Magnite, Inc. (NASDAQ:MGNI) CEO Sells $1,614,000.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) CEO Michael G. Barrett sold 100,000 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $16.14, for a total transaction of $1,614,000.00. Following the transaction, the chief executive officer now directly owns 809,914 shares of the company’s stock, valued at $13,072,011.96. This represents a 10.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Magnite Trading Up 4.0 %

Shares of NASDAQ MGNI opened at $16.26 on Wednesday. Magnite, Inc. has a 1-year low of $7.74 and a 1-year high of $17.00. The company has a 50-day moving average of $13.20 and a two-hundred day moving average of $13.07. The company has a market cap of $2.29 billion, a PE ratio of 271.00, a P/E/G ratio of 1.48 and a beta of 2.43. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Swiss National Bank increased its stake in shares of Magnite by 6.7% in the 1st quarter. Swiss National Bank now owns 244,900 shares of the company’s stock valued at $2,633,000 after buying an additional 15,400 shares during the period. Russell Investments Group Ltd. lifted its position in Magnite by 30.6% during the 1st quarter. Russell Investments Group Ltd. now owns 140,200 shares of the company’s stock valued at $1,507,000 after purchasing an additional 32,854 shares during the period. ProShare Advisors LLC boosted its stake in shares of Magnite by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 24,325 shares of the company’s stock valued at $261,000 after purchasing an additional 1,914 shares during the last quarter. State Board of Administration of Florida Retirement System grew its position in shares of Magnite by 61.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 61,859 shares of the company’s stock worth $665,000 after buying an additional 23,628 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of Magnite by 1.3% during the first quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock worth $137,796,000 after buying an additional 166,522 shares during the last quarter. Institutional investors own 73.40% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on MGNI. Benchmark restated a “buy” rating and set a $21.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Wells Fargo & Company began coverage on Magnite in a research report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 target price for the company. Bank of America boosted their price target on shares of Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a report on Monday, July 29th. Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 price objective on shares of Magnite in a report on Wednesday, October 2nd. Finally, Lake Street Capital assumed coverage on Magnite in a research note on Thursday, July 25th. They issued a “buy” rating and a $21.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $16.96.

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.