Insider Selling: Magnite, Inc. (NASDAQ:MGNI) CEO Sells $1,614,000.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) CEO Michael G. Barrett sold 100,000 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $16.14, for a total transaction of $1,614,000.00. Following the completion of the transaction, the chief executive officer now directly owns 809,914 shares in the company, valued at $13,072,011.96. This represents a 10.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Magnite Stock Performance

Shares of MGNI opened at $16.61 on Friday. Magnite, Inc. has a 1 year low of $7.97 and a 1 year high of $17.00. The company’s 50 day simple moving average is $13.33 and its 200 day simple moving average is $13.11. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market capitalization of $2.34 billion, a price-to-earnings ratio of 276.75, a PEG ratio of 1.33 and a beta of 2.43.

Hedge Funds Weigh In On Magnite

Large investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP grew its holdings in Magnite by 125.3% in the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock valued at $91,128,000 after buying an additional 3,659,759 shares during the period. Nomura Asset Management Co. Ltd. acquired a new position in Magnite during the third quarter worth approximately $23,917,000. Granite Investment Partners LLC acquired a new position in Magnite during the second quarter worth approximately $11,227,000. Driehaus Capital Management LLC purchased a new position in Magnite during the second quarter worth approximately $9,938,000. Finally, Marshall Wace LLP boosted its holdings in shares of Magnite by 59.0% in the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock valued at $20,726,000 after purchasing an additional 578,678 shares during the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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