Insider Selling: Magnite, Inc. (NASDAQ:MGNI) Director Sells $201,500.00 in Stock

by · The Cerbat Gem

Magnite, Inc. (NASDAQ:MGNI – Get Free Report) Director Robert F. Spillane sold 12,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $16.12, for a total value of $201,500.00. Following the sale, the director now directly owns 70,651 shares of the company’s stock, valued at $1,138,894.12. This represents a 15.03 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Magnite Stock Performance

Shares of Magnite stock opened at $17.13 on Monday. The company has a market cap of $2.41 billion, a PE ratio of 285.50, a price-to-earnings-growth ratio of 1.40 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 52 week low of $7.97 and a 52 week high of $17.19. The business has a 50 day moving average price of $13.39 and a 200-day moving average price of $13.22.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on MGNI shares. Bank of America raised their price objective on shares of Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Needham & Company LLC restated a “buy” rating and issued a $15.00 price target on shares of Magnite in a report on Wednesday, October 2nd. Macquarie reiterated an “outperform” rating and set a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Royal Bank of Canada restated an “outperform” rating and issued a $19.00 target price on shares of Magnite in a research note on Friday, September 27th. Finally, Benchmark reaffirmed a “buy” rating and set a $21.00 price target 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $16.96.

Read Our Latest Report on MGNI

Institutional Investors Weigh In On Magnite

A number of institutional investors and hedge funds have recently bought and sold shares of MGNI. UMB Bank n.a. grew its stake in shares of Magnite by 111.8% in the 2nd 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 stake in Magnite in the 2nd quarter worth about $52,000. Blue Trust Inc. purchased a new stake in Magnite in the 2nd quarter valued at about $56,000. Benjamin F. Edwards & Company Inc. lifted its position in shares of 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 boosted its stake in shares of Magnite by 446.8% in the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after buying an additional 4,508 shares during the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

Magnite Company Profile

(Get Free Report)

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.

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