Magnite (NASDAQ:MGNI) Shares Down 4.7% - Should You Sell?

Magnite, Inc. (NASDAQ:MGNI - Get Free Report)'s share price fell 4.7% during trading on Tuesday . The company traded as low as $18.91 and last traded at $19.07. 514,473 shares were traded during trading, a decline of 78% from the average session volume of 2,305,017 shares. The stock had previously closed at $20.00.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MGNI. Needham & Company LLC reaffirmed a "buy" rating and set a $20.00 price objective on shares of Magnite in a research note on Friday, January 17th. Royal Bank of Canada increased their target price on shares of Magnite from $19.00 to $22.00 and gave the stock an "outperform" rating in a report on Friday, January 3rd. Scotiabank assumed coverage on shares of 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 increased their target price 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, Macquarie reiterated an "outperform" rating and issued a $18.00 target price on shares of Magnite in a report on Friday, November 8th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat.com, Magnite presently has a consensus rating of "Moderate Buy" and an average target price of $18.35.

Magnite Stock Down 3.2 %

The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $2.49 billion, a P/E ratio of 294.67, a PEG ratio of 1.05 and a beta of 2.52. The firm's 50 day moving average price is $17.23 and its two-hundred day moving average price is $15.06.

Insider Buying and Selling

In related news, CTO David Buonasera sold 1,969 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $16.31, for a total transaction of $32,114.39. Following the completion of the transaction, the chief technology officer now owns 223,795 shares in the company, valued at approximately $3,650,096.45. This represents a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO David Day sold 11,644 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $16.44, for a total transaction of $191,427.36. Following the transaction, the chief financial officer now owns 400,859 shares of the company's stock, valued at $6,590,121.96. The trade was a 2.82 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 431,655 shares of company stock worth $8,008,280. 4.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in MGNI. Capital Research Global Investors acquired a new position in shares of Magnite during the 4th quarter worth approximately $122,986,000. Wellington Management Group LLP increased its position in shares of Magnite by 125.3% during the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company's stock worth $91,128,000 after purchasing an additional 3,659,759 shares during the last quarter. Nomura Asset Management Co. Ltd. acquired a new position in shares of Magnite during the 3rd quarter worth approximately $23,917,000. Boston Partners increased its position in shares of 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 purchasing an additional 1,336,458 shares during the last quarter. Finally, Maestria Partners LLC acquired a new stake in Magnite in the 4th quarter valued at about $15,161,000. 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.