Insider Selling: Magnite, Inc. (NASDAQ:MGNI) CEO Sells 27,004 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) CEO Michael G. Barrett sold 27,004 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $17.63, for a total value of $476,080.52. Following the completion of the transaction, the chief executive officer now owns 782,910 shares of the company’s stock, valued at $13,802,703.30. The trade was a 3.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Magnite Trading Down 0.4 %

Shares of MGNI stock traded down $0.07 during mid-day trading on Wednesday, hitting $16.62. The company’s stock had a trading volume of 1,197,624 shares, compared to its average volume of 1,657,785. The company has a market cap of $2.34 billion, a PE ratio of 278.17, a P/E/G ratio of 1.36 and a beta of 2.43. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The company’s fifty day simple moving average is $13.51 and its 200-day simple moving average is $13.33. Magnite, Inc. has a 52 week low of $7.97 and a 52 week high of $18.38.

Institutional Investors Weigh In On Magnite

Large investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP boosted its stake in Magnite by 125.3% during the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after acquiring an additional 3,659,759 shares in the last quarter. Nomura Asset Management Co. Ltd. bought a new stake in shares of Magnite during the third quarter valued at approximately $23,917,000. Granite Investment Partners LLC acquired a new position in shares of Magnite during the second quarter worth approximately $11,227,000. Driehaus Capital Management LLC bought a new position in shares of Magnite in the 2nd quarter worth $9,938,000. Finally, Marshall Wace LLP grew its position in Magnite by 59.0% in the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock valued at $20,726,000 after purchasing an additional 578,678 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the company. 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. Craig Hallum reiterated a “buy” rating and issued a $20.00 price objective on shares of Magnite in a report on Wednesday, August 21st. Needham & Company LLC reissued a “buy” rating and set a $15.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Macquarie reaffirmed an “outperform” rating and set a $18.00 price target on shares of Magnite in a research note on Friday, November 8th. Finally, Benchmark reiterated a “buy” rating and set a $21.00 price target on shares of Magnite in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target 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.