Magnite, Inc. (NASDAQ:MGNI) CAO Brian Gephart Sells 2,156 Shares

Magnite, Inc. (NASDAQ:MGNI) CAO Brian Gephart sold 2,156 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $15.00, for a total value of $32,340.00. Following the completion of the sale, the chief accounting officer now directly owns 116,982 shares of the company’s stock, valued at $1,754,730. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Magnite Stock Performance

Shares of MGNI stock traded up $0.50 during trading hours on Wednesday, reaching $16.80. 3,940,012 shares of the company’s stock were exchanged, compared to its average volume of 1,637,782. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. Magnite, Inc. has a 1 year low of $7.19 and a 1 year high of $17.00. The company has a market cap of $2.36 billion, a P/E ratio of 278.00, a price-to-earnings-growth ratio of 1.52 and a beta of 2.43. The company’s 50 day moving average is $12.90 and its two-hundred day moving average is $12.82.

Analyst Ratings Changes

MGNI has been the subject of a number of research reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $19.00 price objective on shares of Magnite in a research note on Friday, September 27th. Lake Street Capital assumed coverage on shares of Magnite in a research note on Thursday, July 25th. They set a “buy” rating and a $21.00 price target for the company. 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 initiated coverage on shares of 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, Needham & Company LLC restated a “buy” rating and issued a $15.00 price target on shares of Magnite in a research report on Wednesday, October 2nd. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Magnite presently has an average rating of “Moderate Buy” and a consensus target price of $16.96.

Institutional Investors Weigh In On Magnite

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Granite Investment Partners LLC purchased a new stake in Magnite during the second quarter worth about $11,227,000. Driehaus Capital Management LLC acquired a new stake in shares of Magnite in the 2nd quarter worth approximately $9,938,000. Marshall Wace LLP increased its stake in Magnite by 59.0% in the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock valued at $20,726,000 after purchasing an additional 578,678 shares in the last quarter. Harbor Capital Advisors Inc. raised its holdings in Magnite by 136.0% during the third quarter. Harbor Capital Advisors Inc. now owns 921,531 shares of the company’s stock worth $12,763,000 after purchasing an additional 531,069 shares during the last quarter. Finally, Dana Investment Advisors Inc. purchased a new stake in Magnite during the second quarter worth $6,556,000. 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.