Insider Selling: Magnite, Inc. (NASDAQ:MGNI) Insider Sells 6,110 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) insider Aaron Saltz sold 6,110 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $17.50, for a total value of $106,925.00. Following the completion of the sale, the insider now directly owns 297,482 shares in the company, valued at approximately $5,205,935. This represents a 2.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Aaron Saltz also recently made the following trade(s):

• On Thursday, November 7th, Aaron Saltz sold 5,112 shares of Magnite stock. The shares were sold at an average price of $13.50, for a total value of $69,012.00.

Magnite Stock Performance

Shares of NASDAQ:MGNI traded down $0.07 during midday trading on Wednesday, reaching $16.62. The company had a trading volume of 1,197,634 shares, compared to its average volume of 1,657,785. The company’s 50 day moving average price is $13.51 and its 200 day moving average price is $13.33. Magnite, Inc. has a 52-week low of $7.97 and a 52-week high of $18.38. The stock has a market cap of $2.34 billion, a P/E ratio of 278.17, a P/E/G ratio of 1.36 and a beta of 2.43. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on MGNI. Needham & Company LLC reiterated a “buy” rating and set a $15.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $19.00 price objective on shares of Magnite in a report on Friday, September 27th. Craig Hallum reissued a “buy” rating and issued a $20.00 price target on shares of Magnite in a research note on Wednesday, August 21st. 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. Finally, Benchmark restated a “buy” rating and set a $21.00 price target on shares of Magnite in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $16.96.

Institutional Investors Weigh In On Magnite

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Magnite by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock worth $137,796,000 after buying an additional 166,522 shares during the period. Wellington Management Group LLP boosted its stake in 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. Geode Capital Management LLC grew its holdings in Magnite by 2.2% during the 3rd quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock valued at $41,118,000 after buying an additional 63,545 shares in the last quarter. Nomura Asset Management Co. Ltd. purchased a new stake in shares of Magnite in the third quarter worth about $23,917,000. Finally, Marshall Wace LLP lifted 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 worth $20,726,000 after purchasing an additional 578,678 shares in the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

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.