Adam Lee Soroca Sells 8,328 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) insider Adam Lee Soroca sold 8,328 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $17.00, for a total transaction of $141,576.00. Following the sale, the insider now directly owns 421,347 shares of the company’s stock, valued at approximately $7,162,899. This represents a 1.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Adam Lee Soroca also recently made the following trade(s):

• On Monday, November 18th, Adam Lee Soroca sold 7,849 shares of Magnite stock. The stock was sold at an average price of $15.60, for a total transaction of $122,444.40.

Magnite Stock Performance

NASDAQ:MGNI opened at $16.62 on Thursday. The firm has a market capitalization of $2.34 billion, a PE ratio of 277.00, a price-to-earnings-growth ratio of 1.36 and a beta of 2.43. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a 12-month low of $7.97 and a 12-month high of $18.38. The firm has a 50-day moving average price of $13.58 and a 200 day moving average price of $13.35.

Wall Street Analysts Forecast Growth

MGNI has been the subject of several research analyst reports. Benchmark reissued a “buy” rating and set a $21.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Craig Hallum reissued a “buy” rating and issued a $20.00 price objective on shares of Magnite in a research report on Wednesday, August 21st. Macquarie reaffirmed an “outperform” rating and set a $18.00 target price on shares of Magnite in a research report on Friday, November 8th. Royal Bank of Canada reissued an “outperform” rating and issued a $19.00 price target on shares of Magnite in a report on Friday, September 27th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 price objective 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 given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.96.

Hedge Funds Weigh In On Magnite

A number of hedge funds have recently modified their holdings of the stock. UMB Bank n.a. raised its stake in Magnite by 111.8% during the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after acquiring an additional 1,188 shares in the last quarter. Asset Dedication LLC bought a new position in shares of Magnite in the second quarter valued at about $52,000. Blue Trust Inc. acquired a new position in shares of Magnite during the second quarter worth approximately $56,000. Benjamin F. Edwards & Company Inc. lifted its holdings in Magnite by 973.5% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after buying an additional 3,972 shares in the last quarter. Finally, Quarry LP lifted its stake in shares of Magnite by 446.8% during the third quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after acquiring an additional 4,508 shares during the period. 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.