Magnite, Inc. (NASDAQ:MGNI) CEO Michael G. Barrett Sells 27,004 Shares

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

Magnite Price Performance

Magnite stock opened at $16.62 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The business’s 50 day simple moving average is $13.65 and its 200 day simple moving average is $13.38. Magnite, Inc. has a 12 month low of $7.97 and a 12 month high of $18.38. The company has a market cap of $2.34 billion, a price-to-earnings ratio of 277.00, a PEG ratio of 1.36 and a beta of 2.43.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Craig Hallum reaffirmed a “buy” rating and set a $20.00 target price on shares of Magnite in a research report on Wednesday, August 21st. Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 price objective on shares of Magnite in a report on Wednesday, October 2nd. Benchmark reiterated a “buy” rating and issued a $21.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Macquarie restated an “outperform” rating and set a $18.00 price target on shares of Magnite in a report on Friday, November 8th. Finally, Wells Fargo & Company assumed coverage on shares of Magnite in a research note on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price objective for the company. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $16.96.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MGNI. Vanguard Group Inc. raised its stake in Magnite by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock valued at $137,796,000 after acquiring an additional 166,522 shares during the period. Wellington Management Group LLP increased its stake in shares of Magnite by 125.3% in the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after purchasing an additional 3,659,759 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Magnite by 2.2% in the third quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock valued at $41,118,000 after purchasing an additional 63,545 shares during the period. Nomura Asset Management Co. Ltd. purchased a new stake in shares of Magnite during the 3rd quarter valued at approximately $23,917,000. Finally, Marshall Wace LLP boosted its holdings in Magnite by 59.0% in the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock worth $20,726,000 after buying an additional 578,678 shares during the period. Hedge funds and other institutional investors 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.