Magnite, Inc. (NASDAQ:MGNI) CFO Sells 11,644 Shares

Magnite, Inc. (NASDAQ:MGNI) CFO David Day sold 11,644 shares of Magnite stock in a transaction on Monday, December 16th. The shares were sold at an average price of $16.44, for a total transaction of $191,427.36. Following the completion of the transaction, the chief financial officer now owns 400,859 shares in the company, valued at approximately $6,590,121.96. This trade represents a 2.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Magnite Trading Down 4.4 %

Shares of MGNI traded down $0.73 on Wednesday, reaching $15.84. 1,759,050 shares of the company’s stock were exchanged, compared to its average volume of 1,650,033. The business has a 50 day moving average price of $14.74 and a two-hundred day moving average price of $13.91. The stock has a market capitalization of $2.23 billion, a P/E ratio of 264.00, a price-to-earnings-growth ratio of 1.35 and a beta of 2.50. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a 12 month low of $8.38 and a 12 month high of $18.38.

Hedge Funds Weigh In On Magnite

Large investors have recently modified their holdings of the business. 272 Capital LP acquired a new position in shares of Magnite in the 3rd quarter valued at approximately $598,000. Franklin Resources Inc. grew its position in Magnite by 99.7% in the 3rd quarter. Franklin Resources Inc. now owns 144,563 shares of the company’s stock valued at $2,002,000 after purchasing an additional 72,169 shares during the period. Tidal Investments LLC boosted its position in shares of Magnite by 22.2% during the third quarter. Tidal Investments LLC now owns 130,580 shares of the company’s stock valued at $1,809,000 after buying an additional 23,688 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of 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 in the last quarter. Finally, Barclays PLC boosted its stake in Magnite by 352.9% in the third quarter. Barclays PLC now owns 210,598 shares of the company’s stock valued at $2,917,000 after acquiring an additional 164,093 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on MGNI shares. Scotiabank initiated coverage on Magnite in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective on the stock. Macquarie reiterated an “outperform” rating and set a $18.00 target price on shares of Magnite in a report on Friday, November 8th. Benchmark reaffirmed a “buy” rating and issued a $21.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. Needham & Company LLC upped their price objective on shares of Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Finally, Craig Hallum restated a “buy” rating and issued a $20.00 target price on shares of Magnite in a research note on Wednesday, August 21st. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target 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.