Magnite, Inc. (NASDAQ:MGNI) CFO David Day Sells 39,000 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) CFO David Day sold 39,000 shares of the company’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $20.00, for a total transaction of $780,000.00. Following the completion of the transaction, the chief financial officer now directly owns 488,506 shares of the company’s stock, valued at approximately $9,770,120. The trade was a 7.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

David Day also recently made the following trade(s):

• On Friday, January 3rd, David Day sold 13,345 shares of Magnite stock. The shares were sold at an average price of $17.00, for a total value of $226,865.00.
• On Monday, December 16th, David Day sold 11,644 shares of Magnite stock. The stock was sold at an average price of $16.44, for a total value of $191,427.36.

Magnite Stock Up 10.6 %

MGNI stock opened at $21.17 on Friday. Magnite, Inc. has a 1-year low of $8.38 and a 1-year high of $21.29. The business’s 50 day simple moving average is $16.65 and its 200 day simple moving average is $14.65. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $2.98 billion, a PE ratio of 352.83, a PEG ratio of 1.05 and a beta of 2.52.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on MGNI shares. Scotiabank initiated coverage on Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target for the company. Royal Bank of Canada increased their target price on shares of Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Wolfe Research lifted their price target on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Needham & Company LLC reissued a “buy” rating and set a $20.00 price target on shares of Magnite in a research report on Friday, January 17th. Finally, Wells Fargo & Company raised their price objective on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $18.35.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. SBI Securities Co. Ltd. acquired a new stake in Magnite during the fourth quarter worth approximately $25,000. Larson Financial Group LLC lifted 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 purchasing an additional 2,341 shares during the last quarter. Quarry LP boosted its stake in Magnite by 446.8% in the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after purchasing an additional 4,508 shares during the period. Jones Financial Companies Lllp grew its holdings in Magnite by 20.6% in the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after buying an additional 1,000 shares in the last quarter. Finally, KBC Group NV grew its holdings in Magnite by 66.5% in the 4th quarter. KBC Group NV now owns 5,943 shares of the company’s stock valued at $95,000 after buying an additional 2,374 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

About Magnite

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.