Magnite, Inc. (NASDAQ:MGNI) Insider Sells $201,381.51 in Stock

Magnite, Inc. (NASDAQ:MGNI) insider Sean Patrick Buckley sold 10,527 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $19.13, for a total transaction of $201,381.51. Following the completion of the sale, the insider now directly owns 370,558 shares in the company, valued at $7,088,774.54. This represents a 2.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Sean Patrick Buckley also recently made the following trade(s):

• On Friday, February 7th, Sean Patrick Buckley sold 18,693 shares of Magnite stock. The stock was sold at an average price of $20.00, for a total transaction of $373,860.00.

Magnite Trading Down 3.2 %

MGNI opened at $17.68 on Friday. The firm has a market capitalization of $2.49 billion, a P/E ratio of 294.67, a P/E/G ratio of 1.00 and a beta of 2.52. The firm’s 50 day moving average is $17.23 and its 200-day moving average is $15.08. Magnite, Inc. has a 52-week low of $8.38 and a 52-week high of $21.29. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on MGNI shares. Royal Bank of Canada lifted their price target on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Wells Fargo & Company lifted their price target on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Magnite in a research report on Friday, January 17th. 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 research report on Friday, January 3rd. Finally, Macquarie reaffirmed an “outperform” rating and set a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $18.35.

Institutional Trading of Magnite

A number of hedge funds have recently made changes to their positions in the company. Arizona State Retirement System raised its stake in shares of Magnite by 1.5% during the fourth quarter. Arizona State Retirement System now owns 36,846 shares of the company’s stock valued at $587,000 after purchasing an additional 559 shares during the period. Truist Financial Corp increased its stake in shares of Magnite by 2.0% in the fourth quarter. Truist Financial Corp now owns 34,242 shares of the company’s stock worth $545,000 after buying an additional 674 shares during the last quarter. Summit Investment Advisors Inc. increased its stake in shares of Magnite by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company’s stock worth $210,000 after buying an additional 836 shares during the last quarter. Verdence Capital Advisors LLC increased its stake in shares of Magnite by 4.8% in the third quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock worth $268,000 after buying an additional 892 shares during the last quarter. Finally, ANTIPODES PARTNERS Ltd increased its stake in shares of Magnite by 13.4% in the fourth quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company’s stock worth $129,000 after buying an additional 956 shares during the last quarter. Hedge funds and other 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.