Magnite, Inc. (NASDAQ:MGNI) CFO David Day Sells 13,345 Shares

Magnite, Inc. (NASDAQ:MGNI) CFO David Day sold 13,345 shares of the firm’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $17.00, for a total transaction of $226,865.00. Following the sale, the chief financial officer now directly owns 374,014 shares in the company, valued at $6,358,238. This represents a 3.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

David Day also recently made the following trade(s):

• On Monday, December 16th, David Day sold 11,644 shares of Magnite stock. The shares were sold at an average price of $16.44, for a total transaction of $191,427.36.

Magnite Trading Down 3.1 %

Shares of MGNI stock opened at $16.62 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a fifty-two week low of $8.38 and a fifty-two week high of $18.38. The firm’s 50 day moving average price is $15.95 and its two-hundred day moving average price is $14.22. The stock has a market cap of $2.34 billion, a price-to-earnings ratio of 277.00, a price-to-earnings-growth ratio of 1.35 and a beta of 2.51.

Wall Street Analysts Forecast Growth

Several analysts have commented on MGNI shares. Needham & Company LLC lifted their target price on shares of Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Royal Bank of Canada upped their target price on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Wells Fargo & Company assumed coverage on Magnite in a research note on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price target on the stock. Scotiabank started coverage on shares of Magnite in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective for the company. Finally, Benchmark reissued a “buy” rating and issued a $21.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.19.

Hedge Funds Weigh In On Magnite

Hedge funds and other institutional investors have recently made changes to their positions in the business. Asset Dedication LLC acquired a new position in shares of Magnite during the second quarter worth about $52,000. Benjamin F. Edwards & Company Inc. boosted its holdings in Magnite by 973.5% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after acquiring an additional 3,972 shares during the period. Quarry LP grew its position in Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after acquiring an additional 4,508 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in shares of Magnite during the second quarter valued at approximately $93,000. Finally, Blue Trust Inc. boosted its stake in shares of Magnite by 87.0% in the third quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock valued at $105,000 after purchasing an additional 3,689 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

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.