Magnite (NASDAQ:MGNI) Shares Down 6.2% on Insider Selling

Shares of Magnite, Inc. (NASDAQ:MGNI) traded down 6.2% during trading on Monday following insider selling activity. The company traded as low as $16.82 and last traded at $16.88. 1,078,743 shares changed hands during mid-day trading, a decline of 35% from the average session volume of 1,651,744 shares. The stock had previously closed at $18.00.

Specifically, CEO Michael G. Barrett sold 147,996 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $17.52, for a total value of $2,592,889.92. Following the completion of the sale, the chief executive officer now directly owns 634,914 shares in the company, valued at approximately $11,123,693.28. The trade was a 18.90 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Analysts Set New Price Targets

MGNI has been the subject of a number of research reports. Macquarie reaffirmed an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Scotiabank began coverage on shares of Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price target for the company. Needham & Company LLC boosted their price objective on shares of Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Royal Bank of Canada reissued an “outperform” rating and issued a $19.00 target price on shares of Magnite in a report on Friday, September 27th. Finally, Benchmark reaffirmed a “buy” rating and set a $21.00 target price on shares of Magnite in a report on Wednesday, October 2nd. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $17.73.

Magnite Trading Down 6.8 %

The firm has a 50-day moving average of $14.15 and a 200 day moving average of $13.69. 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 stock has a market capitalization of $2.36 billion, a price-to-earnings ratio of 279.50, a PEG ratio of 1.47 and a beta of 2.50.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MGNI. Wellington Management Group LLP increased its stake in shares of Magnite by 125.3% during the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock valued at $91,128,000 after acquiring an additional 3,659,759 shares during the period. Nomura Asset Management Co. Ltd. acquired a new position in shares of Magnite during the 3rd quarter valued at $23,917,000. Granite Investment Partners LLC bought a new stake in shares of Magnite in the 2nd quarter worth $11,227,000. Driehaus Capital Management LLC acquired a new stake in shares of Magnite in the second quarter valued at $9,938,000. Finally, Marshall Wace LLP boosted its stake in Magnite by 59.0% during the second quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock valued at $20,726,000 after buying an additional 578,678 shares in the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

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.