Magnite, Inc. (NASDAQ:MGNI) Director Sells $101,750.00 in Stock

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director Paul Caine sold 5,000 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $20.35, for a total value of $101,750.00. Following the completion of the sale, the director now directly owns 182,837 shares of the company's stock, valued at approximately $3,720,732.95. This represents a 2.66 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Magnite Stock Performance

Magnite stock traded up $0.51 during mid-day trading on Friday, reaching $20.00. 2,102,770 shares of the company's stock were exchanged, compared to its average volume of 1,713,613. The firm has a market capitalization of $2.81 billion, a PE ratio of 333.33, a P/E/G ratio of 1.05 and a beta of 2.52. The business's fifty day simple moving average is $17.01 and its 200 day simple moving average is $14.89. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a one year low of $8.38 and a one year high of $21.29.

Hedge Funds Weigh In On Magnite

Several hedge funds have recently made changes to their positions in MGNI. SBI Securities Co. Ltd. purchased a new position in shares of Magnite in the 4th quarter worth about $25,000. Larson Financial Group LLC raised its position in shares of Magnite by 179.2% in the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company's stock worth $58,000 after acquiring an additional 2,341 shares in the last quarter. Quarry LP raised its position in shares of Magnite by 446.8% in the 3rd quarter. Quarry LP now owns 5,517 shares of the company's stock worth $76,000 after acquiring an additional 4,508 shares in the last quarter. Quantbot Technologies LP purchased a new stake in shares of Magnite in the 4th quarter worth approximately $87,000. Finally, Jones Financial Companies Lllp grew its stake in shares of Magnite by 20.6% in the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock worth $93,000 after buying an additional 1,000 shares during the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MGNI. Wolfe Research raised their price target on Magnite from $14.00 to $19.00 and gave the company an "outperform" rating in a research note on Friday, January 3rd. Royal Bank of Canada lifted their price objective on Magnite from $19.00 to $22.00 and gave the company an "outperform" rating in a report on Friday, January 3rd. Macquarie reaffirmed an "outperform" rating and issued a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Scotiabank began coverage on Magnite in a research note on Thursday, December 5th. They set a "sector outperform" rating and a $22.00 price target on the stock. Finally, Wells Fargo & Company lifted their price objective on Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Magnite has an average rating of "Moderate Buy" and an average target price of $18.35.

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.