Magnite, Inc. (NASDAQ:MGNI) Insider Adam Lee Soroca Sells 7,849 Shares

Magnite, Inc. (NASDAQ:MGNI) insider Adam Lee Soroca sold 7,849 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $15.60, for a total value of $122,444.40. Following the completion of the transaction, the insider now owns 421,347 shares in the company, valued at $6,573,013.20. This trade represents a 1.83 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Magnite Stock Performance

Shares of MGNI traded up $0.62 during mid-day trading on Tuesday, hitting $16.26. The company’s stock had a trading volume of 1,833,615 shares, compared to its average volume of 1,645,016. Magnite, Inc. has a one year low of $7.74 and a one year high of $17.00. The stock’s 50-day moving average is $13.20 and its two-hundred day moving average is $13.07. The firm has a market capitalization of $2.29 billion, a PE ratio of 271.00, a price-to-earnings-growth ratio of 1.48 and a beta of 2.43. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on MGNI shares. Craig Hallum restated a “buy” rating and issued a $20.00 price objective on shares of Magnite in a report on Wednesday, August 21st. Royal Bank of Canada restated an “outperform” rating and set a $19.00 price target on shares of Magnite in a report on Friday, September 27th. Lake Street Capital began coverage on Magnite in a report on Thursday, July 25th. They set a “buy” rating and a $21.00 target price on the stock. Bank of America increased their price objective on Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a report on Monday, July 29th. Finally, Macquarie reissued an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a research note on Friday, November 8th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, Magnite presently has an average rating of “Moderate Buy” and a consensus target price of $16.96.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. UMB Bank n.a. grew its position in Magnite by 111.8% during the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after buying an additional 1,188 shares in the last quarter. Asset Dedication LLC bought a new stake in shares of Magnite in the 2nd quarter worth approximately $52,000. Blue Trust Inc. acquired a new stake in shares of Magnite during the 2nd quarter worth approximately $56,000. Benjamin F. Edwards & Company Inc. increased its position in shares of Magnite by 973.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after purchasing an additional 3,972 shares during the period. Finally, Quarry LP raised its stake in shares of Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after purchasing an additional 4,508 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

Magnite Company Profile

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.