Insider Selling: Magnite, Inc. (NASDAQ:MGNI) Director Sells 12,500 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) Director Robert F. Spillane sold 12,500 shares of the stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $16.12, for a total transaction of $201,500.00. Following the sale, the director now owns 70,651 shares of the company’s stock, valued at $1,138,894.12. This trade represents a 15.03 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Magnite Trading Up 3.5 %

MGNI opened at $17.13 on Friday. The firm has a 50 day simple moving average of $13.39 and a 200 day simple moving average of $13.19. Magnite, Inc. has a fifty-two week low of $7.97 and a fifty-two week high of $17.19. The company has a market cap of $2.41 billion, a price-to-earnings ratio of 285.50, a price-to-earnings-growth ratio of 1.35 and a beta of 2.43. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Analysts Set New Price Targets

MGNI has been the topic of several research analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $19.00 price objective on shares of Magnite in a research note on Friday, September 27th. Macquarie reaffirmed an “outperform” rating and set a $18.00 price target on shares of Magnite in a report on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and issued a $15.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Wells Fargo & Company assumed coverage on Magnite in a report on Monday, October 28th. They set an “equal weight” rating and a $13.00 target price on the stock. Finally, Benchmark restated a “buy” rating and issued a $21.00 target price on shares of Magnite in a research note on Wednesday, October 2nd. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.96.

Institutional Investors Weigh In On Magnite

A number of institutional investors have recently made changes to their positions in MGNI. Russell Investments Group Ltd. lifted its stake in Magnite by 30.6% in the first quarter. Russell Investments Group Ltd. now owns 140,200 shares of the company’s stock valued at $1,507,000 after buying an additional 32,854 shares during the period. ProShare Advisors LLC increased its stake in shares of Magnite by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 24,325 shares of the company’s stock valued at $261,000 after acquiring an additional 1,914 shares during the last quarter. State Board of Administration of Florida Retirement System raised its position in shares of Magnite by 61.8% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 61,859 shares of the company’s stock valued at $665,000 after acquiring an additional 23,628 shares during the period. Vanguard Group Inc. boosted 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 worth $137,796,000 after acquiring an additional 166,522 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC bought a new stake in Magnite in the first quarter valued at approximately $108,000. 73.40% of the stock is owned by institutional investors and hedge funds.

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.