Magnite, Inc. (NASDAQ:MGNI) Insider Aaron Saltz Sells 5,112 Shares

Magnite, Inc. (NASDAQ:MGNI) insider Aaron Saltz sold 5,112 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $13.50, for a total transaction of $69,012.00. Following the sale, the insider now directly owns 307,745 shares in the company, valued at approximately $4,154,557.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Magnite Stock Up 0.9 %

Magnite stock traded up $0.12 during mid-day trading on Friday, reaching $13.61. The company’s stock had a trading volume of 3,923,448 shares, compared to its average volume of 1,602,704. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.10 and a current ratio of 1.10. Magnite, Inc. has a 12 month low of $6.55 and a 12 month high of $15.92. The business’s 50 day simple moving average is $12.80 and its 200 day simple moving average is $12.63. The company has a market capitalization of $1.92 billion, a price-to-earnings ratio of -123.64, a price-to-earnings-growth ratio of 1.23 and a beta of 2.43.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.01). Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The company had revenue of $162.88 million for the quarter, compared to analyst estimates of $144.04 million. During the same period last year, the company posted ($0.04) earnings per share. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. As a group, research analysts anticipate that Magnite, Inc. will post 0.29 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Quest Partners LLC acquired a new stake in shares of Magnite during the third quarter worth $233,000. Seelaus Asset Management LLC bought a new position in shares of Magnite during the 3rd quarter worth approximately $175,000. Royce & Associates LP grew its position in shares of Magnite by 5.2% during the 3rd quarter. Royce & Associates LP now owns 1,488,301 shares of the company’s stock worth $20,613,000 after buying an additional 73,555 shares during the period. Parametrica Management Ltd acquired a new position in shares of Magnite during the 3rd quarter valued at $177,000. Finally, Victory Capital Management Inc. grew its holdings in Magnite by 2.9% in the third quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock worth $18,569,000 after purchasing an additional 37,601 shares during the period. 73.40% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MGNI has been the topic of several research analyst reports. Bank of America lifted their target price on Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Wolfe Research initiated coverage on shares of Magnite in a research note on Tuesday, July 16th. They set an “outperform” rating and a $16.00 target price for the company. Lake Street Capital initiated coverage on Magnite in a report on Thursday, July 25th. They set a “buy” rating and a $21.00 price objective on the stock. Craig Hallum reaffirmed a “buy” rating and set a $20.00 price objective on shares of Magnite in a report on Wednesday, August 21st. Finally, Benchmark reiterated a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and an average price target of $16.86.

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.