Magnite (NASDAQ:MGNI) Shares Gap Down After Insider Selling

Posted by Defense World Staff on Jun 7th, 2023

Magnite, Inc. (NASDAQ:MGNI – Get Rating) gapped down before the market opened on Monday after an insider sold shares in the company. The stock had previously closed at $13.29, but opened at $12.86. Magnite shares last traded at $13.07, with a volume of 244,401 shares traded.

Specifically, CRO Sean Patrick Buckley sold 5,640 shares of Magnite stock in a transaction dated Tuesday, May 16th. The stock was sold at an average price of $10.88, for a total value of $61,363.20. Following the completion of the transaction, the executive now owns 335,021 shares of the company’s stock, valued at approximately $3,645,028.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Magnite news, COO Katie Seitz Evans sold 7,450 shares of the stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $10.88, for a total transaction of $81,056.00. Following the completion of the sale, the chief operating officer now directly owns 384,943 shares of the company’s stock, valued at approximately $4,188,179.84. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CRO Sean Patrick Buckley sold 5,640 shares of the firm’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $10.88, for a total transaction of $61,363.20. Following the transaction, the executive now directly owns 335,021 shares of the company’s stock, valued at $3,645,028.48. The disclosure for this sale can be found here. Insiders have sold 156,240 shares of company stock worth $1,786,423 in the last 90 days. Insiders own 4.30% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on MGNI shares. B. Riley assumed coverage on shares of Magnite in a report on Wednesday, April 12th. They issued a “buy” rating and a $15.00 target price for the company. Cannonball Research downgraded Magnite from a “buy” rating to a “neutral” rating in a research report on Monday. Susquehanna boosted their price objective on shares of Magnite from $13.00 to $15.00 and gave the company a “positive” rating in a research report on Thursday, February 23rd. Royal Bank of Canada raised their target price on shares of Magnite from $15.00 to $16.00 and gave the stock an “outperform” rating in a report on Tuesday, February 21st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $15.00 price target on shares of Magnite in a report on Wednesday, March 22nd. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.22.

Magnite Trading Up 3.3 %

The stock’s 50-day moving average price is $10.19 and its 200 day moving average price is $10.60. The company has a debt-to-equity ratio of 0.96, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a market capitalization of $1.82 billion, a PE ratio of -9.82 and a beta of 2.14.

Magnite (NASDAQ:MGNI – Get Rating) last announced its quarterly earnings data on Wednesday, May 10th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.32) by $0.22. Magnite had a positive return on equity of 3.29% and a negative net margin of 31.31%. The company had revenue of $130.15 million for the quarter, compared to analysts’ expectations of $110.90 million. On average, sell-side analysts expect that Magnite, Inc. will post 0.23 EPS for the current fiscal year.

Institutional Trading of Magnite

Several institutional investors and hedge funds have recently made changes to their positions in the company. State of Wyoming purchased a new position in Magnite during the 4th quarter valued at about $29,000. Kistler Tiffany Companies LLC raised its stake in Magnite by 391.9% in the fourth quarter. Kistler Tiffany Companies LLC now owns 2,971 shares of the company’s stock worth $31,000 after buying an additional 2,367 shares in the last quarter. Covestor Ltd lifted its holdings in Magnite by 7,927.8% during the first quarter. Covestor Ltd now owns 2,890 shares of the company’s stock worth $38,000 after buying an additional 2,854 shares during the period. Great West Life Assurance Co. Can bought a new stake in Magnite during the 3rd quarter valued at $39,000. Finally, Meeder Asset Management Inc. purchased a new position in shares of Magnite in the 4th quarter valued at $42,000. 77.37% of the stock is currently owned by institutional investors.

Magnite Company Profile

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Magnite, Inc provides a technology solution to automate the purchase and sale of digital advertising inventory for buyers and sellers. It features applications and services for digital advertising sellers including websites, mobile applications, and other digital media properties. The company was founded by Frank Addante, Duc Chau, Craig Roah, Julie Mattern and Brian D.