Magnite (NASDAQ:MGNI) Sees Large Volume Increase – Here’s What Happened

Shares of Magnite, Inc. (NASDAQ:MGNI) saw unusually-high trading volume on Monday . Approximately 799,693 shares changed hands during mid-day trading, a decline of 52% from the previous session’s volume of 1,649,593 shares.The stock last traded at $17.40 and had previously closed at $17.13.

Analyst Upgrades and Downgrades

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

Magnite Price Performance

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 business’s 50-day simple moving average is $13.51 and its two-hundred day simple moving average is $13.33. The firm has a market cap of $2.35 billion, a price-to-earnings ratio of 278.17, a P/E/G ratio of 1.36 and a beta of 2.43.

Insider Transactions at Magnite

In related news, CEO Michael G. Barrett sold 100,000 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $16.14, for a total transaction of $1,614,000.00. Following the sale, the chief executive officer now owns 809,914 shares in the company, valued at $13,072,011.96. This represents a 10.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Brian Gephart sold 2,156 shares of Magnite stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $15.00, for a total value of $32,340.00. Following the completion of the sale, the chief accounting officer now owns 116,982 shares of the company’s stock, valued at approximately $1,754,730. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 157,598 shares of company stock worth $2,531,613 over the last three months. 4.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. UMB Bank n.a. boosted its holdings in Magnite by 111.8% in 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 2nd quarter worth $52,000. Blue Trust Inc. acquired a new stake in Magnite in the 2nd quarter valued at $56,000. Benjamin F. Edwards & Company Inc. increased its stake in Magnite by 973.5% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after purchasing an additional 3,972 shares in the last quarter. Finally, Quarry LP raised its holdings in Magnite by 446.8% during the third 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 institutional investors.

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.