Magnite (NASDAQ:MGNI) Shares Gap Down on Insider Selling

Shares of Magnite, Inc. (NASDAQ:MGNI - Get Free Report) gapped down prior to trading on Thursday following insider selling activity. The stock had previously closed at $20.51, but opened at $18.74. Magnite shares last traded at $18.49, with a volume of 1,597,410 shares.

Specifically, Director Paul Caine sold 5,000 shares of the business's stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $20.35, for a total value of $101,750.00. Following the completion of the transaction, the director now owns 182,837 shares of the company's stock, valued at approximately $3,720,732.95. The trade was a 2.66 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction of $780,000.00. Following the transaction, the chief financial officer now directly owns 488,506 shares of the company's stock, valued at $9,770,120. The trade was a 7.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, insider Sean Patrick Buckley sold 18,693 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 transaction of $373,860.00. Following the completion of the transaction, the insider now directly owns 408,529 shares of the company's stock, valued at $8,170,580. The trade was a 4.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Upgrades and Downgrades

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

Magnite Stock Performance

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 debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market capitalization of $2.81 billion, a PE ratio of 333.33, a price-to-earnings-growth ratio of 1.05 and a beta of 2.52.

Hedge Funds Weigh In On Magnite

Several institutional investors have recently bought and sold shares of the stock. SBI Securities Co. Ltd. bought a new stake in Magnite in the 4th quarter valued at $25,000. Larson Financial Group LLC increased its holdings in shares of Magnite by 179.2% in 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. Quarry LP increased its holdings in shares of Magnite by 446.8% in 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 last quarter. Quantbot Technologies LP bought a new stake in Magnite in the 4th quarter worth approximately $87,000. Finally, Jones Financial Companies Lllp increased its stake in 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 acquiring an additional 1,000 shares during the last quarter. 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.