Key Points
- Magnite CEO Michael Barrett sold 75,000 shares on June 29 at an average price of $19.50, totaling $1.46 million. After the sale, he still held 403,074 shares valued at about $7.86 million.
- Magnite recently reported better-than-expected quarterly results, posting EPS of $0.13 versus the $0.11 consensus and revenue of $164.37 million, which was up 5.5% year over year.
- Wall Street sentiment remains constructive, with eight Buy ratings and two Hold ratings and an average analyst price target of $23.89, suggesting upside from the current share price.
Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CEO Michael Barrett sold 75,000 shares of Magnite stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $19.50, for a total transaction of $1,462,500.00. Following the completion of the transaction, the chief executive officer owned 403,074 shares of the company's stock, valued at $7,859,943. The trade was a 15.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
Magnite Stock Performance
NASDAQ MGNI opened at $20.28 on Thursday. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $26.65. The company's 50 day moving average is $14.98 and its 200-day moving average is $14.18. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The firm has a market cap of $2.90 billion, a P/E ratio of 19.50, a price-to-earnings-growth ratio of 0.97 and a beta of 2.25.
Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The firm had revenue of $164.37 million for the quarter, compared to analysts' expectations of $159.24 million. During the same period in the prior year, the business posted $0.12 earnings per share. The company's revenue was up 5.5% on a year-over-year basis. Sell-side analysts predict that Magnite, Inc. will post 0.55 earnings per share for the current year.
Institutional Investors Weigh In On Magnite
A number of large investors have recently added to or reduced their stakes in the company. Neo Ivy Capital Management bought a new stake in Magnite during the 3rd quarter valued at approximately $27,000. US Bancorp DE raised its position in shares of Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company's stock worth $35,000 after acquiring an additional 688 shares in the last quarter. Central Pacific Bank Trust Division purchased a new position in shares of Magnite in the 4th quarter valued at approximately $41,000. Strategic Advocates LLC purchased a new position in shares of Magnite in the 3rd quarter valued at approximately $42,000. Finally, PNC Financial Services Group Inc. boosted its position in shares of Magnite by 106.3% during the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company's stock valued at $45,000 after purchasing an additional 1,949 shares in the last quarter. Institutional investors own 73.40% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages recently issued reports on MGNI. Weiss Ratings upgraded Magnite from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Evercore restated an "outperform" rating and issued a $21.00 target price on shares of Magnite in a research note on Thursday, May 7th. Scotiabank raised their price target on Magnite from $16.00 to $17.00 and gave the company a "sector outperform" rating in a report on Thursday, May 7th. Wells Fargo & Company lifted their price target on Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research report on Friday, May 8th. Finally, Royal Bank Of Canada reissued an "outperform" rating on shares of Magnite in a report on Thursday, May 28th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Magnite currently has an average rating of "Moderate Buy" and an average price target of $23.89.
View Our Latest Analysis on Magnite
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).
Recommended Stories
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
