Magnite, Inc. (NASDAQ:MGNI) CEO Sells $476,080.52 in Stock

by · The Markets Daily

Magnite, Inc. (NASDAQ:MGNI – Get Free Report) CEO Michael G. Barrett sold 27,004 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $17.63, for a total value of $476,080.52. Following the completion of the sale, the chief executive officer now owns 782,910 shares in the company, valued at $13,802,703.30. This represents a 3.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Magnite Price Performance

Shares of NASDAQ:MGNI traded down $0.07 during midday trading on Wednesday, hitting $16.62. The stock had a trading volume of 1,197,624 shares, compared to its average volume of 1,657,785. 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 market capitalization of $2.34 billion, a P/E ratio of 278.17, a price-to-earnings-growth ratio of 1.36 and a beta of 2.43. The company’s 50-day moving average price is $13.51 and its 200-day moving average price is $13.33. Magnite, Inc. has a fifty-two week low of $7.97 and a fifty-two week high of $18.38.

Analysts Set New Price Targets

A number of research firms recently weighed in on MGNI. Benchmark restated a “buy” rating and issued a $21.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Macquarie restated an “outperform” rating and set a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. Craig Hallum reiterated a “buy” rating and issued a $20.00 price target on shares of Magnite in a research note on Wednesday, August 21st. Wells Fargo & Company assumed coverage on shares of Magnite in a report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price target on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and set a $15.00 target price on shares of Magnite in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.96.

Check Out Our Latest Research Report on MGNI

Institutional Investors Weigh In On Magnite

Several institutional investors and hedge funds have recently added to or reduced their stakes in MGNI. Vanguard Group Inc. raised its holdings in shares of Magnite by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock worth $137,796,000 after buying an additional 166,522 shares in the last quarter. Wellington Management Group LLP raised its stake in Magnite by 125.3% during the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after acquiring an additional 3,659,759 shares in the last quarter. Geode Capital Management LLC raised its stake in Magnite by 2.2% during the third quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock worth $41,118,000 after acquiring an additional 63,545 shares in the last quarter. Nomura Asset Management Co. Ltd. bought a new position in shares of Magnite in the third quarter worth about $23,917,000. Finally, Marshall Wace LLP boosted its stake in shares of Magnite by 59.0% in the 2nd 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 in the last quarter. 73.40% of the stock is currently owned by institutional investors.

Magnite Company Profile

(Get Free Report)

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.

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