Magnite, Inc. (NASDAQ:MGNI) Director Sells $101,750.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) Director Paul Caine sold 5,000 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $20.35, for a total value of $101,750.00. Following the completion of the sale, the director now directly owns 182,837 shares of the company’s stock, valued at $3,720,732.95. The trade was a 2.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Magnite Trading Up 2.6 %

NASDAQ MGNI opened at $20.00 on Friday. The stock has a market capitalization of $2.81 billion, a price-to-earnings ratio of 333.33, a PEG ratio of 1.05 and a beta of 2.52. The business’s fifty day moving average is $16.97 and its 200-day moving average is $14.85. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. Magnite, Inc. has a one year low of $8.38 and a one year high of $21.29.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Northern Trust Corp increased its stake in shares of Magnite by 1.3% during the 4th quarter. Northern Trust Corp now owns 1,658,535 shares of the company’s stock worth $26,404,000 after purchasing an additional 21,230 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Magnite by 9.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 71,785 shares of the company’s stock worth $1,143,000 after buying an additional 6,110 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in shares of Magnite in the fourth quarter valued at $1,949,000. Oberweis Asset Management Inc. grew its stake in shares of Magnite by 2.9% during the 4th quarter. Oberweis Asset Management Inc. now owns 205,700 shares of the company’s stock worth $3,275,000 after acquiring an additional 5,700 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in Magnite by 10.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 94,893 shares of the company’s stock worth $1,511,000 after acquiring an additional 9,075 shares during the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Macquarie reaffirmed an “outperform” rating and set a $18.00 target price on shares of Magnite in a research report on Friday, November 8th. Wolfe Research raised 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. Royal Bank of Canada boosted their target price on shares of Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Wells Fargo & Company lifted their price target 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, Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Magnite in a research note on Friday, January 17th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Magnite has a consensus rating of “Moderate Buy” and a consensus target price of $18.35.

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.