Magnite, Inc. (NASDAQ:MGNI) Insider Adam Lee Soroca Sells 8,328 Shares

Magnite, Inc. (NASDAQ:MGNI) insider Adam Lee Soroca sold 8,328 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $17.00, for a total value of $141,576.00. Following the transaction, the insider now directly owns 421,347 shares of the company’s stock, valued at approximately $7,162,899. The trade was a 1.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Adam Lee Soroca also recently made the following trade(s):

• On Monday, November 18th, Adam Lee Soroca sold 7,849 shares of Magnite stock. The stock was sold at an average price of $15.60, for a total value of $122,444.40.

Magnite Stock Performance

Shares of MGNI stock opened at $16.69 on Wednesday. The business’s 50 day simple moving average is $13.51 and its 200 day simple moving average is $13.33. Magnite, Inc. has a one year low of $7.97 and a one year high of $18.38. The stock has a market capitalization of $2.35 billion, a PE ratio of 278.17, a PEG ratio of 1.36 and a beta of 2.43. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Craig Hallum reissued a “buy” rating and set a $20.00 target price on shares of Magnite in a research note on Wednesday, August 21st. Benchmark reissued a “buy” rating and set a $21.00 target price on shares of Magnite in a research note on Wednesday, October 2nd. Royal Bank of Canada restated an “outperform” rating and set a $19.00 price target on shares of Magnite in a report on Friday, September 27th. Macquarie restated an “outperform” rating and set a $18.00 price target on shares of Magnite in a report on Friday, November 8th. Finally, Wells Fargo & Company assumed coverage on Magnite in a report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Magnite presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.96.

Institutional Trading of Magnite

Institutional investors have recently added to or reduced their stakes in the stock. New Century Financial Group LLC bought a new stake in Magnite in the second quarter valued at approximately $640,000. Victory Capital Management Inc. boosted its holdings in Magnite by 2.9% in the third quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock valued at $18,569,000 after acquiring an additional 37,601 shares during the last quarter. Commonwealth Equity Services LLC boosted its holdings in Magnite by 668.3% in the second quarter. Commonwealth Equity Services LLC now owns 81,573 shares of the company’s stock valued at $1,084,000 after acquiring an additional 70,956 shares during the last quarter. Tidal Investments LLC boosted its holdings in Magnite by 212.8% in the first quarter. Tidal Investments LLC now owns 69,388 shares of the company’s stock valued at $746,000 after acquiring an additional 47,205 shares during the last quarter. Finally, Baader Bank Aktiengesellschaft bought a new position in shares of Magnite during the 2nd quarter worth approximately $671,000. 73.40% of the stock is currently owned by institutional investors.

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.