Magnite, Inc. (NASDAQ:MGNI) COO Sells $81,056.00 in Stock

Magnite, Inc. (NASDAQ:MGNI – Get Rating) COO Katie Seitz Evans sold 7,450 shares of Magnite stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $10.88, for a total value of $81,056.00. Following the completion of the transaction, the chief operating officer now directly owns 384,943 shares of the company’s stock, valued at $4,188,179.84. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Magnite Price Performance

MGNI stock opened at $11.40 on Friday. The business has a 50 day moving average price of $9.39 and a 200 day moving average price of $10.29. The stock has a market cap of $1.55 billion, a price-to-earnings 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 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 posted its earnings results on Wednesday, May 10th. The company reported ($0.10) earnings per share for the quarter, topping the consensus estimate 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%. Equities research analysts anticipate that Magnite, Inc. will post -0.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Magnite

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. State of Wyoming purchased a new stake in Magnite in the fourth quarter valued at approximately $29,000. Covestor Ltd lifted its stake in Magnite by 7,927.8% in the first quarter. Covestor Ltd now owns 2,890 shares of the company’s stock valued at $38,000 after buying an additional 2,854 shares during the last quarter. Kistler Tiffany Companies LLC lifted its stake in Magnite by 391.9% in the fourth quarter. Kistler Tiffany Companies LLC now owns 2,971 shares of the company’s stock valued at $31,000 after buying an additional 2,367 shares during the last quarter. Captrust Financial Advisors lifted its stake in Magnite by 48.5% in the first quarter. Captrust Financial Advisors now owns 3,767 shares of the company’s stock valued at $50,000 after buying an additional 1,230 shares during the last quarter. Finally, Meeder Asset Management Inc. purchased a new stake in Magnite in the fourth quarter valued at approximately $42,000. Hedge funds and other institutional investors own 77.37% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on MGNI shares. Royal Bank of Canada lifted their target price on Magnite from $15.00 to $16.00 and gave the company an “outperform” rating in a research report on Tuesday, February 21st. Susquehanna boosted their price objective on Magnite from $13.00 to $15.00 and gave the stock a “positive” rating in a research report on Thursday, February 23rd. Benchmark reissued a “buy” rating and set a $14.00 price objective on shares of Magnite in a research report on Tuesday, February 21st. Vertical Research downgraded Magnite to a “neutral” rating in a research report on Tuesday, January 24th. Finally, Needham & Company LLC reissued a “buy” rating and set a $15.00 price objective on shares of Magnite in a research report on Wednesday, March 22nd. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $14.22.

Magnite Company Profile

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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.