Magnite (NASDAQ:MGNI) Stock Price Down 4.7% – Time to Sell?

Shares of Magnite, Inc. (NASDAQ:MGNI) traded down 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.

Analysts Set New Price Targets

MGNI has been the subject of a number of research reports. Macquarie reissued an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a research note on Friday, November 8th. Scotiabank began coverage on Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 target price on the stock. Royal Bank of Canada boosted their price target on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note 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. Finally, Wolfe Research lifted their price objective on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Magnite presently has a consensus rating of “Moderate Buy” and an average price target of $18.35.

Magnite Stock Down 3.1 %

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 firm has a market capitalization of $2.73 billion, a P/E ratio of 323.17, a P/E/G ratio of 1.05 and a beta of 2.52. The stock’s 50-day simple moving average is $17.13 and its 200-day simple moving average is $14.98.

Insider Activity

In related news, Director Paul Caine sold 5,000 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $20.35, for a total value of $101,750.00. Following the transaction, the director now directly owns 182,837 shares of the company’s stock, valued at approximately $3,720,732.95. The trade was a 2.66 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Aaron Saltz sold 6,110 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $17.50, for a total transaction of $106,925.00. Following the sale, the insider now owns 297,482 shares of the company’s stock, valued at $5,205,935. This trade represents a 2.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 451,175 shares of company stock valued at $8,306,698 over the last three months. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

A number of hedge funds have recently modified their holdings of the stock. SBI Securities Co. Ltd. purchased a new stake in Magnite in the fourth quarter worth $25,000. Larson Financial Group LLC increased its holdings in Magnite by 179.2% in the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock worth $58,000 after acquiring an additional 2,341 shares during the last quarter. Quarry LP raised its stake in Magnite by 446.8% in the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after acquiring an additional 4,508 shares during the period. Quantbot Technologies LP purchased a new stake in Magnite during the fourth quarter valued at about $87,000. Finally, Jones Financial Companies Lllp boosted its position in Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock worth $93,000 after purchasing an additional 1,000 shares during the period. 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.