Magnite, Inc. (NASDAQ:MGNI) Director Robert F. Spillane Sells 12,500 Shares

Magnite, Inc. (NASDAQ:MGNI) Director Robert F. Spillane sold 12,500 shares of Magnite stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $16.12, for a total value of $201,500.00. Following the sale, the director now directly owns 70,651 shares of the company’s stock, valued at approximately $1,138,894.12. This trade represents a 15.03 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Magnite Trading Up 3.5 %

Magnite stock traded up $0.58 during mid-day trading on Friday, reaching $17.13. 2,457,723 shares of the company traded hands, compared to its average volume of 1,653,332. The firm’s 50 day moving average price is $13.33 and its 200 day moving average price is $13.11. Magnite, Inc. has a 52-week low of $7.97 and a 52-week high of $17.18. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $2.41 billion, a price-to-earnings ratio of 285.00, a P/E/G ratio of 1.33 and a beta of 2.43.

Institutional Trading of Magnite

Several institutional investors and hedge funds have recently bought and sold shares of MGNI. UMB Bank n.a. lifted its stake in shares of Magnite by 111.8% in the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after purchasing an additional 1,188 shares during the period. Asset Dedication LLC purchased a new position in Magnite during the second quarter valued at $52,000. Blue Trust Inc. bought a new stake in shares of Magnite during the 2nd quarter valued at $56,000. Benjamin F. Edwards & Company Inc. grew its position in shares of 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 buying an additional 3,972 shares during the period. Finally, Quarry LP increased its stake in shares of Magnite by 446.8% in the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after acquiring an additional 4,508 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MGNI has been the subject of a number of recent research reports. Bank of America boosted their target price on Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Needham & Company LLC restated a “buy” rating and issued a $15.00 price objective on shares of Magnite in a report on Wednesday, October 2nd. Macquarie reaffirmed an “outperform” rating and set a $18.00 target price on shares of Magnite in a report on Friday, November 8th. Lake Street Capital initiated coverage on shares of Magnite in a research report on Thursday, July 25th. They issued a “buy” rating and a $21.00 target price on the stock. Finally, Royal Bank of Canada restated an “outperform” rating and set a $19.00 price target on shares of Magnite in a research report on Friday, September 27th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Magnite presently has a consensus rating of “Moderate Buy” and a consensus target price 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.