Adam Lee Soroca Sells 15,499 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) insider Adam Lee Soroca sold 15,499 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $15.75, for a total value of $244,109.25. Following the completion of the transaction, the insider now owns 458,386 shares in the company, valued at $7,219,579.50. This represents a 3.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Magnite Stock Performance

MGNI stock traded down $0.16 during mid-day trading on Wednesday, reaching $14.49. 1,977,613 shares of the stock traded hands, compared to its average volume of 2,535,241. The firm has a market capitalization of $2.07 billion, a PE ratio of 241.50, a P/E/G ratio of 1.00 and a beta of 2.79. The business has a 50-day moving average of $17.24 and a two-hundred day moving average of $15.27. Magnite, Inc. has a 52 week low of $8.38 and a 52 week high of $21.29. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). The business had revenue of $180.20 million during 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 analysts predict that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

MGNI has been the subject of a number of research analyst reports. Benchmark increased their target price on shares of Magnite from $21.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, February 27th. Needham & Company LLC reiterated a “buy” rating and set a $20.00 price objective on shares of Magnite in a report on Thursday, February 27th. Wells Fargo & Company lifted their price objective on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. 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 report on Friday, January 3rd. Finally, Scotiabank initiated coverage on Magnite in a report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target for the company. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.27.

Institutional Investors Weigh In On Magnite

Hedge funds and other institutional investors have recently modified their holdings of the stock. SBI Securities Co. Ltd. acquired a new position in Magnite during the 4th quarter valued at $25,000. Larson Financial Group LLC increased its holdings in shares of Magnite by 179.2% during the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock worth $58,000 after purchasing an additional 2,341 shares during the period. Quantbot Technologies LP acquired a new position in shares of Magnite during the fourth quarter valued at about $87,000. Quarry LP lifted its stake in shares of 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 buying an additional 4,508 shares during the period. Finally, Jones Financial Companies Lllp increased its stake in Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after acquiring an additional 1,000 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

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.