Robert F. Spillane Sells 12,500 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) Director Robert F. Spillane sold 12,500 shares of the stock in a transaction 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 transaction, the director now directly owns 70,651 shares in the company, valued at $1,138,894.12. The trade was a 15.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Magnite Stock Up 3.5 %

MGNI stock opened at $17.13 on Friday. Magnite, Inc. has a twelve month low of $7.97 and a twelve month high of $17.19. 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 company has a market cap of $2.41 billion, a PE ratio of 285.50, a price-to-earnings-growth ratio of 1.35 and a beta of 2.43. The business’s 50-day simple moving average is $13.39 and its 200 day simple moving average is $13.19.

Institutional Trading of Magnite

Hedge funds have recently modified their holdings of the company. Russell Investments Group Ltd. lifted its position in Magnite by 30.6% in the first quarter. Russell Investments Group Ltd. now owns 140,200 shares of the company’s stock worth $1,507,000 after purchasing an additional 32,854 shares during the period. ProShare Advisors LLC increased its stake in Magnite by 8.5% in the first quarter. ProShare Advisors LLC now owns 24,325 shares of the company’s stock valued at $261,000 after acquiring an additional 1,914 shares during the period. State Board of Administration of Florida Retirement System raised its position in Magnite by 61.8% in the first quarter. State Board of Administration of Florida Retirement System now owns 61,859 shares of the company’s stock worth $665,000 after purchasing an additional 23,628 shares in the last quarter. Vanguard Group Inc. lifted its stake in Magnite by 1.3% during the first quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock worth $137,796,000 after purchasing an additional 166,522 shares during the period. Finally, O Shaughnessy Asset Management LLC acquired a new stake in Magnite during the first quarter valued at approximately $108,000. Institutional investors own 73.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Royal Bank of Canada reissued an “outperform” rating and set a $19.00 price objective on shares of Magnite in a report on Friday, September 27th. Macquarie reissued an “outperform” rating and issued a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. Wells Fargo & Company assumed coverage on shares of Magnite in a research note on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price objective for the company. Bank of America lifted 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. Finally, Needham & Company LLC restated a “buy” rating and set a $15.00 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 eleven have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.