Magnite (NASDAQ:MGNI) Shares Down 4.7% – Time to Sell?

Magnite, Inc. (NASDAQ:MGNI) shares fell 4.7% during mid-day trading on Tuesday . The company traded as low as $18.91 and last traded at $19.07. 514,473 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 2,305,017 shares. The stock had previously closed at $20.00.

Wall Street Analyst Weigh In

Several brokerages recently commented on MGNI. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 price target on shares of Magnite in a research note on Friday, January 17th. Royal Bank of Canada boosted their target price on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Scotiabank began coverage on shares of Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 target price on the stock. Wolfe Research lifted their price target on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Finally, Wells Fargo & Company upped their price objective on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Magnite presently has an average rating of “Moderate Buy” and an average price target of $18.35.

Magnite Stock Performance

The firm has a market cap of $2.57 billion, a P/E ratio of 304.33, a PEG ratio of 1.06 and a beta of 2.52. 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 stock’s 50-day moving average is $17.17 and its 200 day moving average is $15.01.

Insiders Place Their Bets

In related news, insider Aaron Saltz sold 6,110 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $17.50, for a total transaction of $106,925.00. Following the sale, the insider now directly owns 297,482 shares in the company, valued at $5,205,935. This trade represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Adam Lee Soroca sold 8,328 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $17.00, for a total transaction of $141,576.00. Following the completion of the transaction, the insider now directly owns 421,347 shares of the company’s stock, valued at approximately $7,162,899. The trade was a 1.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 438,675 shares of company stock worth $8,105,198 over the last ninety days. 4.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Magnite

Several institutional investors have recently bought and sold shares of MGNI. Blue Trust Inc. grew its stake in shares of Magnite by 87.0% during the 3rd quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock worth $105,000 after acquiring an additional 3,689 shares in the last quarter. Vicus Capital acquired a new position in Magnite during the third quarter worth $164,000. Riverwater Partners LLC bought a new position in Magnite in the third quarter valued at $1,164,000. DORCHESTER WEALTH MANAGEMENT Co grew its position in Magnite by 29.5% in the third quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 18,000 shares of the company’s stock valued at $249,000 after purchasing an additional 4,100 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in Magnite by 187.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 409,340 shares of the company’s stock valued at $5,669,000 after buying an additional 267,057 shares during the last quarter. Institutional investors own 73.40% of the company’s stock.

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.