Magnite (NASDAQ:MGNI) Shares Gap Down Following Insider Selling

Magnite, Inc. (NASDAQ:MGNI)’s share price gapped down before the market opened on Thursday following insider selling activity. The stock had previously closed at $20.51, but opened at $18.74. Magnite shares last traded at $18.49, with a volume of 1,597,410 shares trading hands.

Specifically, Director Paul Caine sold 5,000 shares of the stock in a transaction on Monday, February 10th. The shares were sold at an average price of $20.35, for a total value of $101,750.00. Following the transaction, the director now owns 182,837 shares of the company’s stock, valued at $3,720,732.95. This represents a 2.66 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO David Day sold 39,000 shares of the stock in a transaction on Friday, February 7th. The shares were 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 in the company, valued at approximately $9,770,120. This represents a 7.39 % decrease in their position. The disclosure for this sale can be found here. In related news, insider Sean Patrick Buckley sold 18,693 shares of the stock in a transaction on Friday, February 7th. The shares were sold at an average price of $20.00, for a total transaction of $373,860.00. Following the transaction, the insider now owns 408,529 shares of the company’s stock, valued at approximately $8,170,580. This trade represents a 4.38 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Wolfe Research increased their target price on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Macquarie reaffirmed an “outperform” rating and set a $18.00 target price on shares of Magnite in a report on Friday, November 8th. Scotiabank assumed coverage on shares of Magnite in a report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 target price on shares of Magnite in a report on Friday, January 17th. Finally, Wells Fargo & Company increased their target price on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.35.

Magnite Stock Performance

The company’s 50-day moving average price is $16.93 and its 200 day moving average price is $14.81. 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 has a market capitalization of $2.74 billion, a PE ratio of 324.83, a PEG ratio of 1.05 and a beta of 2.52.

Institutional Investors Weigh In On Magnite

Several institutional investors and hedge funds have recently modified their holdings of MGNI. Wellington Management Group LLP lifted its position in shares of Magnite by 125.3% in the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after purchasing an additional 3,659,759 shares during the period. Nomura Asset Management Co. Ltd. purchased a new stake in shares of Magnite in the 3rd quarter worth about $23,917,000. Boston Partners lifted its position in shares of Magnite by 39.1% in the 4th quarter. Boston Partners now owns 4,756,323 shares of the company’s stock worth $76,061,000 after purchasing an additional 1,336,458 shares during the period. Maestria Partners LLC purchased a new position in Magnite during the 4th quarter valued at about $15,161,000. Finally, CenterBook Partners LP purchased a new position in Magnite during the 4th quarter valued at about $9,962,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

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.