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

Shares of Magnite, Inc. (NASDAQ:MGNI) were down 4.3% during mid-day trading on Monday following insider selling activity. The stock traded as low as $20.10 and last traded at $20.26. Approximately 674,721 shares changed hands during trading, a decline of 68% from the average daily 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 shares were sold at an average price of $20.00, for a total value of $780,000.00. Following the completion of the transaction, the chief financial officer now owns 488,506 shares in the company, valued at approximately $9,770,120. This represents a 7.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Sean Patrick Buckley sold 18,693 shares of the firm’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 $373,860.00. Following the transaction, the insider now directly owns 408,529 shares in the company, 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 news, Director James Rossman sold 149,936 shares of the business’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 directly owns 219,920 shares in the company, valued at $4,279,643.20. The trade was a 40.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Wall Street Analysts Forecast Growth

MGNI has been the subject of several research reports. Macquarie reaffirmed an “outperform” rating and set a $18.00 price target on shares of Magnite in a research note on Friday, November 8th. Wolfe Research increased their price objective on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of Magnite in a research note on Friday, January 17th. Wells Fargo & Company raised their target price on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Finally, Scotiabank assumed coverage on shares of Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 target price for the company. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $18.35.

Magnite Stock Down 2.6 %

The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The business’s 50 day moving average price is $16.74 and its 200-day moving average price is $14.69. The company has a market cap of $2.90 billion, a P/E ratio of 343.67, a PEG ratio of 1.05 and a beta of 2.52.

Institutional Trading of Magnite

Institutional investors and hedge funds have recently made changes to their positions in the business. SBI Securities Co. Ltd. bought a new stake in shares of Magnite in the fourth quarter worth $25,000. Larson Financial Group LLC increased its position in Magnite by 179.2% during the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock worth $58,000 after acquiring an additional 2,341 shares during the period. Quarry LP increased its stake in Magnite by 446.8% during the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after acquiring an additional 4,508 shares during the period. Jones Financial Companies Lllp increased its stake in Magnite by 20.6% in the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after acquiring an additional 1,000 shares during the last quarter. Finally, KBC Group NV boosted its stake in Magnite by 66.5% in the fourth quarter. KBC Group NV now owns 5,943 shares of the company’s stock valued at $95,000 after buying an additional 2,374 shares in 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.