Insider Selling: Magnite, Inc. (NASDAQ:MGNI) CFO Sells 39,000 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) CFO David Day sold 39,000 shares of the business's stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $20.00, for a total value of $780,000.00. Following the completion of the transaction, the chief financial officer now directly owns 488,506 shares in the company, valued at approximately $9,770,120. The trade was a 7.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

David Day also recently made the following trade(s):

• On Friday, January 3rd, David Day sold 13,345 shares of Magnite stock. The shares were sold at an average price of $17.00, for a total value of $226,865.00.
• On Monday, December 16th, David Day sold 11,644 shares of Magnite stock. The shares were sold at an average price of $16.44, for a total transaction of $191,427.36.

Magnite Stock Down 0.1 %

NASDAQ:MGNI traded down $0.01 on Tuesday, reaching $20.61. The stock had a trading volume of 1,606,011 shares, compared to its average volume of 2,204,541. Magnite, Inc. has a 12-month low of $8.38 and a 12-month high of $21.29. The stock has a market cap of $2.90 billion, a P/E ratio of 343.25, a price-to-earnings-growth ratio of 1.05 and a beta of 2.52. 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 company has a 50-day moving average of $16.81 and a 200 day moving average of $14.73.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Needham & Company LLC restated a "buy" rating and issued a $20.00 target price on shares of Magnite in a report on Friday, January 17th. Wolfe Research increased their target price on Magnite from $14.00 to $19.00 and gave the stock an "outperform" rating in a research report on Friday, January 3rd. Royal Bank of Canada lifted their target price on Magnite from $19.00 to $22.00 and gave the company an "outperform" rating in a report on Friday, January 3rd. Scotiabank began coverage on Magnite in a report on Thursday, December 5th. They issued a "sector outperform" rating and a $22.00 price objective on the stock. Finally, Macquarie reiterated an "outperform" rating and set a $18.00 target price on shares of Magnite in a report on Friday, November 8th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $18.35.

Institutional Investors Weigh In On Magnite

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP grew its holdings in shares of Magnite by 125.3% during the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company's stock valued at $91,128,000 after purchasing an additional 3,659,759 shares during the last quarter. Boston Partners lifted its holdings in shares of Magnite by 39.1% in the fourth quarter. Boston Partners now owns 4,756,323 shares of the company's stock valued at $76,061,000 after purchasing an additional 1,336,458 shares in the last quarter. Geode Capital Management LLC increased its stake in Magnite by 2.2% in the 3rd quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company's stock valued at $41,118,000 after buying 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 worth about $23,917,000. Finally, Royce & Associates LP raised its stake in shares of Magnite by 7.4% in the 4th quarter. Royce & Associates LP now owns 1,597,896 shares of the company's stock valued at $25,439,000 after acquiring an additional 109,595 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

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.