Magnite, Inc. (NASDAQ:MGNI) CFO Sells $226,865.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) CFO David Day sold 13,345 shares of the stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $17.00, for a total value of $226,865.00. Following the completion of the transaction, the chief financial officer now directly owns 374,014 shares of the company’s stock, valued at $6,358,238. This represents a 3.45 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

David Day also recently made the following trade(s):

• On Monday, December 16th, David Day sold 11,644 shares of Magnite stock. The shares were sold at an average price of $16.44, for a total value of $191,427.36.

Magnite Price Performance

Shares of MGNI opened at $16.62 on Wednesday. Magnite, Inc. has a 12 month low of $8.38 and a 12 month high of $18.38. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a fifty day moving average price of $15.95 and a 200 day moving average price of $14.22. The company has a market cap of $2.34 billion, a P/E ratio of 277.00, a PEG ratio of 1.35 and a beta of 2.51.

Hedge Funds Weigh In On Magnite

Hedge funds and other institutional investors have recently modified their holdings of the company. New Century Financial Group LLC acquired a new position in Magnite during the 2nd quarter valued at about $640,000. Victory Capital Management Inc. grew its holdings in Magnite by 2.9% in the 3rd quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock worth $18,569,000 after buying an additional 37,601 shares in the last quarter. Commonwealth Equity Services LLC increased its position in Magnite by 668.3% in the 2nd quarter. Commonwealth Equity Services LLC now owns 81,573 shares of the company’s stock valued at $1,084,000 after acquiring an additional 70,956 shares during the period. Driehaus Capital Management LLC acquired a new stake in Magnite in the 2nd quarter valued at approximately $9,938,000. Finally, Intech Investment Management LLC acquired a new position in Magnite during the 3rd quarter worth $649,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Wells Fargo & Company began coverage on shares of Magnite in a research note on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price target for the company. Macquarie reaffirmed an “outperform” rating and set a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. Wolfe Research boosted their price objective on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Royal Bank of Canada increased their target price on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Finally, Benchmark reiterated a “buy” rating and issued a $21.00 price target on shares of Magnite in a report on Wednesday, October 2nd. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $18.19.

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.