Insider Selling: Magnite, Inc. (NASDAQ:MGNI) Insider Sells 18,693 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI - Get Free Report) insider Sean Patrick Buckley sold 18,693 shares of Magnite stock in a transaction on Friday, February 7th. The stock was sold at an average price of $20.00, for a total value of $373,860.00. Following the completion of the transaction, the insider now owns 408,529 shares in the company, valued at $8,170,580. The trade was a 4.38 % 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.

Sean Patrick Buckley also recently made the following trade(s):

• On Monday, November 18th, Sean Patrick Buckley sold 10,001 shares of Magnite stock. The stock was sold at an average price of $15.60, for a total transaction of $156,015.60.

Magnite Stock Down 0.1 %

Shares of MGNI traded down $0.01 during trading hours on Tuesday, hitting $20.61. 1,606,011 shares of the company were exchanged, compared to its average volume of 2,204,541. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market cap of $2.90 billion, a PE ratio of 343.25, a PEG ratio of 1.05 and a beta of 2.52. The firm's 50 day moving average is $16.81 and its 200-day moving average is $14.73. Magnite, Inc. has a 52 week low of $8.38 and a 52 week high of $21.29.

Analysts Set New Price Targets

MGNI has been the topic of several recent analyst reports. Wells Fargo & Company boosted their target price on shares of Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research note on Thursday, January 16th. Macquarie restated an "outperform" rating and set a $18.00 price objective on shares of Magnite in a research report on Friday, November 8th. Scotiabank started coverage on Magnite in a report on Thursday, December 5th. They issued a "sector outperform" rating and a $22.00 target price on the stock. Wolfe Research raised their price target on shares of Magnite from $14.00 to $19.00 and gave the stock an "outperform" rating in a report on Friday, January 3rd. Finally, Royal Bank of Canada upped their price objective on shares of Magnite from $19.00 to $22.00 and gave the company an "outperform" rating in a research note on Friday, January 3rd. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, Magnite currently has a consensus rating of "Moderate Buy" and an average target price of $18.35.

Hedge Funds Weigh In On Magnite

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP lifted its stake in shares of Magnite by 125.3% in the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company's stock worth $91,128,000 after buying an additional 3,659,759 shares during the last quarter. Boston Partners lifted its position in Magnite by 39.1% during the 4th quarter. Boston Partners now owns 4,756,323 shares of the company's stock worth $76,061,000 after acquiring an additional 1,336,458 shares during the last quarter. Geode Capital Management LLC lifted its position in Magnite by 2.2% during the 3rd quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company's stock worth $41,118,000 after acquiring an additional 63,545 shares during the last quarter. Nomura Asset Management Co. Ltd. bought a new stake in Magnite during the third quarter valued at about $23,917,000. Finally, Royce & Associates LP grew its position in shares of Magnite by 7.4% in the fourth quarter. Royce & Associates LP now owns 1,597,896 shares of the company's stock valued at $25,439,000 after purchasing an additional 109,595 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

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.