Magnite (NASDAQ:MGNI) Trading Down 4.3% Following Insider Selling

Shares of Magnite, Inc. (NASDAQ:MGNI) traded down 4.3% on Monday following insider selling activity. The company traded as low as $20.10 and last traded at $20.26. 674,721 shares were traded during mid-day trading, a decline of 68% from the average session volume of 2,103,243 shares. The stock had previously closed at $21.17.

Specifically, CFO David Day sold 39,000 shares of the company’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $20.00, for a total transaction of $780,000.00. Following the transaction, the chief financial officer now directly owns 488,506 shares of the company’s stock, valued at $9,770,120. This represents a 7.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Sean Patrick Buckley sold 18,693 shares of Magnite stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $20.00, for a total value of $373,860.00. Following the completion of the sale, the insider now owns 408,529 shares of the company’s stock, valued at $8,170,580. The trade was a 4.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Magnite news, Director James Rossman sold 149,936 shares of the company’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $19.46, for a total transaction of $2,917,754.56. Following the transaction, the director now owns 219,920 shares in the company, valued at approximately $4,279,643.20. This represents a 40.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Royal Bank of Canada boosted their price objective on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Wells Fargo & Company boosted their target price on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Needham & Company LLC restated a “buy” rating and issued a $20.00 price target on shares of Magnite in a research note on Friday, January 17th. Macquarie reiterated an “outperform” rating and set a $18.00 price objective on shares of Magnite in a research report on Friday, November 8th. Finally, Wolfe Research raised their price objective on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Magnite presently has an average rating of “Moderate Buy” and an average price target of $18.35.

Magnite Stock Performance

The company has a market cap of $2.84 billion, a PE ratio of 337.00, a PEG ratio of 1.05 and a beta of 2.52. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The business’s 50 day moving average is $16.81 and its two-hundred day moving average is $14.73.

Hedge Funds Weigh In On Magnite

Large investors have recently made changes to their positions in the business. SBI Securities Co. Ltd. purchased a new stake in shares of Magnite during the fourth quarter worth about $25,000. Larson Financial Group LLC grew its holdings in Magnite by 179.2% during the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock valued at $58,000 after buying an additional 2,341 shares in the last quarter. Quarry LP raised its position in shares of Magnite by 446.8% during the third quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after buying an additional 4,508 shares during the last quarter. Quantbot Technologies LP purchased a new position in shares of Magnite in the fourth quarter worth $87,000. Finally, Jones Financial Companies Lllp boosted its position in shares of Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock worth $93,000 after acquiring an additional 1,000 shares during the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

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.