David Day Sells 11,644 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) CFO David Day sold 11,644 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $16.44, for a total transaction of $191,427.36. Following the sale, the chief financial officer now owns 400,859 shares of the company’s stock, valued at approximately $6,590,121.96. The trade was a 2.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Magnite Stock Performance

NASDAQ MGNI traded down $0.73 on Wednesday, reaching $15.84. 1,759,050 shares of the stock were exchanged, compared to its average volume of 1,650,033. Magnite, Inc. has a one year low of $8.38 and a one year high of $18.38. 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 capitalization of $2.23 billion, a PE ratio of 264.00, a PEG ratio of 1.35 and a beta of 2.50. The company’s 50-day simple moving average is $14.74 and its two-hundred day simple moving average is $13.91.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Wells Fargo & Company assumed coverage on Magnite in a research note on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price objective for the company. Scotiabank began coverage on shares of Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective on the stock. Needham & Company LLC raised their target price on shares of Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Benchmark reaffirmed a “buy” rating and issued a $21.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $19.00 target price on shares of Magnite in a report on Friday, September 27th. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Magnite presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.73.

Hedge Funds Weigh In On Magnite

Several hedge funds have recently added to or reduced their stakes in the company. UMB Bank n.a. raised its stake 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 buying an additional 1,188 shares in the last quarter. Asset Dedication LLC acquired a new stake in shares of Magnite in the second quarter valued at about $52,000. Blue Trust Inc. acquired a new stake in shares of Magnite in the second quarter valued at about $56,000. Benjamin F. Edwards & Company Inc. boosted its position in shares of Magnite by 973.5% during 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 during the last quarter. Finally, Quarry LP grew its position in Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after acquiring an additional 4,508 shares during the period. 73.40% of the stock is currently owned by 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.