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

Magnite, Inc. (NASDAQ:MGNI) CFO David Day sold 11,644 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $16.44, for a total transaction of $191,427.36. Following the completion of the transaction, the chief financial officer now directly owns 400,859 shares of the company’s stock, valued at $6,590,121.96. This represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Magnite Trading Up 3.9 %

Shares of Magnite stock opened at $16.34 on Friday. 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 50-day moving average of $14.97 and a 200-day moving average of $13.96. Magnite, Inc. has a 52-week low of $8.38 and a 52-week high of $18.38. The stock has a market cap of $2.30 billion, a PE ratio of 272.33, a PEG ratio of 1.35 and a beta of 2.50.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on MGNI shares. Needham & Company LLC lifted their price objective on shares of Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Benchmark reiterated a “buy” rating and set a $21.00 price target on shares of Magnite in a report on Wednesday, October 2nd. Macquarie restated an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a research note on Friday, November 8th. Wells Fargo & Company started coverage on Magnite in a research note on Monday, October 28th. They set an “equal weight” rating and a $13.00 target price for the company. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $19.00 price target on shares of Magnite in a research note on Friday, September 27th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $17.73.

Institutional Trading of Magnite

Several hedge funds and other institutional investors have recently bought and sold shares of MGNI. Principal Financial Group Inc. grew its position in shares of Magnite by 552.2% during the 3rd quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock worth $1,489,000 after purchasing an additional 91,031 shares in the last quarter. 272 Capital LP bought a new stake in shares of Magnite in the third quarter valued at approximately $598,000. Franklin Resources Inc. grew its position in Magnite by 99.7% during the third quarter. Franklin Resources Inc. now owns 144,563 shares of the company’s stock worth $2,002,000 after buying an additional 72,169 shares in the last quarter. Tidal Investments LLC increased its stake in Magnite by 22.2% during the 3rd quarter. Tidal Investments LLC now owns 130,580 shares of the company’s stock worth $1,809,000 after acquiring an additional 23,688 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Magnite by 2.2% in the 3rd quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock valued at $41,118,000 after acquiring an additional 63,545 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.