Magnite (NASDAQ:MGNI) Shares Gap Down on Insider Selling

Magnite, Inc. (NASDAQ:MGNI)’s stock price gapped down before the market opened on Thursday after an insider sold shares in the company. The stock had previously closed at $20.51, but opened at $18.74. Magnite shares last traded at $18.49, with a volume of 1,597,410 shares trading hands.

Specifically, Director Paul Caine sold 5,000 shares of the company’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $20.35, for a total value of $101,750.00. Following the sale, the director now directly owns 182,837 shares of the company’s stock, valued at $3,720,732.95. This represents a 2.66 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO David Day sold 39,000 shares of the company’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $20.00, for a total value of $780,000.00. Following the completion of the sale, the chief financial officer now owns 488,506 shares in the company, valued at approximately $9,770,120. This represents a 7.39 % decrease in their position. The disclosure for this sale can be found here. In related news, insider Sean Patrick Buckley sold 18,693 shares of the business’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $20.00, for a total value of $373,860.00. Following the completion of the transaction, the insider now directly owns 408,529 shares in the company, valued at $8,170,580. The trade was a 4.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Royal Bank of Canada upped their price target on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Macquarie restated an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Wolfe Research increased their price target on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Scotiabank assumed coverage on shares of Magnite in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 target price on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 target price on shares of Magnite in a research report on Friday, January 17th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.35.

Magnite Stock Down 9.0 %

The stock has a market capitalization of $2.63 billion, a price-to-earnings ratio of 309.57, a PEG ratio of 1.05 and a beta of 2.52. The firm’s fifty day moving average is $16.93 and its 200-day moving average is $14.81. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Institutional Trading of Magnite

Several hedge funds have recently added to or reduced their stakes in MGNI. Wellington Management Group LLP grew its stake in shares of Magnite by 125.3% in the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after purchasing an additional 3,659,759 shares during the last quarter. Nomura Asset Management Co. Ltd. purchased a new stake in shares of Magnite in the 3rd quarter valued at approximately $23,917,000. Boston Partners boosted its stake in Magnite by 39.1% in the 4th quarter. Boston Partners now owns 4,756,323 shares of the company’s stock worth $76,061,000 after purchasing an additional 1,336,458 shares during the period. Maestria Partners LLC purchased a new position in Magnite during the 4th quarter worth approximately $15,161,000. Finally, Stephens Investment Management Group LLC lifted its holdings in shares of Magnite by 146.8% in the fourth quarter. Stephens Investment Management Group LLC now owns 996,644 shares of the company’s stock valued at $15,867,000 after purchasing an additional 592,853 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.