Insider Selling: Magnite (NASDAQ:MGNI) Insider Sells $283,152.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) insider Adam Lee Soroca sold 16,656 shares of the business’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $17.00, for a total value of $283,152.00. Following the sale, the insider directly owned 326,114 shares of the company’s stock, valued at $5,543,938. This represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Adam Lee Soroca also recently made the following trade(s):

• On Tuesday, November 18th, Adam Lee Soroca sold 10,857 shares of Magnite stock. The shares were sold at an average price of $13.23, for a total value of $143,638.11.

Magnite Trading Down 1.1%

NASDAQ MGNI opened at $16.40 on Monday. The firm has a market capitalization of $2.36 billion, a P/E ratio of 43.16, a PEG ratio of 1.24 and a beta of 2.49. The business has a fifty day simple moving average of $16.15 and a 200 day simple moving average of $20.18. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $26.65. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.20 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.20. Magnite had a net margin of 8.25% and a return on equity of 8.74%. The firm had revenue of $179.49 million for the quarter, compared to the consensus estimate of $163.29 million. During the same period in the previous year, the firm earned $0.17 EPS. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, analysts predict that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Hedge Funds Weigh In On Magnite

Institutional investors have recently bought and sold shares of the company. Neo Ivy Capital Management purchased a new stake in Magnite in the third quarter worth $27,000. Smartleaf Asset Management LLC grew its stake in shares of Magnite by 74.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company’s stock worth $33,000 after acquiring an additional 1,203 shares during the period. US Bancorp DE grew its stake in shares of Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after acquiring an additional 688 shares during the period. GAMMA Investing LLC increased its holdings in Magnite by 355.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,517 shares of the company’s stock worth $37,000 after acquiring an additional 1,184 shares during the last quarter. Finally, State of Wyoming bought a new stake in Magnite in the 3rd quarter valued at about $39,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Wall Street Analysts Forecast Growth

MGNI has been the topic of several recent analyst reports. Wells Fargo & Company dropped their target price on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Friday, November 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research report on Wednesday, October 8th. Rosenblatt Securities reissued a “buy” rating and issued a $39.00 price objective on shares of Magnite in a research report on Thursday, November 6th. Finally, Wall Street Zen downgraded Magnite from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.20.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).