Insider Selling: Magnite, Inc. (NASDAQ:MGNI) CRO Sells 10,001 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) CRO Sean Patrick Buckley sold 10,001 shares of Magnite stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $15.60, for a total value of $156,015.60. Following the transaction, the executive now owns 303,743 shares of the company’s stock, valued at $4,738,390.80. This represents a 3.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Magnite Stock Up 4.0 %

Shares of NASDAQ MGNI opened at $16.26 on Wednesday. The stock has a market capitalization of $2.29 billion, a PE ratio of 271.00, a P/E/G ratio of 1.48 and a beta of 2.43. 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 firm has a fifty day moving average of $13.20 and a 200-day moving average of $13.07. Magnite, Inc. has a 52-week low of $7.74 and a 52-week high of $17.00.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MGNI. Craig Hallum reissued a “buy” rating and issued a $20.00 price target on shares of Magnite in a report on Wednesday, August 21st. Macquarie reissued an “outperform” rating and issued a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. Bank of America raised their price target on shares of Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Wells Fargo & Company initiated coverage on shares of Magnite in a research report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price objective for the company. Finally, Royal Bank of Canada restated an “outperform” rating and set a $19.00 target price on shares of Magnite in a research report on Friday, September 27th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $16.96.

Institutional Investors Weigh In On Magnite

Institutional investors have recently added to or reduced their stakes in the company. 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 in the last quarter. Asset Dedication LLC acquired a new stake in Magnite in the 2nd quarter valued at $52,000. Blue Trust Inc. purchased a new position in Magnite in the second quarter valued at about $56,000. Benjamin F. Edwards & Company Inc. boosted its position 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 buying an additional 3,972 shares during the period. Finally, Quarry LP grew its stake 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 buying an additional 4,508 shares in the last quarter. Hedge funds and other institutional investors 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.