Insider Selling: Magnite, Inc. (NASDAQ:MGNI) CAO Sells 2,156 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) CAO Brian Gephart sold 2,156 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $15.60, for a total value of $33,633.60. Following the completion of the sale, the chief accounting officer now directly owns 112,795 shares in the company, valued at approximately $1,759,602. The trade was a 1.88 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Brian Gephart also recently made the following trade(s):

• On Monday, November 11th, Brian Gephart sold 2,156 shares of Magnite stock. The stock was sold at an average price of $15.00, for a total transaction of $32,340.00.

Magnite Stock Up 4.0 %

Shares of Magnite stock traded up $0.62 on Tuesday, hitting $16.26. 1,833,615 shares of the company’s stock traded hands, compared to its average volume of 1,645,016. 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’s 50-day moving average is $13.20 and its 200 day moving average is $13.07. The stock has a market cap of $2.29 billion, a P/E ratio of 271.00, a PEG ratio of 1.48 and a beta of 2.43. Magnite, Inc. has a 52-week low of $7.74 and a 52-week high of $17.00.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Bank of America upped their price target on Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Craig Hallum reiterated a “buy” rating and set a $20.00 target price on shares of Magnite in a research note on Wednesday, August 21st. Lake Street Capital started coverage on Magnite in a research report on Thursday, July 25th. They set a “buy” rating and a $21.00 target price on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $19.00 price target on shares of Magnite in a research note on Friday, September 27th. Finally, Macquarie restated an “outperform” rating and issued a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $16.96.

Institutional Investors Weigh In On Magnite

Institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC lifted its holdings in Magnite by 2.2% during the 3rd quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock worth $41,118,000 after buying an additional 63,545 shares during the last quarter. Barclays PLC increased its stake in Magnite by 352.9% during the third quarter. Barclays PLC now owns 210,598 shares of the company’s stock valued at $2,917,000 after purchasing an additional 164,093 shares during the last quarter. Nomura Asset Management Co. Ltd. acquired a new stake in shares of Magnite during the third quarter worth $23,917,000. Y Intercept Hong Kong Ltd bought a new position in shares of Magnite in the 3rd quarter worth about $380,000. Finally, XTX Topco Ltd acquired a new position in shares of Magnite in the 3rd quarter valued at about $220,000. 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.