Insider Selling: Magnite, Inc. (NASDAQ:MGNI) Insider Sells $130,343.10 in Stock

Magnite, Inc. (NASDAQ:MGNI) insider Adam Lee Soroca sold 10,597 shares of the company’s stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $12.30, for a total value of $130,343.10. Following the completion of the transaction, the insider now directly owns 450,655 shares in the company, valued at $5,543,056.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Magnite Stock Performance

Shares of NASDAQ:MGNI opened at $11.07 on Friday. The business has a 50 day moving average price of $9.85 and a 200 day moving average price of $9.45. Magnite, Inc. has a twelve month low of $6.28 and a twelve month high of $15.73. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.10 and a current ratio of 1.10.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, February 28th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.13. Magnite had a positive return on equity of 3.23% and a negative net margin of 12.24%. The firm had revenue of $165.28 million during the quarter, compared to the consensus estimate of $160.24 million. As a group, equities analysts predict that Magnite, Inc. will post 0.38 EPS for the current fiscal year.

Institutional Trading of Magnite

Several hedge funds have recently added to or reduced their stakes in the business. Rubric Capital Management LP lifted its position in shares of Magnite by 80.7% in the 3rd quarter. Rubric Capital Management LP now owns 4,000,000 shares of the company’s stock worth $30,160,000 after acquiring an additional 1,785,978 shares during the period. Kennedy Capital Management LLC lifted its position in shares of Magnite by 2.8% in the 3rd quarter. Kennedy Capital Management LLC now owns 2,692,371 shares of the company’s stock worth $20,300,000 after acquiring an additional 74,367 shares during the period. Burgundy Asset Management Ltd. bought a new stake in shares of Magnite in the 3rd quarter worth approximately $17,759,000. Versor Investments LP bought a new stake in shares of Magnite in the 3rd quarter worth approximately $449,000. Finally, Qube Research & Technologies Ltd acquired a new position in shares of Magnite in the 3rd quarter worth approximately $2,284,000. Institutional investors own 73.40% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on MGNI shares. B. Riley initiated coverage on Magnite in a research report on Friday, April 19th. They issued a “buy” rating and a $14.50 target price on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $15.00 price target on shares of Magnite in a research note on Thursday, March 7th. Susquehanna reiterated a “positive” rating and set a $14.00 price target on shares of Magnite in a research note on Thursday, May 16th. Benchmark reiterated a “buy” rating and set a $18.00 price target on shares of Magnite in a research note on Thursday, May 16th. Finally, Craig Hallum upped their price target on Magnite from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, May 16th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Magnite has an average rating of “Moderate Buy” and an average price target of $14.95.

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.