Key Points
- Magnite insider Sean Patrick Buckley sold 19,233 shares on June 17 at an average price of $19.00, generating $365,427 and reducing his stake by 4.9%.
- Despite the insider sale, Magnite has shown solid operating results and stock momentum, with the company recently beating quarterly EPS and revenue estimates and shares trading near recent highs after a multi-week winning streak.
- Analysts remain generally constructive on MGNI, with a consensus rating of “Moderate Buy” and a target price of $23.89, while institutional investors continue to increase their holdings.
Magnite, Inc. (NASDAQ:MGNI - Get Free Report) insider Sean Patrick Buckley sold 19,233 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $19.00, for a total transaction of $365,427.00. Following the transaction, the insider directly owned 373,514 shares in the company, valued at $7,096,766. This trade represents a 4.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Magnite Stock Performance
Shares of MGNI opened at $17.89 on Friday. Magnite, Inc. has a one year low of $10.82 and a one year high of $26.65. The company has a market cap of $2.56 billion, a PE ratio of 17.20, a P/E/G ratio of 0.86 and a beta of 2.32. The stock has a 50-day moving average of $13.97 and a 200-day moving average of $13.96. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02.
Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly 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 business had revenue of $164.37 million for the quarter, compared to the consensus estimate of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The firm's revenue for the quarter was up 5.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.12 EPS. On average, equities research analysts predict that Magnite, Inc. will post 0.6 EPS for the current fiscal year.
Key Stories Impacting Magnite
Here are the key news stories impacting Magnite this week:
Wall Street Analyst Weigh In
MGNI has been the topic of a number of recent research reports. Wells Fargo & Company increased their target price on Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a report on Friday, May 8th. Evercore restated an "outperform" rating and set a $21.00 price target on shares of Magnite in a research note on Thursday, May 7th. Needham & Company LLC restated a "buy" rating and set a $25.00 price objective on shares of Magnite in a report on Thursday, April 16th. Scotiabank raised their price objective on shares of Magnite from $16.00 to $17.00 and gave the company a "sector outperform" rating in a research note on Thursday, May 7th. Finally, BTIG Research assumed coverage on shares of Magnite in a research report on Tuesday, June 9th. They set a "buy" rating and a $20.00 target price for the company. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Magnite currently has an average rating of "Moderate Buy" and a consensus target price of $23.89.
Read Our Latest Report on MGNI
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of the stock. Pacer Advisors Inc. purchased a new position in shares of Magnite during the first quarter valued at approximately $5,959,000. Optiver Holding B.V. raised its position in Magnite by 2,746.4% in the 1st quarter. Optiver Holding B.V. now owns 5,579 shares of the company's stock valued at $66,000 after buying an additional 5,383 shares during the last quarter. Bank of America Corp DE lifted its stake in Magnite by 72.6% during the 1st quarter. Bank of America Corp DE now owns 1,125,196 shares of the company's stock valued at $13,367,000 after acquiring an additional 473,243 shares in the last quarter. Amundi lifted its stake in Magnite by 74.8% during the 1st quarter. Amundi now owns 22,817 shares of the company's stock valued at $271,000 after acquiring an additional 9,764 shares in the last quarter. Finally, California State Teachers Retirement System boosted its holdings in Magnite by 29.3% during the 1st quarter. California State Teachers Retirement System now owns 176,528 shares of the company's stock worth $2,097,000 after acquiring an additional 40,004 shares during the last quarter. Institutional investors own 73.40% of the company's stock.
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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