Magnite (NASDAQ:MGNI) Trading Down 4.3% After Insider Selling

Magnite, Inc. (NASDAQ:MGNI) dropped 4.3% during trading on Monday following insider selling activity. The company traded as low as $20.10 and last traded at $20.26. Approximately 674,721 shares traded hands during trading, a decline of 68% from the average daily volume of 2,103,243 shares. The stock had previously closed at $21.17.

Specifically, CFO David Day sold 39,000 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $20.00, for a total value of $780,000.00. Following the transaction, the chief financial officer now owns 488,506 shares in the company, valued at approximately $9,770,120. The trade was a 7.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Sean Patrick Buckley sold 18,693 shares of the business’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $20.00, for a total transaction of $373,860.00. Following the transaction, the insider now owns 408,529 shares in the company, valued at $8,170,580. The trade was a 4.38 % decrease in their position. The disclosure for this sale can be found here. In related news, Director James Rossman sold 149,936 shares of the business’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $19.46, for a total transaction of $2,917,754.56. Following the transaction, the director now owns 219,920 shares in the company, valued at $4,279,643.20. The trade was a 40.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Analysts Set New Price Targets

MGNI has been the topic of a number of research reports. Wells Fargo & Company boosted their target price on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Macquarie reiterated an “outperform” rating and set a $18.00 target price on shares of Magnite in a research report on Friday, November 8th. Scotiabank initiated coverage on shares of Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 target price on the stock. Needham & Company LLC reiterated a “buy” rating and set a $20.00 target price on shares of Magnite in a research report on Friday, January 17th. Finally, Wolfe Research upped their price objective on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and an average price target of $18.35.

Magnite Stock Performance

The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market cap of $2.89 billion, a P/E ratio of 340.00, a price-to-earnings-growth ratio of 1.05 and a beta of 2.52. The company’s 50 day moving average price is $16.74 and its 200-day moving average price is $14.69.

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

Institutional Investors Weigh In On Magnite

Institutional investors and hedge funds have recently modified their holdings of the company. SBI Securities Co. Ltd. purchased a new stake in shares of Magnite in the fourth quarter worth about $25,000. Larson Financial Group LLC raised its stake in Magnite by 179.2% in the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock valued at $58,000 after purchasing an additional 2,341 shares in the last quarter. Quarry LP raised its stake in Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after purchasing an additional 4,508 shares in the last quarter. Jones Financial Companies Lllp raised its stake in Magnite by 20.6% in the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after purchasing an additional 1,000 shares in the last quarter. Finally, KBC Group NV raised its stake in Magnite by 66.5% in the fourth quarter. KBC Group NV now owns 5,943 shares of the company’s stock valued at $95,000 after purchasing an additional 2,374 shares in the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

About Magnite

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.