Magnite, Inc. (NASDAQ:MGNI) CEO Sells $2,592,889.92 in Stock

Magnite, Inc. (NASDAQ:MGNI) CEO Michael G. Barrett sold 147,996 shares of Magnite stock in a transaction dated 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 transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Magnite Price Performance

Shares of MGNI stock opened at $18.00 on Friday. The company has a market capitalization of $2.53 billion, a P/E ratio of 300.00, a P/E/G ratio of 1.43 and a beta of 2.50. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a 12 month low of $8.05 and a 12 month high of $18.38. The stock has a 50 day moving average of $14.06 and a two-hundred day moving average of $13.61.

Wall Street Analysts Forecast Growth

MGNI has been the subject of a number of recent research reports. Needham & Company LLC increased their price objective on Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday. Craig Hallum reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Magnite in a research note on Wednesday, August 21st. Macquarie reissued an “outperform” rating and issued a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. Royal Bank of Canada reiterated an “outperform” rating and issued a $19.00 price objective on shares of Magnite in a research note on Friday, September 27th. Finally, Wells Fargo & Company initiated coverage on shares of Magnite in a research note on Monday, October 28th. They set an “equal weight” rating and a $13.00 target price for the company. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Magnite currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.73.

Institutional Investors Weigh In On Magnite

Several institutional investors and hedge funds have recently bought and sold shares of MGNI. New Century Financial Group LLC acquired a new position in shares of Magnite in the 2nd quarter worth approximately $640,000. Victory Capital Management Inc. lifted its holdings in Magnite by 2.9% during the 3rd quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock valued at $18,569,000 after purchasing an additional 37,601 shares during the last quarter. Commonwealth Equity Services LLC boosted its position in Magnite by 668.3% in the second quarter. Commonwealth Equity Services LLC now owns 81,573 shares of the company’s stock valued at $1,084,000 after buying an additional 70,956 shares in the last quarter. Baader Bank Aktiengesellschaft acquired a new stake in shares of Magnite during the second quarter worth approximately $671,000. Finally, Driehaus Capital Management LLC bought a new position in shares of Magnite in the second quarter valued at approximately $9,938,000. 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.