Magnite, Inc. (NASDAQ:MGNI) CEO Michael G. Barrett Sells 27,004 Shares

Magnite, Inc. (NASDAQ:MGNI) CEO Michael G. Barrett sold 27,004 shares of Magnite stock in a transaction on Monday, November 25th. The stock was sold at an average price of $17.63, for a total transaction of $476,080.52. Following the sale, the chief executive officer now owns 782,910 shares in the company, valued at $13,802,703.30. This represents a 3.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Magnite Trading Down 0.4 %

Shares of Magnite stock opened at $16.62 on Thursday. The firm has a market cap of $2.34 billion, a price-to-earnings ratio of 277.00, a price-to-earnings-growth ratio of 1.36 and a beta of 2.43. Magnite, Inc. has a 52-week low of $7.97 and a 52-week high of $18.38. The company’s 50-day simple moving average is $13.58 and its 200-day simple moving average is $13.35. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

Hedge Funds Weigh In On Magnite

Several institutional investors and hedge funds have recently added to or reduced their stakes in MGNI. UMB Bank n.a. boosted its stake in shares of Magnite by 111.8% in the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after buying an additional 1,188 shares in the last quarter. Asset Dedication LLC purchased a new stake in shares of Magnite during the 2nd quarter worth $52,000. Blue Trust Inc. acquired a new position in shares of Magnite during the 2nd quarter worth $56,000. Benjamin F. Edwards & Company Inc. increased its holdings in shares of Magnite by 973.5% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after purchasing an additional 3,972 shares in the last quarter. Finally, Quarry LP increased its holdings in shares of Magnite by 446.8% in the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after purchasing an additional 4,508 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on MGNI shares. Wells Fargo & Company began coverage on Magnite in a research report on Monday, October 28th. They set an “equal weight” rating and a $13.00 target price on the stock. Macquarie reaffirmed an “outperform” rating and set a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. Royal Bank of Canada reissued an “outperform” rating and issued a $19.00 price objective on shares of Magnite in a report on Friday, September 27th. Craig Hallum restated a “buy” rating and set a $20.00 target price on shares of Magnite in a research report on Wednesday, August 21st. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $15.00 price target on shares of Magnite in a research 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 company’s stock. According to data from MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and an average price target of $16.96.

About Magnite

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.