Key Points
- Magnite director Diane Yu sold 20,000 shares for $583,400 at an average price of $29.17, reducing her direct stake by 24.61% to 61,279 shares.
- Magnite reported quarterly EPS of $0.33, beating the $0.29 consensus, while revenue of $204.2 million exceeded estimates and rose 22.4% year over year.
- Analysts’ average rating is Moderate Buy, with an average price target of $31; 10 analysts rate the stock Buy and two rate it Hold.
Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director Diane Yu sold 20,000 shares of the stock in a transaction on Thursday, November 12th. The stock was sold at an average price of $29.17, for a total value of $583,400.00. Following the completion of the sale, the director directly owned 61,279 shares in the company, valued at $1,787,508.43. This represents a 24.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
Magnite Stock Performance
MGNI stock traded down $0.05 during mid-day trading on Friday, reaching $29.29. The company had a trading volume of 2,292,291 shares, compared to its average volume of 2,683,232. Magnite, Inc. has a one year low of $10.82 and a one year high of $29.78. The stock has a market capitalization of $4.20 billion, a P/E ratio of 24.61, a P/E/G ratio of 0.89 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 stock's 50-day simple moving average is $24.58 and its two-hundred day simple moving average is $18.20.
Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings results on Wednesday, November 4th. The company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.29 by $0.04. Magnite had a net margin of 23.58% and a return on equity of 10.94%. The business had revenue of $204.20 million during the quarter, compared to analyst estimates of $190.19 million. During the same quarter in the prior year, the firm earned $0.20 earnings per share. The company's quarterly revenue was up 22.4% on a year-over-year basis. Research analysts anticipate that Magnite, Inc. will post 0.68 EPS for the current year.
Analysts Set New Price Targets
A number of brokerages recently issued reports on MGNI. Scotiabank increased their price objective on Magnite from $27.00 to $30.00 and gave the stock a "sector outperform" rating in a report on Thursday, November 5th. Needham & Company LLC lifted their target price on Magnite from $25.00 to $30.00 and gave the company a "buy" rating in a research note on Thursday, September 3rd. Weiss Ratings downgraded Magnite from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, November 4th. Benchmark increased their price target on Magnite from $30.00 to $33.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Finally, Susquehanna raised their price objective on shares of Magnite from $30.00 to $35.00 and gave the company a "positive" rating in a research note on Thursday, November 5th. Ten research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $31.00.
Read Our Latest Report on Magnite
Institutional Trading of Magnite
Several institutional investors and hedge funds have recently added to or reduced their stakes in MGNI. Covestor Ltd boosted its holdings in Magnite by 562.1% during the third quarter. Covestor Ltd now owns 1,066 shares of the company's stock worth $26,000 after buying an additional 905 shares in the last quarter. Nykredit A S acquired a new position in Magnite in the second quarter worth approximately $25,000. EFG International AG acquired a new position in Magnite in the second quarter worth approximately $28,000. Allworth Financial LP bought a new position in shares of Magnite in the second quarter valued at $30,000. Finally, Signaturefd LLC increased its holdings in shares of Magnite by 35.8% in the third quarter. Signaturefd LLC now owns 1,715 shares of the company's stock valued at $43,000 after buying an additional 452 shares in the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.
Key Headlines Impacting Magnite
Here are a few of the latest headlines about MGNI:
- Neutral Sentiment: Analyst commentary is not uniformly bullish on upside: one valuation assessment says MGNI may be near fair value despite a raised outlook. Magnite fair-value analysis
- Negative Sentiment: A Seeking Alpha article argues the stock is expensive despite solid CTV growth, raising the risk that valuation could limit further gains after the recent run-up. Magnite CTV growth and valuation article
- Negative Sentiment: Several Magnite executives and a director reported selling shares in transactions dated November 9 and 11, totaling roughly 92,000 shares, or about $2.7 million. The CTO’s sale was under a pre-arranged trading plan, and sellers retained substantial holdings, but the cluster of sales may still temper investor sentiment. Magnite insider sales report
About Magnite
(
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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