Magnite (NASDAQ:MGNI) Trading Down 4.7% – Should You Sell?

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

Analyst Ratings Changes

MGNI has been the topic of several analyst reports. Royal Bank of Canada increased their target price on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Needham & Company LLC reiterated a “buy” rating and set a $20.00 price objective on shares of Magnite in a research note on Friday, January 17th. Wells Fargo & Company boosted their target price on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Wolfe Research upped their price target 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 reissued an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a research note on Friday, November 8th. 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 data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.35.

Magnite Stock Performance

The company has a fifty day moving average price of $17.13 and a two-hundred day moving average price of $14.98. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market capitalization of $2.73 billion, a P/E ratio of 323.17, a PEG ratio of 1.05 and a beta of 2.52.

Insiders Place Their Bets

In other news, insider Adam Lee Soroca sold 8,328 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $17.00, for a total value of $141,576.00. Following the sale, the insider now directly owns 421,347 shares of the company’s stock, valued at approximately $7,162,899. This represents a 1.94 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Paul Caine sold 5,000 shares of the stock in a transaction on Monday, February 10th. The stock was sold at an average price of $20.35, for a total transaction of $101,750.00. Following the sale, the director now owns 182,837 shares of the company’s stock, valued at approximately $3,720,732.95. This trade represents a 2.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 451,175 shares of company stock valued at $8,306,698 in the last ninety days. 4.30% of the stock is currently owned by insiders.

Institutional Trading of Magnite

A number of institutional investors have recently bought and sold shares of MGNI. Blue Trust Inc. boosted its position in shares of Magnite by 87.0% during the 3rd quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock valued at $105,000 after purchasing an additional 3,689 shares in the last quarter. Vicus Capital acquired a new position in Magnite in the third quarter valued at approximately $164,000. Riverwater Partners LLC bought a new position in shares of Magnite during the 3rd quarter worth approximately $1,164,000. DORCHESTER WEALTH MANAGEMENT Co grew its position in shares of Magnite by 29.5% during the 3rd quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 18,000 shares of the company’s stock worth $249,000 after buying an additional 4,100 shares during the period. Finally, Assenagon Asset Management S.A. increased its stake in shares of Magnite by 187.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 409,340 shares of the company’s stock valued at $5,669,000 after acquiring an additional 267,057 shares in the last quarter. 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.