Magnite (NASDAQ:MGNI) Insider Adam Lee Soroca Sells 21,529 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) insider Adam Lee Soroca sold 21,529 shares of Magnite stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total value of $258,348.00. Following the sale, the insider owned 388,425 shares of the company’s stock, valued at approximately $4,661,100. This represents a 5.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Adam Lee Soroca also recently made the following trade(s):

• On Wednesday, December 17th, Adam Lee Soroca sold 16,656 shares of Magnite stock. The stock was sold at an average price of $17.00, for a total transaction of $283,152.00.

Magnite Price Performance

MGNI stock opened at $12.00 on Thursday. The company has a market cap of $1.72 billion, a PE ratio of 31.58, a price-to-earnings-growth ratio of 0.63 and a beta of 2.39. Magnite, Inc. has a 12-month low of $8.22 and a 12-month high of $26.65. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43. The stock has a 50-day moving average price of $14.81 and a two-hundred day moving average price of $18.07.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Magnite by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company’s stock worth $240,247,000 after acquiring an additional 148,198 shares in the last quarter. Capital Research Global Investors increased its stake in shares of Magnite by 85.0% in the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after purchasing an additional 5,937,428 shares during the period. Wellington Management Group LLP boosted its position in shares of Magnite by 67.7% in the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after acquiring an additional 3,484,689 shares during the period. Boston Partners lifted its stake in shares of Magnite by 5.7% in the second quarter. Boston Partners now owns 5,574,604 shares of the company’s stock valued at $133,037,000 after buying an additional 298,248 shares during the period. Finally, American Century Companies Inc. lifted its position in Magnite by 63.1% in the second quarter. American Century Companies Inc. now owns 4,829,197 shares of the company’s stock worth $116,480,000 after purchasing an additional 1,868,188 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on MGNI shares. Wells Fargo & Company dropped their target price on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Friday, November 7th. Benchmark reaffirmed a “buy” rating on shares of Magnite in a report on Monday, January 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a report on Thursday, January 22nd. Wall Street Zen cut Magnite from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $39.00 price objective on shares of Magnite in a report on Thursday, November 6th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $27.00.

Magnite Company Profile

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).