Key Points
- Director Douglas Knopper sold 37,337 Magnite shares for approximately $981,000 at an average price of $26.28, reducing his position by 42.2%. The transaction was made under a pre-arranged Rule 10b5-1 trading plan.
- Magnite reported stronger-than-expected quarterly results, with EPS of $0.26 versus the $0.24 consensus estimate and revenue of $192.82 million, up 11.3% year over year.
- Analyst sentiment remains favorable, with 11 Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $29.36; institutional investors own 73.4% of the stock.
Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director Paul Caine sold 7,500 shares of the firm's stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $26.50, for a total value of $198,750.00. Following the completion of the transaction, the director owned 137,401 shares of the company's stock, valued at approximately $3,641,126.50. This represents a 5.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 Thursday, September 10th, Paul Caine sold 5,000 shares of Magnite stock. The stock was sold at an average price of $23.53, for a total value of $117,650.00.
- On Monday, August 10th, Paul Caine sold 5,000 shares of Magnite stock. The shares were sold at an average price of $24.35, for a total value of $121,750.00.
- 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 transaction of $103,200.00.
Magnite Price Performance
Shares of MGNI opened at $25.15 on Friday. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The company's fifty day simple moving average is $22.41 and its 200 day simple moving average is $17.25. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $26.84. The company has a market cap of $3.61 billion, a price-to-earnings ratio of 23.07, a PEG ratio of 1.12 and a beta of 2.30.
Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.02. The firm had revenue of $192.82 million during the quarter, compared to analysts' expectations of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The company's revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.20 earnings per share. On average, research analysts forecast that Magnite, Inc. will post 0.61 earnings per share for the current fiscal year.
Analyst Ratings Changes
A number of analysts have recently issued reports on the company. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Magnite in a research report on Friday, August 7th. Benchmark boosted their target price on Magnite from $30.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Royal Bank Of Canada increased their price target on Magnite from $20.00 to $27.00 and gave the company an "outperform" rating in a research note on Thursday, August 6th. Scotiabank reaffirmed an "outperform" rating and set a $27.00 price target on shares of Magnite in a report on Thursday, August 6th. Finally, Rosenblatt Securities lifted their price objective on shares of Magnite from $39.00 to $40.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Eleven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $29.36.
Read Our Latest Stock Report on Magnite
Institutional Trading of Magnite
Institutional investors have recently bought and sold shares of the business. Allworth Financial LP grew its position in shares of Magnite by 63.7% during the 2nd quarter. Allworth Financial LP now owns 1,567 shares of the company's stock worth $30,000 after purchasing an additional 610 shares in the last quarter. AYAL Capital Advisors Ltd raised its position in shares of Magnite by 0.5% in the fourth quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company's stock valued at $3,246,000 after buying an additional 1,000 shares in the last quarter. Nykredit A S acquired a new stake in shares of Magnite in the second quarter valued at approximately $25,000. EFG International AG bought a new stake in shares of Magnite in the second quarter valued at approximately $28,000. Finally, Blue Trust Inc. boosted its stake in shares of Magnite by 5.8% in the first quarter. Blue Trust Inc. now owns 29,073 shares of the company's stock valued at $345,000 after buying an additional 1,599 shares during the period. Institutional investors own 73.40% of the company's stock.
Key Headlines Impacting Magnite
Here are the key news stories impacting Magnite this week:
- Positive Sentiment: Analyst support increased: B. Riley raised its Magnite price target from $27 to $30 and maintained a “buy” rating, implying additional upside from recent trading levels. StoneX also reiterated its “buy” rating. StoneX Sticks to Its Buy Rating for Magnite
- Positive Sentiment: Google antitrust remedies could benefit ad-tech exchanges: Magnite shares recently rallied after an unsealed opinion in the U.S. Justice Department’s case against Alphabet’s Google raised expectations that remedies could improve competition and create opportunities for independent supply-side advertising platforms. Craig-Hallum reportedly lifted its target to $32. Magnite Rises on Google Auction Remedies
- Positive Sentiment: Product expansion supports the growth narrative: Magnite expanded its media-buying orchestration capabilities, potentially strengthening its offering to advertisers and media owners across increasingly complex digital channels. Magnite Expands Orchestration Capabilities for Media Buying
- Neutral Sentiment: Underlying results remain solid: Magnite’s latest quarter exceeded EPS and revenue expectations, with revenue up 11.3% year over year. However, investors are also weighing whether the recent AI-driven advertising enthusiasm has pushed the shares too far, with one analysis suggesting the stock could be substantially overvalued. Magnite Stock Could Be Overvalued
- Negative Sentiment: Several insiders sold shares: Director Douglas Knopper sold approximately $981,000 of stock, director Paul Caine sold $198,750, CTO David Buonasera sold 1,165 shares, and Robert Spillane was also reported to have sold shares. The Knopper and Caine transactions were made under pre-arranged Rule 10b5-1 plans, reducing their significance as discretionary bearish signals, but the cluster of sales may still weigh on sentiment. Robert Spillane Sells Magnite Shares
About Magnite
(
Get Free Report)
Magnite, Inc is an independent sell-side advertising technology company that operates a global platform for digital media owners and app developers. Its technology helps publishers and media companies manage, package, sell and optimize advertising inventory across connected television (CTV), online video, mobile, desktop, audio and digital out-of-home channels.
Magnite's platform connects publishers with agencies, brands and demand-side platforms, supporting automated, data-driven programmatic advertising transactions.
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