Magnite (NASDAQ:MGNI) Sees Large Volume Increase – Here’s What Happened

Magnite, Inc. (NASDAQ:MGNI) shares saw unusually-high trading volume on Monday . Approximately 799,693 shares changed hands during mid-day trading, a decline of 52% from the previous session’s volume of 1,649,593 shares.The stock last traded at $17.40 and had previously closed at $17.13.

Analysts Set New Price Targets

MGNI has been the topic of a number of recent analyst reports. Craig Hallum reissued a “buy” rating and set a $20.00 price target on shares of Magnite in a research report on Wednesday, August 21st. Macquarie restated an “outperform” rating and issued a $18.00 price target on shares of Magnite in a research note on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $19.00 price objective on shares of Magnite in a report on Friday, September 27th. Finally, Wells Fargo & Company initiated coverage on shares of Magnite in a research report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $16.96.

Magnite Stock Performance

The company has a 50 day moving average price of $13.39 and a 200-day moving average price of $13.22. The company has a market cap of $2.34 billion, a P/E ratio of 285.50, a price-to-earnings-growth ratio of 1.40 and a beta of 2.43. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76.

Insider Activity

In related news, CEO Michael G. Barrett sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $16.14, for a total value of $1,614,000.00. Following the completion of the transaction, the chief executive officer now owns 809,914 shares in the company, valued at $13,072,011.96. This trade represents a 10.99 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Sean Patrick Buckley sold 10,001 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $15.60, for a total transaction of $156,015.60. Following the sale, the executive now directly owns 303,743 shares in the company, valued at $4,738,390.80. The trade was a 3.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 140,051 shares of company stock worth $2,233,314. Corporate insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

Institutional investors have recently modified their holdings of the business. Tidal Investments LLC lifted its holdings in Magnite by 22.2% during the 3rd quarter. Tidal Investments LLC now owns 130,580 shares of the company’s stock worth $1,809,000 after buying an additional 23,688 shares during the period. Geode Capital Management LLC raised its stake in Magnite by 2.2% during the third quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock worth $41,118,000 after buying an additional 63,545 shares during the last quarter. Barclays PLC lifted its holdings in Magnite by 352.9% in the third quarter. Barclays PLC now owns 210,598 shares of the company’s stock valued at $2,917,000 after buying an additional 164,093 shares during the period. Nomura Asset Management Co. Ltd. acquired a new position in Magnite in the third quarter valued at $23,917,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in Magnite during the third quarter valued at $380,000. 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.