Magnite, Inc. (NASDAQ:MGNI) Director Robert F. Spillane Sells 25,000 Shares

Magnite, Inc. (NASDAQ:MGNIGet Free Report) Director Robert F. Spillane sold 25,000 shares of the stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $13.04, for a total value of $326,000.00. Following the transaction, the director now owns 69,090 shares in the company, valued at approximately $900,933.60. The sale was disclosed in a document filed with the SEC, which is available through this link.

Magnite Price Performance

Shares of MGNI opened at $13.73 on Friday. Magnite, Inc. has a 52-week low of $6.28 and a 52-week high of $15.73. The stock has a fifty day simple moving average of $10.64 and a two-hundred day simple moving average of $10.06. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.79.

Magnite (NASDAQ:MGNIGet Free Report) last issued its quarterly earnings data on Wednesday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.05. The firm had revenue of $130.55 million during the quarter, compared to the consensus estimate of $123.77 million. Magnite had a positive return on equity of 3.23% and a negative net margin of 12.24%. Analysts predict that Magnite, Inc. will post 0.38 EPS for the current year.

Institutional Trading of Magnite

Hedge funds and other institutional investors have recently modified their holdings of the business. Cape Investment Advisory Inc. acquired a new stake in shares of Magnite during the 4th quarter worth about $25,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Magnite during the 4th quarter worth about $99,000. Legato Capital Management LLC acquired a new stake in shares of Magnite during the 4th quarter worth about $103,000. O Shaughnessy Asset Management LLC acquired a new stake in shares of Magnite during the 1st quarter worth about $108,000. Finally, HCR Wealth Advisors purchased a new position in Magnite during the 4th quarter valued at about $121,000. 73.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently commented on MGNI shares. Bank of America raised Magnite from a “neutral” rating to a “buy” rating and increased their price objective for the company from $13.00 to $15.00 in a research note on Friday, May 24th. Evercore ISI increased their price objective on Magnite from $13.00 to $15.00 and gave the company an “outperform” rating in a research note on Monday, June 3rd. Craig Hallum increased their price objective on Magnite from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, May 16th. Benchmark reissued a “buy” rating and issued a $18.00 price objective on shares of Magnite in a research note on Thursday, May 16th. Finally, B. Riley started coverage on Magnite in a research note on Friday, April 19th. They issued a “buy” rating and a $14.50 price objective for the company. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $15.65.

Read Our Latest Research Report on MGNI

About Magnite

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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.

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