Magnite, Inc. (NASDAQ:MGNI) CAO Brian Gephart Sells 6,250 Shares

Magnite, Inc. (NASDAQ:MGNI) CAO Brian Gephart sold 6,250 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $16.00, for a total value of $100,000.00. Following the transaction, the chief accounting officer now directly owns 132,909 shares in the company, valued at $2,126,544. The trade was a 4.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Magnite Stock Performance

Shares of NASDAQ MGNI opened at $14.49 on Thursday. 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 firm has a market cap of $2.07 billion, a price-to-earnings ratio of 241.50, a P/E/G ratio of 1.00 and a beta of 2.79. The business’s 50-day simple moving average is $17.20 and its 200-day simple moving average is $15.27. Magnite, Inc. has a 52 week low of $8.38 and a 52 week high of $21.29.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). The company had revenue of $180.20 million for the quarter, compared to analyst estimates of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. As a group, equities research analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in MGNI. Victory Capital Management Inc. boosted its stake in Magnite by 2.9% during the 3rd quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock valued at $18,569,000 after purchasing an additional 37,601 shares during the period. Merit Financial Group LLC bought a new stake in Magnite during the 4th quarter valued at approximately $586,000. Rice Hall James & Associates LLC bought a new stake in Magnite during the 4th quarter valued at approximately $3,000,000. Jennison Associates LLC bought a new stake in Magnite during the 4th quarter valued at approximately $818,000. Finally, Penbrook Management LLC boosted its stake in Magnite by 60.8% during the 4th quarter. Penbrook Management LLC now owns 38,480 shares of the company’s stock valued at $613,000 after purchasing an additional 14,550 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on MGNI shares. Needham & Company LLC restated a “buy” rating and set a $20.00 price target on shares of Magnite in a report on Thursday, February 27th. Wolfe Research increased their price objective on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Susquehanna lifted their price objective on Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research report on Thursday, February 27th. Wells Fargo & Company upped their target price on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Finally, Benchmark upped their target price on Magnite from $21.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, February 27th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $19.27.

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.