Key Points
- Magnite director Paul Caine sold 12,500 shares at an average price of $25.29, generating $316,125. The Rule 10b5-1 transaction reduced his direct ownership by 9.1% to 124,901 shares.
- Magnite reported quarterly earnings of $0.26 per share, exceeding estimates by $0.02, while revenue rose 11.3% year over year to $192.82 million, above analyst expectations.
- Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $29.36; institutional investors own 73.4% of the company.
Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director Paul Caine sold 12,500 shares of the firm's stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $25.29, for a total transaction of $316,125.00. Following the completion of the transaction, the director directly owned 124,901 shares in the company, valued at approximately $3,158,746.29. The trade was a 9.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 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 17th, Paul Caine sold 7,500 shares of Magnite stock. The shares were sold at an average price of $26.50, for a total value of $198,750.00.
- On Thursday, September 10th, Paul Caine sold 5,000 shares of Magnite stock. The shares were 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 transaction of $121,750.00.
Magnite Price Performance
MGNI opened at $23.87 on Thursday. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.84. The company has a fifty day simple moving average of $24.33 and a 200 day simple moving average of $18.81. The stock has a market cap of $3.42 billion, a P/E ratio of 46.04, a P/E/G ratio of 0.83 and a beta of 2.33. 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 (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.02. The company had revenue of $192.82 million for the quarter, compared to analyst estimates of $179.15 million. Magnite had a return on equity of 9.33% and a net margin of 22.49%. Magnite's revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.20 earnings per share. On average, research analysts expect that Magnite, Inc. will post 0.61 EPS for the current year.
Institutional Inflows and Outflows
Several large investors have recently added to or reduced their stakes in MGNI. Nykredit A S acquired a new stake in shares of Magnite in the second quarter valued at about $25,000. EFG International AG acquired a new position in Magnite in the 2nd quarter valued at $28,000. Allworth Financial LP acquired a new stake in shares of Magnite during the second quarter worth $30,000. PNC Financial Services Group Inc. lifted 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. Finally, Harbor Investment Advisory LLC acquired a new position in shares of Magnite in the second quarter valued at about $62,000. Institutional investors and hedge funds own 73.40% of the company's stock.
Analyst Upgrades and Downgrades
MGNI has been the subject of several research reports. Evercore reissued an "outperform" rating and set a $25.00 price objective on shares of Magnite in a research report on Thursday, August 6th. B. Riley Financial upped their target price on shares of Magnite from $27.00 to $30.00 and gave the stock a "buy" rating in a research note on Friday, September 18th. Wells Fargo & Company increased their target price on Magnite from $21.00 to $22.00 and gave the stock an "equal weight" rating in a report on Friday, August 7th. Rosenblatt Securities reiterated a "buy" rating and set a $40.00 target price on shares of Magnite in a report on Friday, October 2nd. Finally, Weiss Ratings raised Magnite from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday, October 9th. Ten investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $29.36.
Read Our Latest Stock Report on MGNI
Magnite Company Profile
(
Get Free Report)
Magnite, Inc is an independent sell-side advertising technology company that helps publishers, broadcasters and other content owners monetize digital advertising inventory. Its platform connects sellers of advertising space with brands, agencies and demand-side platforms, facilitating the automated buying and selling of ads across connected television (CTV), streaming video, mobile applications, websites, audio and digital out-of-home media.
The company offers tools for managing, packaging and selling advertising inventory, including programmatic auctions, direct and private marketplace transactions, audience targeting, yield optimization and measurement.
Further Reading
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