David Day Sells 11,644 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) CFO David Day sold 11,644 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $16.44, for a total transaction of $191,427.36. Following the completion of the transaction, the chief financial officer now directly owns 400,859 shares in the company, valued at $6,590,121.96. This represents a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Magnite Trading Down 0.8 %

NASDAQ:MGNI opened at $15.72 on Friday. Magnite, Inc. has a 52-week low of $8.38 and a 52-week high of $18.38. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The stock has a fifty day simple moving average of $14.88 and a 200-day simple moving average of $13.94. The company has a market capitalization of $2.21 billion, a PE ratio of 262.00, a price-to-earnings-growth ratio of 1.35 and a beta of 2.50.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MGNI. Macquarie reiterated an “outperform” rating and set a $18.00 price target on shares of Magnite in a research note on Friday, November 8th. Benchmark reiterated a “buy” rating and set a $21.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. Needham & Company LLC increased their target price on Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Wells Fargo & Company initiated coverage on Magnite in a report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price objective on the stock. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $19.00 target price on shares of Magnite in a report on Friday, September 27th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $17.73.

Hedge Funds Weigh In On Magnite

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. UMB Bank n.a. grew its position in shares of Magnite by 111.8% in the second 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 last quarter. Asset Dedication LLC acquired a new stake in Magnite during the 2nd quarter valued at $52,000. Blue Trust Inc. purchased a new position in Magnite during the second quarter worth $56,000. Benjamin F. Edwards & Company Inc. raised its holdings in shares of Magnite by 973.5% in the second 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 last quarter. Finally, Quarry LP lifted its position in shares of 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. Institutional investors and hedge funds own 73.40% of the company’s stock.

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.