Michael G. Barrett Sells 100,000 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) CEO Michael G. Barrett sold 100,000 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $16.14, for a total transaction of $1,614,000.00. Following the transaction, the chief executive officer now directly owns 809,914 shares of the company’s stock, valued at approximately $13,072,011.96. This represents a 10.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Magnite Trading Up 3.6 %

Magnite stock opened at $16.61 on Friday. Magnite, Inc. has a 52-week low of $7.97 and a 52-week high of $17.00. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $2.34 billion, a price-to-earnings ratio of 276.75, a PEG ratio of 1.33 and a beta of 2.43. The firm has a 50-day moving average price of $13.33 and a two-hundred day moving average price of $13.11.

Analysts Set New Price Targets

Several analysts recently weighed in on MGNI shares. Lake Street Capital assumed coverage on Magnite in a report on Thursday, July 25th. They issued a “buy” rating and a $21.00 price objective for the company. Craig Hallum reiterated a “buy” rating and issued a $20.00 price target on shares of Magnite in a report on Wednesday, August 21st. Macquarie restated an “outperform” rating and set a $18.00 price objective on shares of Magnite in a research note on Friday, November 8th. Wells Fargo & Company assumed 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, Benchmark restated a “buy” rating and issued a $21.00 price target on shares of Magnite in a research report on Wednesday, October 2nd. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $16.96.

Hedge Funds Weigh In On Magnite

Hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP increased its position in Magnite by 125.3% in the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock valued at $91,128,000 after acquiring an additional 3,659,759 shares during the period. Nomura Asset Management Co. Ltd. bought a new position in shares of Magnite in the third quarter worth $23,917,000. Granite Investment Partners LLC acquired a new position in shares of Magnite during the second quarter valued at $11,227,000. Driehaus Capital Management LLC bought a new stake in shares of Magnite during the second quarter valued at about $9,938,000. Finally, Marshall Wace LLP raised its stake in shares of Magnite by 59.0% during the second 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. 73.40% of the stock is currently owned by institutional investors and hedge funds.

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.