Insider Selling: Magnite, Inc. (NASDAQ:MGNI) CFO Sells $191,427.36 in Stock

Magnite, Inc. (NASDAQ:MGNI) CFO David Day sold 11,644 shares of the business’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $16.44, for a total value 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Magnite Stock Up 3.9 %

MGNI stock opened at $16.34 on Friday. The business has a 50-day moving average of $14.97 and a 200-day moving average of $13.96. Magnite, Inc. has a fifty-two week low of $8.38 and a fifty-two week high of $18.38. The stock has a market capitalization of $2.30 billion, a P/E ratio of 272.33, a P/E/G ratio of 1.35 and a beta of 2.50. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Macquarie restated an “outperform” rating and set a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Wells Fargo & Company initiated coverage on shares of Magnite in a report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price target for the company. Scotiabank started coverage on Magnite in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective on the stock. Needham & Company LLC boosted their target price on Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $19.00 price target on shares of Magnite in a research report on Friday, September 27th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.73.

Hedge Funds Weigh In On Magnite

A number of large investors have recently bought and sold shares of the company. Wellington Management Group LLP raised its holdings in shares of Magnite by 125.3% in the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock valued at $91,128,000 after purchasing an additional 3,659,759 shares during the last quarter. Nomura Asset Management Co. Ltd. acquired a new stake in Magnite in the 3rd quarter valued at $23,917,000. Granite Investment Partners LLC bought a new stake in Magnite during the 2nd quarter worth about $11,227,000. Driehaus Capital Management LLC acquired a new position in shares of Magnite during the 2nd quarter worth about $9,938,000. Finally, Marshall Wace LLP grew its holdings in shares of Magnite by 59.0% in the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock valued at $20,726,000 after acquiring an additional 578,678 shares in the last quarter. Institutional investors and hedge funds 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.