Magnite, Inc. (NASDAQ:MGNI - Get Free Report) insider Katie Evans sold 26,178 shares of the stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $28.96, for a total transaction of $758,114.88. Following the completion of the sale, the insider owned 415,622 shares of the company's stock, valued at approximately $12,036,413.12. This trade represents a 5.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.
Katie Seitz Evans also recently made the following trade(s):
- On Friday, September 11th, Katie Evans sold 13,997 shares of Magnite stock. The stock was sold at an average price of $24.00, for a total transaction of $335,928.00.
- On Wednesday, September 9th, Katie Evans sold 11,100 shares of Magnite stock. The stock was sold at an average price of $23.46, for a total value of $260,406.00.
- On Tuesday, September 8th, Katie Evans sold 32,285 shares of Magnite stock. The stock was sold at an average price of $23.63, for a total value of $762,894.55.
Magnite Stock Performance
MGNI stock opened at $29.34 on Friday. The firm has a market cap of $4.21 billion, a PE ratio of 24.66, a P/E/G ratio of 0.97 and a beta of 2.44. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.36. The business has a 50 day moving average of $24.48 and a 200-day moving average of $18.13. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $29.67.
Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $0.33 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.04. The business had revenue of $204.20 million for the quarter, compared to analyst estimates of $190.19 million. Magnite had a return on equity of 10.94% and a net margin of 23.58%. Magnite's quarterly revenue was up 22.4% compared to the same quarter last year. During the same period last year, the company posted $0.20 earnings per share. As a group, sell-side analysts expect that Magnite, Inc. will post 0.62 earnings per share for the current year.
Top Magnite Stories
Here are a few of the latest stories about MGNI:
- Positive Sentiment: Magnite’s recent results provide a growth backdrop: it beat quarterly EPS and revenue estimates, with revenue up 22.4% year over year. A report also points to a raised outlook, while another highlights the expanded Gracenote connected-TV deal as a potential source of value. Magnite stock and raised outlook Magnite and Gracenote deal expansion
- Neutral Sentiment: One valuation analysis says MGNI may be near fair value despite the raised outlook, tempering the more optimistic view that the expanded Gracenote deal leaves the shares undervalued. Magnite valuation analysis
- Negative Sentiment: SEC disclosures show multiple Magnite directors and executives sold shares in transactions dated November 9 and 11. Together, the reported sales totaled about 91,963 shares, worth approximately $2.67 million. The largest disclosed sale was by director James Rossman; CTO David Buonasera’s smaller sale was made under a pre-arranged trading plan. Insider selling can raise concerns about near-term sentiment, although sellers retained substantial holdings. Magnite insider sale report James Rossman SEC filing
Analysts Set New Price Targets
Several equities analysts recently commented on the company. Weiss Ratings downgraded Magnite from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, November 4th. Craig Hallum reaffirmed a "buy" rating and set a $32.00 price objective on shares of Magnite in a research note on Thursday, September 17th. Royal Bank Of Canada upped their target price on Magnite from $27.00 to $30.00 and gave the stock an "outperform" rating in a research note on Thursday, November 5th. Evercore restated an "outperform" rating and set a $25.00 price objective on shares of Magnite in a research report on Thursday, August 6th. Finally, Needham & Company LLC lifted their price target on Magnite from $25.00 to $30.00 and gave the stock a "buy" rating in a research note on Thursday, September 3rd. Ten research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Magnite currently has an average rating of "Moderate Buy" and a consensus price target of $31.00.
View Our Latest Stock Analysis on MGNI
Institutional Investors Weigh In On Magnite
A number of hedge funds have recently made changes to their positions in the business. Signaturefd LLC boosted its stake in shares of Magnite by 35.8% in the 3rd quarter. Signaturefd LLC now owns 1,715 shares of the company's stock valued at $43,000 after purchasing an additional 452 shares in the last quarter. Allworth Financial LP raised its position in Magnite by 63.7% in 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 during the period. GAMMA Investing LLC raised its position in Magnite by 32.1% in the 3rd quarter. GAMMA Investing LLC now owns 2,916 shares of the company's stock worth $74,000 after purchasing an additional 708 shares during the period. Pinnacle Associates Ltd. lifted its stake in Magnite by 1.2% in the third quarter. Pinnacle Associates Ltd. now owns 68,742 shares of the company's stock worth $1,736,000 after purchasing an additional 825 shares during the last quarter. Finally, Fifth Third Bancorp lifted its stake in Magnite by 59.3% in the third quarter. Fifth Third Bancorp now owns 2,380 shares of the company's stock worth $60,000 after purchasing an additional 886 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors.
Magnite Company Profile
(
Get Free Report)
Magnite, Inc. operates a sell-side advertising platform that helps publishers, streaming services and app developers sell digital advertising inventory through programmatic auctions. Its technology connects those sellers with advertisers and their agencies seeking to buy ad placements. The company supports advertising across connected TV, online video, mobile applications and desktop formats. Its offerings include tools for managing and monetizing ad inventory, including streaming-focused ad-serving technology.
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