Magnite, Inc. (NASDAQ:MGNI) CEO Michael G. Barrett Sells 147,996 Shares

Magnite, Inc. (NASDAQ:MGNI) CEO Michael G. Barrett sold 147,996 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $17.52, for a total transaction of $2,592,889.92. Following the completion of the sale, the chief executive officer now owns 634,914 shares of the company’s stock, valued at $11,123,693.28. This trade represents a 18.90 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Magnite Trading Up 3.0 %

Shares of NASDAQ MGNI traded up $0.53 during trading on Friday, hitting $18.00. 1,327,448 shares of the company traded hands, compared to its average volume of 1,654,393. The firm has a market capitalization of $2.53 billion, a P/E ratio of 300.00, a P/E/G ratio of 1.40 and a beta of 2.50. 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 company has a 50-day moving average price of $14.06 and a 200-day moving average price of $13.61. Magnite, Inc. has a 1 year low of $8.05 and a 1 year high of $18.38.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. UMB Bank n.a. raised its holdings 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 purchasing an additional 1,188 shares during the period. Asset Dedication LLC purchased a new position in Magnite in the second quarter valued at approximately $52,000. Blue Trust Inc. acquired a new position in Magnite during the second quarter valued at approximately $56,000. Benjamin F. Edwards & Company Inc. grew its stake in Magnite by 973.5% during the second 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 during the period. Finally, Quarry LP grew its stake 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 period. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Needham & Company LLC lifted their price objective on Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday. Scotiabank began coverage on Magnite in a research note on Thursday. They set a “sector outperform” rating and a $22.00 price target for the company. Wells Fargo & Company began 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 on the stock. Royal Bank of Canada restated an “outperform” rating and set a $19.00 target price on shares of Magnite in a research report on Friday, September 27th. Finally, Macquarie reiterated an “outperform” rating and issued a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $17.73.

Magnite Company Profile

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.