Insider Selling: Magnite, Inc. (NASDAQ:MGNI) Director Sells 12,500 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) Director Robert F. Spillane sold 12,500 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $16.12, for a total transaction of $201,500.00. Following the completion of the sale, the director now owns 70,651 shares in the company, valued at $1,138,894.12. This represents a 15.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Magnite Stock Up 3.5 %

NASDAQ MGNI opened at $17.13 on Monday. The business’s 50-day moving average is $13.39 and its 200 day moving average is $13.22. The stock has a market capitalization of $2.41 billion, a PE ratio of 285.50, a PEG ratio of 1.40 and a beta of 2.43. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. Magnite, Inc. has a 1 year low of $7.97 and a 1 year high of $17.19.

Hedge Funds Weigh In On Magnite

Several hedge funds have recently made changes to their positions in the business. UMB Bank n.a. lifted its stake in Magnite by 111.8% in the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after acquiring an additional 1,188 shares during the period. Asset Dedication LLC bought a new position in Magnite in the 2nd quarter worth $52,000. Blue Trust Inc. purchased a new stake in shares of Magnite in the 2nd quarter worth about $56,000. Benjamin F. Edwards & Company Inc. lifted its position in shares of Magnite by 973.5% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after purchasing an additional 3,972 shares during the period. Finally, Quarry LP boosted its stake in shares of Magnite by 446.8% during the 3rd 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. 73.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on MGNI shares. Benchmark reiterated a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Craig Hallum reaffirmed a “buy” rating and issued a $20.00 price target on shares of Magnite in a report on Wednesday, August 21st. Needham & Company LLC reissued a “buy” rating and set a $15.00 price objective on shares of Magnite in a report on Wednesday, October 2nd. Macquarie restated an “outperform” rating and set a $18.00 price objective on shares of Magnite in a research report on Friday, November 8th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $19.00 target price on shares of Magnite in a research report on Friday, September 27th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Magnite has a consensus rating of “Moderate Buy” and a consensus price target of $16.96.

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.