.61. This trade represents a 18.55% 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 Trading Up 1.0%
Shares of NASDAQ:MGNI opened at $13.19 on Friday. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $26.65. The company has a market capitalization of $1.89 billion, a P/E ratio of 12.68, a price-to-earnings-growth ratio of 0.62 and a beta of 2.33. The company has a 50-day simple moving average of $12.70 and a 200 day simple moving average of $13.88. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02.
Magnite (NASDAQ:MGNI - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The business had revenue of $164.37 million during the quarter, compared to the consensus estimate of $159.24 million. During the same period last year, the business posted $0.12 EPS. Magnite's revenue was up 5.5% on a year-over-year basis. Sell-side analysts forecast that Magnite, Inc. will post 0.6 earnings per share for the current year.
Analyst Upgrades and Downgrades
MGNI has been the subject of several recent analyst reports. Weiss Ratings upgraded shares of Magnite from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, May 11th. Benchmark cut their target price on shares of Magnite from $31.00 to $30.00 and set a "buy" rating for the company in a research note on Thursday, February 26th. Needham & Company LLC restated a "buy" rating and set a $25.00 price objective on shares of Magnite in a research report on Thursday, April 16th. Scotiabank raised their price objective on shares of Magnite from $16.00 to $17.00 and gave the stock a "sector outperform" rating in a research report on Thursday, May 7th. Finally, Rosenblatt Securities restated a "buy" rating and set a $39.00 price objective on shares of Magnite in a research report on Thursday, February 26th. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $24.38.
View Our Latest Research Report on MGNI
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in MGNI. Neo Ivy Capital Management bought a new position in Magnite in the third quarter valued at approximately $27,000. US Bancorp DE increased its stake in Magnite by 75.8% in the third quarter. US Bancorp DE now owns 1,596 shares of the company's stock valued at $35,000 after acquiring an additional 688 shares during the last quarter. State of Wyoming bought a new position in Magnite in the third quarter valued at approximately $39,000. Central Pacific Bank Trust Division bought a new position in Magnite in the fourth quarter valued at approximately $41,000. Finally, Strategic Advocates LLC bought a new position in Magnite in the third quarter valued at approximately $42,000. 73.40% of the stock is owned by institutional investors.
Magnite Company Profile
(
Get Free Report)
Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.
At the core of Magnite's offering is its supply-side platform (SSP), which connects publishers' ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).
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