Magnite, Inc. (NASDAQ:MGNI) CFO David Day Sells 13,345 Shares

Magnite, Inc. (NASDAQ:MGNI) CFO David Day sold 13,345 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $17.00, for a total value of $226,865.00. Following the completion of the sale, the chief financial officer now owns 374,014 shares of the company’s stock, valued at approximately $6,358,238. This trade represents a 3.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

David Day also recently made the following trade(s):

• On Monday, December 16th, David Day sold 11,644 shares of Magnite stock. The shares were sold at an average price of $16.44, for a total transaction of $191,427.36.

Magnite Stock Down 3.1 %

Shares of MGNI traded down $0.54 during trading hours on Tuesday, reaching $16.62. The stock had a trading volume of 1,347,833 shares, compared to its average volume of 1,450,083. 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 has a 50-day simple moving average of $15.87 and a 200 day simple moving average of $14.20. Magnite, Inc. has a 12 month low of $8.38 and a 12 month high of $18.38. The company has a market capitalization of $2.34 billion, a price-to-earnings ratio of 277.00, a P/E/G ratio of 1.35 and a beta of 2.51.

Institutional Trading of Magnite

Several institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP increased its stake in Magnite by 125.3% in the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock valued at $91,128,000 after buying an additional 3,659,759 shares during the last quarter. Nomura Asset Management Co. Ltd. purchased a new stake in Magnite during 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 purchased a new stake in shares of Magnite during the 2nd quarter worth approximately $9,938,000. Finally, Marshall Wace LLP grew its holdings in Magnite by 59.0% during the second quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock valued at $20,726,000 after purchasing an additional 578,678 shares during the period. Institutional investors own 73.40% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Wolfe Research lifted their price target on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday. Macquarie reiterated an “outperform” rating and set a $18.00 price target on shares of Magnite in a report on Friday, November 8th. Royal Bank of Canada raised their price objective on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday. Scotiabank assumed coverage on Magnite in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 target price for the company. Finally, Needham & Company LLC boosted their price target on Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $18.19.

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.