Insider Selling: Magnite, Inc. (NASDAQ:MGNI) Insider Sells 7,849 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) insider Adam Lee Soroca sold 7,849 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $15.60, for a total transaction of $122,444.40. Following the transaction, the insider now directly owns 421,347 shares of the company’s stock, valued at approximately $6,573,013.20. This trade represents a 1.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Magnite Stock Up 4.0 %

MGNI stock opened at $16.26 on Wednesday. The firm has a market cap of $2.29 billion, a PE ratio of 271.00, a P/E/G ratio of 1.48 and a beta of 2.43. Magnite, Inc. has a 12 month low of $7.74 and a 12 month high of $17.00. 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 50 day simple moving average of $13.20 and a 200 day simple moving average of $13.07.

Institutional Investors Weigh In On Magnite

Large investors have recently modified their holdings of the stock. UMB Bank n.a. raised its position in shares of Magnite by 111.8% during the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after purchasing an additional 1,188 shares during the period. Asset Dedication LLC purchased a new position in Magnite in the 2nd quarter worth about $52,000. Blue Trust Inc. purchased a new position in Magnite in the 2nd quarter worth about $56,000. Benjamin F. Edwards & Company Inc. raised its holdings in Magnite by 973.5% during 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 lifted its stake in Magnite by 446.8% during the third quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after buying an additional 4,508 shares in the last quarter. 73.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on MGNI shares. Lake Street Capital began coverage on shares of Magnite in a research note on Thursday, July 25th. They set a “buy” rating and a $21.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and set a $15.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Bank of America increased their price objective on Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Macquarie reaffirmed an “outperform” rating and set a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. Finally, Wells Fargo & Company began coverage on Magnite in a research note on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price target for the company. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $16.96.

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.