Magnite, Inc. (NASDAQ:MGNI) COO Sells $200,229.57 in Stock

Magnite, Inc. (NASDAQ:MGNI) COO Katie Seitz Evans sold 14,541 shares of Magnite stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $13.77, for a total value of $200,229.57. Following the sale, the chief operating officer now owns 408,960 shares of the company’s stock, valued at $5,631,379.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Magnite Trading Down 1.0 %

MGNI opened at $13.73 on Friday. The business’s 50-day moving average is $10.64 and its two-hundred day moving average is $10.04. Magnite, Inc. has a 1 year low of $6.28 and a 1 year high of $15.73. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.79.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.05. Magnite had a positive return on equity of 3.23% and a negative net margin of 12.24%. The company had revenue of $130.55 million for the quarter, compared to analyst estimates of $123.77 million. Sell-side analysts anticipate that Magnite, Inc. will post 0.38 EPS for the current fiscal year.

Hedge Funds Weigh In On Magnite

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. grew its stake in shares of Magnite by 17.0% during the third quarter. Principal Financial Group Inc. now owns 17,424 shares of the company’s stock worth $131,000 after acquiring an additional 2,526 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Magnite by 3.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 959,600 shares of the company’s stock worth $7,235,000 after acquiring an additional 34,930 shares during the last quarter. HighTower Advisors LLC grew its stake in shares of Magnite by 4.0% during the third quarter. HighTower Advisors LLC now owns 106,414 shares of the company’s stock worth $795,000 after acquiring an additional 4,140 shares during the last quarter. Johnson Investment Counsel Inc. purchased a new stake in shares of Magnite during the third quarter worth about $207,000. Finally, Harspring Capital Management LLC purchased a new stake in shares of Magnite during the third quarter worth about $1,885,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on MGNI. Benchmark reiterated a “buy” rating and set a $18.00 target price on shares of Magnite in a research report on Thursday, May 16th. Craig Hallum lifted their target price on Magnite from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, May 16th. Evercore ISI lifted their target price on Magnite from $13.00 to $15.00 and gave the stock an “outperform” rating in a research report on Monday, June 3rd. Susquehanna restated a “positive” rating and issued a $14.00 price objective on shares of Magnite in a report on Thursday, May 16th. Finally, Royal Bank of Canada lifted their price objective on Magnite from $17.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, June 5th. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $15.65.

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.