Insider Selling: Magnite, Inc. (NASDAQ:MGNI) Insider Sells 8,328 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) insider Adam Lee Soroca sold 8,328 shares of Magnite stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $17.00, for a total value of $141,576.00. Following the completion of the transaction, the insider now directly owns 421,347 shares of the company’s stock, valued at $7,162,899. This represents a 1.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Adam Lee Soroca also recently made the following trade(s):

• On Monday, November 18th, Adam Lee Soroca sold 7,849 shares of Magnite stock. The shares were sold at an average price of $15.60, for a total value of $122,444.40.

Magnite Trading Up 0.5 %

MGNI stock traded up $0.09 during midday trading on Tuesday, hitting $16.69. The stock had a trading volume of 1,537,102 shares, compared to its average volume of 1,661,095. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The firm has a market cap of $2.35 billion, a P/E ratio of 276.67, a price-to-earnings-growth ratio of 1.40 and a beta of 2.43. The business has a fifty day moving average price of $13.44 and a two-hundred day moving average price of $13.28. Magnite, Inc. has a 1-year low of $7.97 and a 1-year high of $18.38.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in MGNI. UMB Bank n.a. increased its holdings in Magnite by 111.8% in the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after purchasing an additional 1,188 shares in the last quarter. Asset Dedication LLC bought a new position in shares of Magnite during the 2nd quarter worth approximately $52,000. Blue Trust Inc. acquired a new stake in shares of Magnite during the 2nd quarter worth approximately $56,000. Benjamin F. Edwards & Company Inc. increased its stake in shares of Magnite by 973.5% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after acquiring an additional 3,972 shares in the last quarter. Finally, Quarry LP raised its holdings in shares of Magnite by 446.8% during the third quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after purchasing an additional 4,508 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MGNI. Royal Bank of Canada restated an “outperform” rating and issued a $19.00 target price on shares of Magnite in a research report on Friday, September 27th. Macquarie reiterated an “outperform” rating and issued a $18.00 price target on shares of Magnite in a research note on Friday, November 8th. Benchmark reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. Bank of America boosted their target price on Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Finally, Craig Hallum reiterated a “buy” rating and set a $20.00 price objective on shares of Magnite in a research report on Wednesday, August 21st. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Magnite 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.