Magnite, Inc. (NASDAQ:MGNI) CEO Michael G. Barrett Sells 100,000 Shares

Magnite, Inc. (NASDAQ:MGNI) CEO Michael G. Barrett sold 100,000 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $16.14, for a total value of $1,614,000.00. Following the completion of the transaction, the chief executive officer now directly owns 809,914 shares in the company, valued at $13,072,011.96. The trade was a 10.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Magnite Stock Up 4.0 %

MGNI traded up $0.62 during trading on Tuesday, reaching $16.26. 1,833,615 shares of the stock were exchanged, compared to its average volume of 1,645,016. 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 price is $13.20 and its two-hundred day moving average price is $13.07. Magnite, Inc. has a twelve month low of $7.74 and a twelve month high of $17.00. The stock has a market cap of $2.29 billion, a P/E ratio of 271.00, a price-to-earnings-growth ratio of 1.48 and a beta of 2.43.

Analysts Set New Price Targets

MGNI has been the subject of a number of analyst reports. Macquarie restated an “outperform” rating and set a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Benchmark reissued a “buy” rating and issued a $21.00 price target on shares of Magnite in a report on Wednesday, October 2nd. Craig Hallum reaffirmed a “buy” rating and set a $20.00 price objective on shares of Magnite in a research note on Wednesday, August 21st. Lake Street Capital initiated coverage on Magnite in a research note on Thursday, July 25th. They issued a “buy” rating and a $21.00 target price for the company. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $19.00 price target on shares of Magnite in a research report on Friday, September 27th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Magnite has a consensus rating of “Moderate Buy” and a consensus price target of $16.96.

Institutional Trading of Magnite

Institutional investors and hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP increased its holdings in shares of Magnite by 125.3% during the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after acquiring an additional 3,659,759 shares during the last quarter. Nomura Asset Management Co. Ltd. acquired a new position in shares of Magnite in the third quarter valued at $23,917,000. Granite Investment Partners LLC bought a new position in shares of Magnite in the second quarter valued at about $11,227,000. Driehaus Capital Management LLC acquired a new stake in shares of Magnite during the 2nd quarter worth about $9,938,000. Finally, Marshall Wace LLP grew its stake in Magnite by 59.0% in the 2nd 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 during the last quarter. Institutional investors own 73.40% of the company’s stock.

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.