Key Points
- Magnite director Paul Caine sold 5,000 shares on July 10 at an average price of $20.64, totaling $103,200. After the sale, he still held 162,401 shares worth about $3.35 million.
- The transaction represented a 2.99% reduction in Caine’s position and was disclosed in an SEC filing.
- Magnite’s recent operating performance and analyst sentiment remain positive: the company beat Q1 EPS and revenue estimates, and Wall Street currently rates the stock a “Moderate Buy” with an average price target of $23.89.
Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director Paul Caine sold 5,000 shares of the business's stock in a transaction on Friday, July 10th. The shares were sold at an average price of $20.64, for a total value of $103,200.00. Following the transaction, the director owned 162,401 shares of the company's stock, valued at approximately $3,351,956.64. The trade was a 2.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
Magnite Stock Performance
MGNI stock opened at $20.20 on Wednesday. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.65. The firm has a market cap of $2.89 billion, a price-to-earnings ratio of 19.42, a PEG ratio of 1.04 and a beta of 2.25. The business's fifty day simple moving average is $16.33 and its two-hundred day simple moving average is $14.44. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38.
Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 EPS 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 business'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 posted $0.12 earnings per share. Analysts predict that Magnite, Inc. will post 0.55 earnings per share for the current year.
Institutional Inflows and Outflows
Large investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Magnite by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company's stock valued at $854,000 after purchasing an additional 3,267 shares in the last quarter. Millennium Management LLC raised its holdings in Magnite by 113.7% in the first quarter. Millennium Management LLC now owns 434,479 shares of the company's stock worth $4,957,000 after purchasing an additional 231,213 shares in the last quarter. Jones Financial Companies Lllp lifted its position in shares of Magnite by 24.3% during the first quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company's stock valued at $83,000 after buying an additional 1,423 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Magnite by 9.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company's stock valued at $4,618,000 after buying an additional 36,097 shares during the last quarter. Finally, Intech Investment Management LLC boosted its holdings in shares of Magnite by 103.6% in the 1st quarter. Intech Investment Management LLC now owns 109,992 shares of the company's stock valued at $1,255,000 after buying an additional 55,971 shares in the last quarter. 73.40% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several analysts have recently weighed in on the stock. Evercore reaffirmed an "outperform" rating and set a $21.00 price target on shares of Magnite in a research note on Thursday, May 7th. Scotiabank raised their price objective on Magnite from $16.00 to $17.00 and gave the stock a "sector outperform" rating in a report on Thursday, May 7th. BTIG Research began coverage on Magnite in a research report on Tuesday, June 9th. They set a "buy" rating and a $20.00 target price for the company. Needham & Company LLC reissued a "buy" rating and set a $25.00 price target on shares of Magnite in a research report on Thursday, April 16th. Finally, Wells Fargo & Company raised their price target on Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research note on Friday, May 8th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Magnite currently has an average rating of "Moderate Buy" and an average price target of $23.89.
Get Our Latest Report on MGNI
Magnite Company Profile
(
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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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