Insider Selling: Magnite, Inc. (NASDAQ:MGNI) Insider Sells 8,328 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) insider Adam Lee Soroca sold 8,328 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $17.00, for a total transaction of $141,576.00. Following the completion of the transaction, the insider now directly owns 421,347 shares of the company’s stock, valued at approximately $7,162,899. The trade was a 1.94 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

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

• On Monday, November 18th, Adam Lee Soroca sold 7,849 shares of Magnite stock. The shares were sold at an average price of $15.60, for a total value of $122,444.40.

Magnite Stock Performance

Shares of NASDAQ MGNI traded up $0.09 during midday trading on Tuesday, hitting $16.69. 1,537,102 shares of the company’s stock were exchanged, compared to its average volume of 1,661,095. 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 firm has a market capitalization of $2.35 billion, a PE ratio of 276.67, a price-to-earnings-growth ratio of 1.40 and a beta of 2.43. Magnite, Inc. has a 12 month low of $7.97 and a 12 month high of $18.38. The company’s 50 day moving average price is $13.44 and its 200 day moving average price is $13.28.

Analyst Upgrades and Downgrades

MGNI has been the subject of a number of research reports. Macquarie reiterated an “outperform” rating and set a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Craig Hallum reiterated a “buy” rating and issued a $20.00 price objective on shares of Magnite in a report on Wednesday, August 21st. Bank of America increased their target price on shares of Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Benchmark reiterated a “buy” rating and issued a $21.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Finally, Wells Fargo & Company began coverage on shares of Magnite in a research note on Monday, October 28th. They set an “equal weight” rating and a $13.00 price objective for the company. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Magnite presently has an average rating of “Moderate Buy” and a consensus target price of $16.96.

Hedge Funds Weigh In On Magnite

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. UMB Bank n.a. grew its stake in Magnite by 111.8% in the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after buying an additional 1,188 shares during the last quarter. Asset Dedication LLC acquired a new stake in Magnite during the 2nd quarter worth approximately $52,000. Blue Trust Inc. bought a new stake in Magnite in the 2nd quarter valued at $56,000. Benjamin F. Edwards & Company Inc. grew its holdings in Magnite by 973.5% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after buying an additional 3,972 shares in the last quarter. Finally, Quarry LP lifted its holdings in shares of Magnite by 446.8% during the third quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after buying an additional 4,508 shares in the last quarter. 73.40% of the stock is owned by institutional investors.

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.