Magnite, Inc. (NASDAQ:MGNI) CFO Sells $174,798.08 in Stock

Magnite, Inc. (NASDAQ:MGNI – Get Rating) CFO David Day sold 16,066 shares of the business’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $10.88, for a total transaction of $174,798.08. Following the completion of the transaction, the chief financial officer now directly owns 463,025 shares of the company’s stock, valued at approximately $5,037,712. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Magnite Stock Down 2.6 %

NASDAQ MGNI opened at $11.40 on Friday. The stock has a market cap of $1.55 billion, a PE ratio of -8.32 and a beta of 2.15. Magnite, Inc. has a fifty-two week low of $5.59 and a fifty-two week high of $14.20. The business has a 50 day moving average price of $9.39 and a two-hundred day moving average price of $10.29. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.96.

Magnite (NASDAQ:MGNI – Get Rating) last released its quarterly earnings results on Wednesday, May 10th. The company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.32) by $0.22. The firm had revenue of $130.15 million during the quarter, compared to analysts’ expectations of $110.90 million. Magnite had a positive return on equity of 3.29% and a negative net margin of 31.31%. As a group, sell-side analysts predict that Magnite, Inc. will post -0.25 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on MGNI shares. Vertical Research downgraded shares of Magnite to a “neutral” rating in a research note on Tuesday, January 24th. Royal Bank of Canada upped their price objective on shares of Magnite from $15.00 to $16.00 and gave the company an “outperform” rating in a research note on Tuesday, February 21st. Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 price objective on shares of Magnite in a research note on Wednesday, March 22nd. Benchmark reaffirmed a “buy” rating and set a $14.00 price objective on shares of Magnite in a research note on Tuesday, February 21st. Finally, B. Riley initiated coverage on shares of Magnite in a research note on Wednesday, April 12th. They set a “buy” rating and a $15.00 price objective for the company. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Magnite presently has an average rating of “Moderate Buy” and a consensus target price of $14.22.

Hedge Funds Weigh In On Magnite

A number of institutional investors and hedge funds have recently bought and sold shares of MGNI. Nuveen Asset Management LLC boosted its holdings in Magnite by 555.0% in the 3rd quarter. Nuveen Asset Management LLC now owns 17,128,277 shares of the company’s stock worth $112,533,000 after acquiring an additional 14,513,175 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Magnite by 132.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,221,231 shares of the company’s stock valued at $39,087,000 after buying an additional 2,403,904 shares during the last quarter. Edenbrook Capital LLC boosted its stake in shares of Magnite by 39.3% during the 3rd quarter. Edenbrook Capital LLC now owns 5,792,796 shares of the company’s stock valued at $38,059,000 after buying an additional 1,633,560 shares during the last quarter. Victory Capital Management Inc. boosted its stake in shares of Magnite by 9,584.5% during the 4th quarter. Victory Capital Management Inc. now owns 1,257,147 shares of the company’s stock valued at $13,313,000 after buying an additional 1,244,166 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Magnite during the 4th quarter valued at approximately $12,578,000. Hedge funds and other institutional investors own 77.37% of the company’s stock.

About Magnite

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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.