Magnite (NASDAQ:MGNI) Trading Down 4.3% After Insider Selling

Shares of Magnite, Inc. (NASDAQ:MGNI) fell 4.3% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $20.10 and last traded at $20.26. 674,721 shares were traded during mid-day trading, a decline of 68% from the average session volume of 2,103,243 shares. The stock had previously closed at $21.17.

Specifically, CFO David Day sold 39,000 shares of the firm’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $20.00, for a total transaction of $780,000.00. Following the completion of the sale, the chief financial officer now owns 488,506 shares in the company, valued at approximately $9,770,120. This trade represents a 7.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Sean Patrick Buckley sold 18,693 shares of Magnite stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $20.00, for a total transaction of $373,860.00. Following the completion of the sale, the insider now owns 408,529 shares of the company’s stock, valued at $8,170,580. This trade represents a 4.38 % decrease in their position. The disclosure for this sale can be found here. In other Magnite news, Director James Rossman sold 149,936 shares of Magnite stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $19.46, for a total value of $2,917,754.56. Following the completion of the sale, the director now owns 219,920 shares in the company, valued at $4,279,643.20. The trade was a 40.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Analysts Set New Price Targets

Several analysts have weighed in on MGNI shares. Wells Fargo & Company lifted their price objective on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Wolfe Research lifted their price objective on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Scotiabank began coverage on shares of Magnite in a research note on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and issued a $20.00 target price on shares of Magnite in a report on Friday, January 17th. Finally, Macquarie reissued an “outperform” rating and issued a $18.00 target price on shares of Magnite in a report on Friday, November 8th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Magnite has an average rating of “Moderate Buy” and a consensus target price of $18.35.

Magnite Stock Down 3.1 %

The company has a market capitalization of $2.89 billion, a P/E ratio of 340.00, a price-to-earnings-growth ratio of 1.05 and a beta of 2.52. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The firm’s fifty day moving average is $16.74 and its 200-day moving average is $14.69.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.09). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The company had revenue of $162.00 million for the quarter, compared to the consensus estimate of $147.94 million. During the same period last year, the firm posted $0.02 earnings per share. As a group, equities research analysts predict that Magnite, Inc. will post 0.33 EPS for the current year.

Institutional Investors Weigh In On Magnite

A number of institutional investors have recently added to or reduced their stakes in MGNI. SBI Securities Co. Ltd. bought a new stake in Magnite during the 4th quarter worth approximately $25,000. Larson Financial Group LLC grew its holdings in Magnite by 179.2% during the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock worth $58,000 after acquiring an additional 2,341 shares during the last quarter. Quarry LP grew its holdings in Magnite by 446.8% during the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after acquiring an additional 4,508 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in Magnite by 20.6% during the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock worth $93,000 after acquiring an additional 1,000 shares during the last quarter. Finally, KBC Group NV grew its holdings in Magnite by 66.5% during the 4th quarter. KBC Group NV now owns 5,943 shares of the company’s stock worth $95,000 after acquiring an additional 2,374 shares during the last quarter. 73.40% of the stock is owned by institutional investors.

Magnite Company Profile

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company’s platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.