Key Points
- Magnite Director Rachel Lam sold 10,000 shares at an average price of $24.16, generating $241,600 and reducing her ownership by 4.16% to 230,620 shares.
- Magnite reported quarterly EPS of $0.26, exceeding estimates by $0.02, while revenue reached $192.82 million, up 11.3% year over year and above expectations.
- Analysts remain generally bullish, with nine Buy ratings and two Holds; the stock has a “Moderate Buy” consensus rating and an average price target of $28.30.
Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director Paul Caine sold 5,000 shares of the company's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $24.35, for a total transaction of $121,750.00. Following the completion of the transaction, the director owned 157,401 shares of the company's stock, valued at approximately $3,832,714.35. This trade represents a 3.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Paul Caine also recently made the following trade(s):
- On Friday, July 10th, Paul Caine sold 5,000 shares of Magnite stock. The shares were sold at an average price of $20.64, for a total value of $103,200.00.
Magnite Price Performance
Shares of Magnite stock opened at $24.34 on Thursday. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.65. The business has a 50-day moving average price of $19.25 and a 200 day moving average price of $15.14. The firm has a market cap of $3.49 billion, a PE ratio of 22.33, a P/E/G ratio of 1.49 and a beta of 2.26.
Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.02. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The company had revenue of $192.82 million for the quarter, compared to the consensus estimate of $179.15 million. During the same quarter in the prior year, the business posted $0.20 earnings per share. Magnite's revenue for the quarter was up 11.3% on a year-over-year basis. Sell-side analysts predict that Magnite, Inc. will post 0.44 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of research analysts have recently issued reports on the company. Susquehanna increased their target price on Magnite from $22.00 to $30.00 and gave the company a "positive" rating in a research report on Thursday, August 6th. Weiss Ratings restated a "hold (c)" rating on shares of Magnite in a research report on Friday, August 7th. Evercore reaffirmed an "outperform" rating and set a $25.00 price objective on shares of Magnite in a report on Thursday, August 6th. Scotiabank reiterated an "outperform" rating and issued a $27.00 target price on shares of Magnite in a research report on Thursday, August 6th. Finally, Royal Bank Of Canada boosted their target price on shares of Magnite from $20.00 to $27.00 and gave the stock an "outperform" rating in a research note on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $28.30.
Check Out Our Latest Stock Analysis on MGNI
Hedge Funds Weigh In On Magnite
Hedge funds and other institutional investors have recently made changes to their positions in the company. Allworth Financial LP purchased a new stake in shares of Magnite during the second quarter worth approximately $30,000. US Bancorp DE boosted its stake in Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company's stock worth $35,000 after purchasing an additional 688 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings 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 worth $45,000 after buying an additional 1,949 shares in the last quarter. Smartleaf Asset Management LLC raised its position in shares of Magnite by 98.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 3,678 shares of the company's stock valued at $61,000 after buying an additional 1,824 shares during the last quarter. Finally, Harbor Investment Advisory LLC acquired a new stake in shares of Magnite in the second quarter valued at about $62,000. Hedge funds and other institutional investors own 73.40% of the company's stock.
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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