Magnite, Inc. (NASDAQ:MGNI – Get Rating) insider Adam Lee Soroca sold 12,390 shares of the company’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $10.88, for a total value of $134,803.20. Following the completion of the transaction, the insider now owns 432,277 shares in the company, valued at approximately $4,703,173.76. The sale was disclosed in a filing with the SEC, which is available through the SEC website.
Magnite Trading Down 2.6 %
NASDAQ:MGNI opened at $11.40 on Friday. The stock’s 50 day moving average price is $9.39 and its 200 day moving average price is $10.29. Magnite, Inc. has a 52 week low of $5.59 and a 52 week high of $14.20. The company has a market capitalization of $1.55 billion, a P/E ratio of -8.32 and a beta of 2.15. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.16 and a current ratio of 1.16.
Magnite (NASDAQ:MGNI – Get Rating) last announced its earnings results on Wednesday, May 10th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.22. Magnite had a positive return on equity of 3.29% and a negative net margin of 31.31%. The firm had revenue of $130.15 million during the quarter, compared to analysts’ expectations of $110.90 million. On average, research analysts forecast that Magnite, Inc. will post -0.25 EPS for the current fiscal year.
Hedge Funds Weigh In On Magnite
Wall Street Analysts Forecast Growth
A number of equities analysts have recently weighed in on MGNI shares. Benchmark reiterated a “buy” rating and issued a $14.00 target price on shares of Magnite in a report on Tuesday, February 21st. Royal Bank of Canada upped their target price on Magnite from $15.00 to $16.00 and gave the company an “outperform” rating in a report on Tuesday, February 21st. B. Riley started coverage on Magnite in a report on Wednesday, April 12th. They issued a “buy” rating and a $15.00 target price on the stock. Susquehanna upped their target price on Magnite from $13.00 to $15.00 and gave the company a “positive” rating in a report on Thursday, February 23rd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $15.00 target price on shares of Magnite in a report on Wednesday, March 22nd. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Magnite has a consensus rating of “Moderate Buy” and a consensus price target of $14.22.
Magnite, Inc provides a technology solution to automate the purchase and sale of digital advertising inventory for buyers and sellers. It features applications and services for digital advertising sellers including websites, mobile applications, and other digital media properties. The company was founded by Frank Addante, Duc Chau, Craig Roah, Julie Mattern and Brian D.
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