Magnite, Inc. (NASDAQ:MGNI) Director Sells $101,750.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) Director Paul Caine sold 5,000 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $20.35, for a total transaction of $101,750.00. Following the completion of the transaction, the director now owns 182,837 shares in the company, valued at approximately $3,720,732.95. This trade represents a 2.66 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Magnite Stock Performance

Shares of NASDAQ MGNI traded up $0.29 during midday trading on Wednesday, reaching $20.51. 1,570,735 shares of the company traded hands, compared to its average volume of 2,205,262. The stock has a 50-day moving average price of $16.87 and a 200 day moving average price of $14.77. Magnite, Inc. has a 52 week low of $8.38 and a 52 week high of $21.29. The company has a market cap of $2.89 billion, a price-to-earnings ratio of 341.83, a PEG ratio of 1.05 and a beta of 2.52. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on MGNI shares. Wolfe Research upped their target price on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Macquarie reaffirmed an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a research note on Friday, November 8th. Needham & Company LLC restated a “buy” rating and issued a $20.00 price objective on shares of Magnite in a report on Friday, January 17th. Wells Fargo & Company increased their price objective 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. Finally, Royal Bank of Canada boosted their target price 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. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.35.

Hedge Funds Weigh In On Magnite

Several institutional investors and hedge funds have recently modified their holdings of the stock. Arizona State Retirement System boosted its stake in shares of Magnite by 1.5% in the 4th 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 in the last quarter. Truist Financial Corp increased its stake in shares of Magnite by 2.0% during the 4th quarter. Truist Financial Corp now owns 34,242 shares of the company’s stock worth $545,000 after purchasing an additional 674 shares during the last quarter. Verdence Capital Advisors LLC lifted its position 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 valued at $268,000 after buying an additional 892 shares during the last quarter. ANTIPODES PARTNERS Ltd increased its holdings in shares of Magnite by 13.4% in the fourth quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company’s stock valued at $129,000 after purchasing an additional 956 shares during the last quarter. Finally, Jones Financial Companies Lllp lifted its position in Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock worth $93,000 after acquiring an additional 1,000 shares during the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

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.