Magnite (NASDAQ:MGNI) Trading Down 4.3% Following Insider Selling

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

Specifically, CFO David Day sold 39,000 shares of the business's stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $20.00, for a total value of $780,000.00. Following the sale, the chief financial officer now directly owns 488,506 shares in the company, valued at approximately $9,770,120. The trade was a 7.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Sean Patrick Buckley sold 18,693 shares of the stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $20.00, for a total transaction of $373,860.00. Following the transaction, the insider now owns 408,529 shares of the company's stock, valued at $8,170,580. This represents a 4.38 % decrease in their position. The disclosure for this sale can be found here. In other news, Director James Rossman sold 149,936 shares of the business's stock in a transaction that occurred 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 sale, the director now owns 219,920 shares of the company's stock, valued at $4,279,643.20. The trade was a 40.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Analysts Set New Price Targets

A number of research firms recently weighed in on MGNI. 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 objective for the company. Macquarie reiterated an "outperform" rating and issued a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. Wolfe Research increased their price objective on Magnite from $14.00 to $19.00 and gave the stock an "outperform" rating in a report on Friday, January 3rd. Royal Bank of Canada lifted their target price on Magnite from $19.00 to $22.00 and gave the company an "outperform" rating in a report on Friday, January 3rd. Finally, Needham & Company LLC reissued a "buy" rating and issued a $20.00 price target on shares of Magnite in a 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.35.

Magnite Trading Down 3.0 %

The stock's 50 day simple moving average is $16.93 and its 200 day simple moving average is $14.81. The firm has a market cap of $2.80 billion, a PE ratio of 330.72, a PEG ratio of 1.05 and a beta of 2.52. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11.

Institutional Investors Weigh In On Magnite

A number of large investors have recently added to or reduced their stakes in the company. Arizona State Retirement System increased its position in shares of Magnite by 1.5% during the 4th quarter. Arizona State Retirement System now owns 36,846 shares of the company's stock valued at $587,000 after purchasing an additional 559 shares during the last quarter. Truist Financial Corp raised its stake in shares of Magnite by 2.0% during the fourth quarter. Truist Financial Corp now owns 34,242 shares of the company's stock worth $545,000 after acquiring an additional 674 shares in the last quarter. Verdence Capital Advisors LLC lifted its holdings in shares of Magnite by 4.8% in the 3rd quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company's stock worth $268,000 after acquiring an additional 892 shares during the last quarter. ANTIPODES PARTNERS Ltd boosted its stake in shares of Magnite by 13.4% in the 4th quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company's stock valued at $129,000 after purchasing an additional 956 shares in the last quarter. Finally, Jones Financial Companies Lllp raised its position 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 purchasing an additional 1,000 shares during the period. Hedge funds and other institutional investors 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.