Key Points
- Magnite director David Pearson sold 10,766 shares on June 10 at an average price of $15.65, for proceeds of about $168,487.90. After the sale, he still held 79,001 shares valued at roughly $1.24 million.
- Magnite recently reported better-than-expected quarterly results, with EPS of $0.13 versus $0.11 expected and revenue of $164.37 million versus $159.24 million forecast. Revenue rose 5.5% year over year.
- Analysts remain generally positive on the stock, with eight Buy ratings and two Hold ratings and a consensus target price of $23.89. Institutional investors also own a large portion of the company, with hedge funds holding 73.40% of shares.
Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director David Pearson sold 10,766 shares of the business's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $15.65, for a total transaction of $168,487.90. Following the sale, the director directly owned 79,001 shares in the company, valued at approximately $1,236,365.65. The trade was a 11.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Magnite Stock Performance
NASDAQ MGNI opened at $15.67 on Thursday. The firm's fifty day moving average price is $13.32 and its two-hundred day moving average price is $13.85. The stock has a market cap of $2.24 billion, a PE ratio of 15.07, a PEG ratio of 0.75 and a beta of 2.32. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $26.65. 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 posted its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.11 by $0.02. The firm had revenue of $164.37 million for the quarter, compared to analysts' expectations of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The company's revenue was up 5.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.12 earnings per share. On average, equities analysts expect that Magnite, Inc. will post 0.6 EPS for the current fiscal year.
Hedge Funds Weigh In On Magnite
Several hedge funds and other institutional investors have recently bought and sold shares of MGNI. JPMorgan Chase & Co. raised its holdings in shares of Magnite by 28.9% during the third quarter. JPMorgan Chase & Co. now owns 1,209,413 shares of the company's stock valued at $26,341,000 after purchasing an additional 271,325 shares during the period. Kopion Asset Management LLC raised its holdings in shares of Magnite by 149.2% during the fourth quarter. Kopion Asset Management LLC now owns 614,459 shares of the company's stock valued at $9,973,000 after purchasing an additional 367,858 shares during the period. Stephens Investment Management Group LLC raised its holdings in shares of Magnite by 17.0% during the fourth quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company's stock valued at $18,317,000 after purchasing an additional 164,035 shares during the period. Kennedy Capital Management LLC raised its holdings in shares of Magnite by 39.6% during the third quarter. Kennedy Capital Management LLC now owns 1,213,613 shares of the company's stock valued at $26,432,000 after purchasing an additional 344,466 shares during the period. Finally, Picton Mahoney Asset Management raised its holdings in shares of Magnite by 203.0% during the third quarter. Picton Mahoney Asset Management now owns 387,332 shares of the company's stock valued at $8,436,000 after purchasing an additional 259,482 shares during the period. Institutional investors and hedge funds own 73.40% of the company's stock.
Analysts Set New Price Targets
MGNI has been the subject of several analyst reports. Rosenblatt Securities reaffirmed a "buy" rating and set a $39.00 target price on shares of Magnite in a research report on Thursday, February 26th. Weiss Ratings raised Magnite from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Benchmark lowered their target price on Magnite from $31.00 to $30.00 and set a "buy" rating for the company in a research report on Thursday, February 26th. BTIG Research initiated coverage on Magnite in a research report on Tuesday. They set a "buy" rating and a $20.00 target price for the company. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $25.00 target price on shares of Magnite in a research report on Thursday, April 16th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Magnite presently has a consensus rating of "Moderate Buy" and an average target price of $23.89.
Check Out Our Latest Research Report on Magnite
About Magnite
(
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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