Magnite, Inc. (NASDAQ:MGNI) Insider Sells $122,444.40 in Stock

Magnite, Inc. (NASDAQ:MGNI) insider Adam Lee Soroca sold 7,849 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $15.60, for a total value of $122,444.40. Following the completion of the sale, the insider now owns 421,347 shares in the company, valued at approximately $6,573,013.20. This represents a 1.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Magnite Trading Up 4.0 %

Shares of NASDAQ:MGNI traded up $0.62 during midday trading on Tuesday, reaching $16.26. The company had a trading volume of 1,833,615 shares, compared to its average volume of 1,645,016. The company has a fifty day simple moving average of $13.20 and a two-hundred day simple moving average of $13.07. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market cap of $2.29 billion, a price-to-earnings ratio of 271.00, a price-to-earnings-growth ratio of 1.48 and a beta of 2.43. Magnite, Inc. has a 1-year low of $7.74 and a 1-year high of $17.00.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on MGNI shares. Benchmark reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Magnite in a report on Wednesday, October 2nd. 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 objective for the company. Craig Hallum reissued a “buy” rating and set a $20.00 target price on shares of Magnite in a report on Wednesday, August 21st. Macquarie reaffirmed an “outperform” rating and set a $18.00 price target on shares of Magnite in a research note on Friday, November 8th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $19.00 price target on shares of Magnite in a research report on Friday, September 27th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $16.96.

Institutional Inflows and Outflows

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

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.