Insider Selling: Magnite, Inc. (NASDAQ:MGNI) CAO Sells 2,156 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) CAO Brian Gephart sold 2,156 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $15.00, for a total value of $32,340.00. Following the completion of the transaction, the chief accounting officer now owns 116,982 shares in the company, valued at approximately $1,754,730. The trade was a 1.81 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Magnite Price Performance

Shares of NASDAQ MGNI opened at $16.66 on Friday. Magnite, Inc. has a 1 year low of $7.57 and a 1 year high of $17.00. The stock has a market capitalization of $2.34 billion, a P/E ratio of 277.67, a P/E/G ratio of 1.56 and a beta of 2.43. The company’s 50-day moving average is $13.03 and its 200 day moving average is $12.87. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Institutional Investors Weigh In On Magnite

Hedge funds have recently made changes to their positions in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Magnite by 3.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 343,961 shares of the company’s stock worth $4,764,000 after purchasing an additional 10,994 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Magnite by 8.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,449 shares of the company’s stock valued at $408,000 after acquiring an additional 2,298 shares during the period. West Tower Group LLC boosted its stake in Magnite by 38.4% during the third quarter. West Tower Group LLC now owns 39,630 shares of the company’s stock worth $549,000 after acquiring an additional 10,986 shares in the last quarter. Bank of Montreal Can purchased a new stake in Magnite in the third quarter worth about $1,899,000. Finally, Algert Global LLC increased its stake in shares of Magnite by 11.9% during the third quarter. Algert Global LLC now owns 159,075 shares of the company’s stock valued at $2,203,000 after purchasing an additional 16,920 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Benchmark reiterated a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. Wells Fargo & Company started coverage on Magnite in a research report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price target for the company. Craig Hallum restated a “buy” rating and issued a $20.00 price objective on shares of Magnite in a research report on Wednesday, August 21st. Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 target price on shares of Magnite in a research note on Wednesday, October 2nd. Finally, Macquarie reissued an “outperform” rating and issued a $18.00 price target on shares of Magnite in a research note on Friday, November 8th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $16.96.

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.