Magnite (NASDAQ:MGNI) Shares Down 4.3% on Insider Selling

Magnite, Inc. (NASDAQ:MGNI - Get Free Report)'s share price traded down 4.3% during trading on Monday following insider selling activity. The company traded as low as $20.10 and last traded at $20.26. 674,721 shares changed hands during trading, a decline of 68% from the average session volume of 2,103,243 shares. The stock had previously closed at $21.17.

Specifically, CFO David Day sold 39,000 shares of the stock in a transaction on Friday, February 7th. The shares were sold at an average price of $20.00, for a total value of $780,000.00. Following the completion of the sale, the chief financial officer now directly owns 488,506 shares of the company's stock, valued at $9,770,120. This represents a 7.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Sean Patrick Buckley sold 18,693 shares of the stock in a transaction 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 sale, the insider now directly owns 408,529 shares of the company's stock, valued at approximately $8,170,580. This trade represents a 4.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Magnite news, Director James Rossman sold 149,936 shares of the stock in a transaction on Friday, February 7th. The shares were sold at an average price of $19.46, for a total value of $2,917,754.56. Following the completion of the sale, the director now directly owns 219,920 shares of the company's stock, valued at $4,279,643.20. This represents a 40.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MGNI. Wells Fargo & Company raised 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. Macquarie reaffirmed an "outperform" rating and issued a $18.00 target price on shares of Magnite in a research report on Friday, November 8th. Royal Bank of Canada lifted their price target on shares of Magnite from $19.00 to $22.00 and gave the stock an "outperform" rating in a research note on Friday, January 3rd. Scotiabank initiated coverage on shares of Magnite in a research note on Thursday, December 5th. They issued a "sector outperform" rating and a $22.00 price objective for the company. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $20.00 price objective on shares of Magnite in a report on Friday, January 17th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.35.

Magnite Trading Up 2.6 %

The company has a 50-day simple moving average of $16.97 and a 200-day simple moving average of $14.85. 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 $2.81 billion, a P/E ratio of 333.33, a P/E/G ratio of 1.05 and a beta of 2.52.

Institutional Investors Weigh In On Magnite

A number of hedge funds have recently added to or reduced their stakes in MGNI. Wedge Capital Management L L P NC grew its holdings in Magnite by 29.6% during the 3rd quarter. Wedge Capital Management L L P NC now owns 123,138 shares of the company's stock worth $1,705,000 after acquiring an additional 28,108 shares during the last quarter. Blue Trust Inc. raised its position in Magnite by 87.0% in the 3rd quarter. Blue Trust Inc. now owns 7,931 shares of the company's stock worth $105,000 after purchasing an additional 3,689 shares during the last quarter. Vicus Capital bought a new position in Magnite in the 3rd quarter worth approximately $164,000. Riverwater Partners LLC bought a new position in Magnite in the 3rd quarter worth approximately $1,164,000. Finally, DORCHESTER WEALTH MANAGEMENT Co raised its position in Magnite by 29.5% in the 3rd quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 18,000 shares of the company's stock worth $249,000 after purchasing an additional 4,100 shares during the last quarter. Institutional investors own 73.40% of the company's stock.

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.