Magnite, Inc. (NASDAQ:MGNI) Director Robert F. Spillane Sells 12,500 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) Director Robert F. Spillane sold 12,500 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $16.12, for a total transaction of $201,500.00. Following the completion of the sale, the director now directly owns 70,651 shares in the company, valued at $1,138,894.12. This represents a 15.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Magnite Stock Up 3.5 %

Shares of MGNI opened at $17.13 on Friday. The firm’s 50-day simple moving average is $13.39 and its 200 day simple moving average is $13.17. Magnite, Inc. has a 52 week low of $7.97 and a 52 week high of $17.19. The firm has a market cap of $2.41 billion, a P/E ratio of 285.50, a price-to-earnings-growth ratio of 1.35 and a beta of 2.43. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in MGNI. Russell Investments Group Ltd. grew its position in shares of Magnite by 30.6% during the 1st quarter. Russell Investments Group Ltd. now owns 140,200 shares of the company’s stock worth $1,507,000 after purchasing an additional 32,854 shares in the last quarter. ProShare Advisors LLC grew its position in shares of Magnite by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 24,325 shares of the company’s stock worth $261,000 after purchasing an additional 1,914 shares in the last quarter. State Board of Administration of Florida Retirement System grew its position in shares of Magnite by 61.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 61,859 shares of the company’s stock worth $665,000 after purchasing an additional 23,628 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Magnite by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock worth $137,796,000 after purchasing an additional 166,522 shares in the last quarter. Finally, O Shaughnessy Asset Management LLC bought a new stake in shares of Magnite during the 1st quarter worth approximately $108,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Wall Street Analysts Forecast Growth

MGNI has been the topic of several analyst reports. Craig Hallum reissued a “buy” rating and set a $20.00 price target on shares of Magnite in a research report on Wednesday, August 21st. Royal Bank of Canada reissued an “outperform” rating and set a $19.00 price target on shares of Magnite in a research report on Friday, September 27th. Wells Fargo & Company initiated coverage on shares of Magnite in a research report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price target on the stock. Macquarie reissued an “outperform” rating and set a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. Finally, Needham & Company LLC restated a “buy” rating and set a $15.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $16.96.

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.