Magnite, Inc. (NASDAQ:MGNI) Director James Rossman Sells 149,936 Shares

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) Director James Rossman sold 149,936 shares of the stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $19.46, for a total transaction of $2,917,754.56. Following the completion of the transaction, the director now owns 219,920 shares in the company, valued at approximately $4,279,643.20. This trade represents a 40.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Magnite Price Performance

MGNI traded down $0.01 on Tuesday, reaching $20.61. 1,606,011 shares of the company's stock were exchanged, compared to its average volume of 2,204,541. The stock has a market cap of $2.90 billion, a PE ratio of 343.25, a P/E/G ratio of 1.05 and a beta of 2.52. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. Magnite, Inc. has a twelve month low of $8.38 and a twelve month high of $21.29. The stock's fifty day moving average price is $16.81 and its 200-day moving average price is $14.73.

Institutional Investors Weigh In On Magnite

Several hedge funds and other institutional investors have recently made changes to their positions in MGNI. SBI Securities Co. Ltd. acquired a new stake in shares of Magnite in the 4th quarter worth $25,000. Larson Financial Group LLC increased its position in Magnite by 179.2% during the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company's stock worth $58,000 after purchasing an additional 2,341 shares during the last quarter. Quantbot Technologies LP acquired a new stake in Magnite during the fourth quarter worth about $87,000. Quarry LP raised its stake in Magnite by 446.8% during the third quarter. Quarry LP now owns 5,517 shares of the company's stock worth $76,000 after purchasing an additional 4,508 shares during the period. Finally, Jones Financial Companies Lllp boosted its holdings in Magnite by 20.6% in the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock valued at $93,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

Analyst Upgrades and Downgrades

MGNI has been the subject of several recent research reports. Macquarie reaffirmed an "outperform" rating and set a $18.00 target price on shares of Magnite in a report on Friday, November 8th. Wolfe Research raised their price objective on Magnite from $14.00 to $19.00 and gave the company an "outperform" rating in a report on Friday, January 3rd. Royal Bank of Canada upped their target price on Magnite from $19.00 to $22.00 and gave the stock an "outperform" rating in a research note on Friday, January 3rd. Scotiabank began coverage on shares of Magnite in a research note on Thursday, December 5th. They issued a "sector outperform" rating and a $22.00 price target on the stock. Finally, Needham & Company LLC restated a "buy" rating and set a $20.00 price objective on shares of Magnite in a research report on Friday, January 17th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target 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.