Insider Selling: Magnite, Inc. (NASDAQ:MGNI) CFO Sells 11,644 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) CFO David Day sold 11,644 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $16.44, for a total transaction of $191,427.36. Following the completion of the transaction, the chief financial officer now owns 400,859 shares of the company’s stock, valued at $6,590,121.96. This trade represents a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Magnite Stock Down 4.4 %

Magnite stock opened at $15.84 on Thursday. The firm has a market cap of $2.23 billion, a price-to-earnings ratio of 264.00, a PEG ratio of 1.35 and a beta of 2.50. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a 12 month low of $8.38 and a 12 month high of $18.38. The stock has a fifty day simple moving average of $14.81 and a two-hundred day simple moving average of $13.92.

Institutional Investors Weigh In On Magnite

Large investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. lifted its stake in Magnite by 517.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 142,283 shares of the company’s stock valued at $1,891,000 after acquiring an additional 119,229 shares during the period. Blue Trust Inc. purchased a new position in shares of Magnite during the second quarter valued at approximately $56,000. Calamos Advisors LLC bought a new position in Magnite during the second quarter valued at approximately $2,048,000. Verdence Capital Advisors LLC lifted its position in Magnite by 12.9% during the second quarter. Verdence Capital Advisors LLC now owns 18,434 shares of the company’s stock valued at $245,000 after purchasing an additional 2,109 shares during the period. Finally, Legato Capital Management LLC boosted its holdings in Magnite by 29.5% in the second quarter. Legato Capital Management LLC now owns 52,560 shares of the company’s stock worth $699,000 after purchasing an additional 11,975 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MGNI. Scotiabank started coverage on shares of Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target on the stock. Wells Fargo & Company started coverage on Magnite in a research report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 target price for the company. Benchmark reaffirmed a “buy” rating and issued a $21.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Needham & Company LLC raised their price objective on Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $19.00 target price on shares of Magnite in a research report on Friday, September 27th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.73.

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.