Magnite (NASDAQ:MGNI) Shares Down 6.6% - Time to Sell?

Magnite, Inc. (NASDAQ:MGNI - Get Free Report)'s stock price traded down 6.6% during trading on Thursday . The company traded as low as $14.96 and last traded at $15.03. 1,035,826 shares traded hands during mid-day trading, a decline of 34% from the average session volume of 1,565,453 shares. The stock had previously closed at $16.09.

Analyst Ratings Changes

A number of analysts have issued reports on MGNI shares. Macquarie reissued an "outperform" rating and issued a $18.00 target price on shares of Magnite in a research report on Friday, November 8th. Benchmark restated a "buy" rating and issued a $21.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. Wells Fargo & Company increased their target price on shares of Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a research report on Thursday. Royal Bank of Canada boosted their price target on shares of Magnite from $19.00 to $22.00 and gave the company an "outperform" rating in a research report on Friday, January 3rd. Finally, Wolfe Research raised their price objective on shares of Magnite from $14.00 to $19.00 and gave the stock an "outperform" rating in a report on Friday, January 3rd. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat, Magnite has a consensus rating of "Moderate Buy" and a consensus price target of $18.35.

Magnite Stock Performance

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 stock has a market cap of $2.13 billion, a PE ratio of 252.33, a PEG ratio of 0.80 and a beta of 2.51. The company's 50-day moving average price is $16.36 and its two-hundred day moving average price is $14.34.

Insider Buying and Selling at Magnite

In other news, insider Aaron Saltz sold 5,112 shares of the business's stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $13.50, for a total value of $69,012.00. Following the completion of the sale, the insider now owns 307,745 shares of the company's stock, valued at approximately $4,154,557.50. The trade was a 1.63 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CRO Sean Patrick Buckley sold 10,001 shares of the business's stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $15.60, for a total value of $156,015.60. Following the completion of the sale, the executive now owns 303,743 shares of the company's stock, valued at $4,738,390.80. The trade was a 3.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 366,097 shares of company stock worth $6,165,147 over the last 90 days. Corporate insiders own 4.30% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. New Century Financial Group LLC purchased a new position in shares of Magnite in the second quarter valued at about $640,000. Victory Capital Management Inc. increased its holdings in Magnite by 2.9% during the 3rd quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company's stock valued at $18,569,000 after purchasing an additional 37,601 shares during the period. Driehaus Capital Management LLC bought a new position in Magnite during the 2nd quarter valued at approximately $9,938,000. Principal Financial Group Inc. raised its position in Magnite by 552.2% during the 3rd quarter. Principal Financial Group Inc. now owns 107,515 shares of the company's stock valued at $1,489,000 after purchasing an additional 91,031 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new stake in Magnite in the 3rd quarter worth approximately $649,000. 73.40% of the stock is 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.

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