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 company’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 transaction of $201,500.00. Following the sale, the director now directly owns 70,651 shares of the company’s stock, valued at approximately $1,138,894.12. This trade represents a 15.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Magnite Stock Up 3.5 %

Magnite stock opened at $17.13 on Friday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The firm’s fifty day moving average price is $13.39 and its two-hundred day moving average price is $13.17. Magnite, Inc. has a 1-year low of $7.97 and a 1-year high of $17.19. The firm has a market capitalization 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.

Analyst Ratings Changes

MGNI has been the subject of several research reports. Macquarie reissued an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a research note on Friday, November 8th. Wells Fargo & Company initiated coverage on shares of Magnite in a research note on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price objective for the company. Needham & Company LLC restated a “buy” rating and issued a $15.00 price target on shares of Magnite in a research report on Wednesday, October 2nd. Royal Bank of Canada restated an “outperform” rating and issued a $19.00 price target on shares of Magnite in a research report on Friday, September 27th. 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 analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $16.96.

Institutional Trading of Magnite

Several hedge funds have recently added to or reduced their stakes in MGNI. Wellington Management Group LLP raised its position in Magnite by 125.3% in the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after acquiring an additional 3,659,759 shares during the period. Nomura Asset Management Co. Ltd. bought a new stake in Magnite in the third quarter worth about $23,917,000. Granite Investment Partners LLC bought a new stake in Magnite in the second quarter worth about $11,227,000. Driehaus Capital Management LLC bought a new stake in Magnite in the second quarter worth about $9,938,000. Finally, Marshall Wace LLP increased its stake in shares of Magnite by 59.0% in the second quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock worth $20,726,000 after purchasing an additional 578,678 shares in the last quarter. Institutional investors 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.