David Day Sells 39,000 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) CFO David Day sold 39,000 shares of Magnite stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $20.00, for a total transaction of $780,000.00. Following the completion of the sale, the chief financial officer now owns 488,506 shares of the company’s stock, valued at approximately $9,770,120. The trade was a 7.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

David Day also recently made the following trade(s):

• On Friday, January 3rd, David Day sold 13,345 shares of Magnite stock. The stock was sold at an average price of $17.00, for a total value of $226,865.00.
• On Monday, December 16th, David Day sold 11,644 shares of Magnite stock. The shares were sold at an average price of $16.44, for a total value of $191,427.36.

Magnite Stock Up 10.6 %

Shares of NASDAQ MGNI opened at $21.17 on Friday. The company has a 50 day simple moving average of $16.65 and a 200 day simple moving average of $14.65. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. Magnite, Inc. has a 1 year low of $8.38 and a 1 year high of $21.29. The firm has a market cap of $2.98 billion, a PE ratio of 352.83, a price-to-earnings-growth ratio of 1.05 and a beta of 2.52.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.09). The business had revenue of $162.00 million for the quarter, compared to the consensus estimate of $147.94 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. During the same period in the previous year, the business posted $0.02 EPS. On average, research analysts forecast that Magnite, Inc. will post 0.33 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP lifted its stake in shares of Magnite by 125.3% in the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after acquiring an additional 3,659,759 shares during the period. Geode Capital Management LLC lifted its position in shares of Magnite by 2.2% in the 3rd quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock worth $41,118,000 after purchasing an additional 63,545 shares during the period. Nomura Asset Management Co. Ltd. bought a new stake in shares of Magnite in the 3rd quarter valued at $23,917,000. Royce & Associates LP boosted its stake in shares of Magnite by 5.2% in the 3rd quarter. Royce & Associates LP now owns 1,488,301 shares of the company’s stock valued at $20,613,000 after purchasing an additional 73,555 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Magnite by 2.9% during the third quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock worth $18,569,000 after buying an additional 37,601 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MGNI has been the subject of a number of analyst reports. Scotiabank started coverage on Magnite in a research note on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price target for the company. Needham & Company LLC restated a “buy” rating and issued a $20.00 target price on shares of Magnite in a research report on Friday, January 17th. Wolfe Research increased their price target on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Macquarie restated an “outperform” rating and set a $18.00 price objective on shares of Magnite in a research report on Friday, November 8th. Finally, Royal Bank of Canada upped their target price on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $18.35.

Magnite Company Profile

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.