Paul Caine Sells 5,000 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) Director Paul Caine sold 5,000 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $20.35, for a total value of $101,750.00. Following the sale, the director now owns 182,837 shares in the company, valued at approximately $3,720,732.95. This trade represents a 2.66 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Magnite Price Performance

Shares of Magnite stock opened at $19.49 on Friday. Magnite, Inc. has a twelve month low of $8.38 and a twelve month high of $21.29. The stock has a market capitalization of $2.74 billion, a P/E ratio of 324.83, a PEG ratio of 1.05 and a beta of 2.52. 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 business’s fifty day moving average price is $16.93 and its 200 day moving average price is $14.81.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. EAM Global Investors LLC purchased a new position in Magnite in the fourth quarter valued at about $3,640,000. EAM Investors LLC purchased a new position in Magnite in the fourth quarter valued at about $3,157,000. Gamco Investors INC. ET AL raised its position in Magnite by 14.6% in the fourth quarter. Gamco Investors INC. ET AL now owns 84,632 shares of the company’s stock valued at $1,347,000 after purchasing an additional 10,799 shares during the period. Barclays PLC raised its position in Magnite by 14.1% in the fourth quarter. Barclays PLC now owns 240,375 shares of the company’s stock valued at $3,826,000 after purchasing an additional 29,777 shares during the period. Finally, Ameritas Investment Partners Inc. raised its position in Magnite by 6.8% in the fourth quarter. Ameritas Investment Partners Inc. now owns 13,162 shares of the company’s stock valued at $210,000 after purchasing an additional 836 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on MGNI shares. Wolfe Research raised 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. Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of Magnite in a report on Friday, January 17th. Scotiabank started coverage on Magnite in a report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective on the stock. Wells Fargo & Company raised their price objective on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Finally, Royal Bank of Canada raised their price objective on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Magnite has a consensus rating of “Moderate Buy” and an average price target of $18.35.

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.