Magnite (NASDAQ:MGNI) Trading Down 6.6% – Here’s Why

Magnite, Inc. (NASDAQ:MGNI) shares traded down 6.6% during trading on Thursday . The stock traded as low as $14.96 and last traded at $15.03. 1,035,826 shares traded hands during mid-day trading, a decline of 34% from the average session volume of 1,565,453 shares. The stock had previously closed at $16.09.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Wolfe Research lifted their price target on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Scotiabank started coverage on Magnite in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective on the stock. Needham & Company LLC upped their target price on shares of Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Wells Fargo & Company lifted their price target on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday. Finally, Royal Bank of Canada increased their price objective on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Magnite presently has an average rating of “Moderate Buy” and an average price target of $18.35.

Magnite Price Performance

The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The stock has a market cap of $2.13 billion, a P/E ratio of 252.33, a P/E/G ratio of 0.80 and a beta of 2.51. The firm has a 50 day moving average price of $16.36 and a 200 day moving average price of $14.34.

Insider Buying and Selling at Magnite

In related news, CFO David Day sold 13,345 shares of the business’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $17.00, for a total value of $226,865.00. Following the sale, the chief financial officer now owns 374,014 shares in the company, valued at approximately $6,358,238. The trade was a 3.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO David Buonasera sold 1,969 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $16.31, for a total transaction of $32,114.39. Following the transaction, the chief technology officer now owns 223,795 shares of the company’s stock, valued at $3,650,096.45. This trade represents a 0.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 366,097 shares of company stock valued at $6,165,147 in the last three months. 4.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Magnite

Large investors have recently made changes to their positions in the business. New Century Financial Group LLC purchased a new position in Magnite in the second quarter worth about $640,000. Victory Capital Management Inc. lifted its stake in shares of Magnite by 2.9% in the 3rd quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock valued at $18,569,000 after purchasing an additional 37,601 shares during the last quarter. Driehaus Capital Management LLC purchased a new position in shares of Magnite in the 2nd quarter worth approximately $9,938,000. Principal Financial Group Inc. increased its position in shares of Magnite by 552.2% during the 3rd quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock valued at $1,489,000 after purchasing an additional 91,031 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new stake in Magnite during the 3rd quarter valued at $649,000. 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.