Magnite (NASDAQ:MGNI) Shares Gap Down After Insider Selling

Shares of Magnite, Inc. (NASDAQ:MGNI) gapped down prior to trading on Thursday after an insider sold shares in the company. The stock had previously closed at $20.51, but opened at $18.74. Magnite shares last traded at $18.49, with a volume of 1,597,410 shares.

Specifically, Director Paul Caine sold 5,000 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was 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 approximately $3,720,732.95. This represents a 2.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO David Day sold 39,000 shares of the company’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $20.00, for a total transaction of $780,000.00. Following the transaction, the chief financial officer now owns 488,506 shares of the company’s stock, valued at approximately $9,770,120. The trade was a 7.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, insider Sean Patrick Buckley sold 18,693 shares of the company’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $20.00, for a total transaction of $373,860.00. Following the completion of the transaction, the insider now owns 408,529 shares of the company’s stock, valued at approximately $8,170,580. This represents a 4.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analyst Weigh In

MGNI has been the topic of several research reports. Royal Bank of Canada boosted their price target on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Wolfe Research lifted their target price on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Macquarie reissued an “outperform” rating and issued a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. Wells Fargo & Company lifted their price objective on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $20.00 target price on shares of Magnite in a report on Friday, January 17th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Magnite presently has an average rating of “Moderate Buy” and an average price target of $18.35.

Magnite Price Performance

The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $2.63 billion, a P/E ratio of 309.57, a PEG ratio of 1.05 and a beta of 2.52. The stock has a fifty day moving average of $16.93 and a 200-day moving average of $14.81.

Hedge Funds Weigh In On Magnite

A number of large investors have recently modified their holdings of the stock. Arizona State Retirement System raised its position in Magnite by 1.5% in the 4th quarter. Arizona State Retirement System now owns 36,846 shares of the company’s stock worth $587,000 after purchasing an additional 559 shares during the last quarter. Truist Financial Corp grew its position in shares of Magnite by 2.0% during the 4th quarter. Truist Financial Corp now owns 34,242 shares of the company’s stock worth $545,000 after buying an additional 674 shares during the period. Verdence Capital Advisors LLC grew its position in shares of Magnite by 4.8% during the 3rd quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock worth $268,000 after buying an additional 892 shares during the period. ANTIPODES PARTNERS Ltd boosted its stake in Magnite by 13.4% in the fourth quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company’s stock valued at $129,000 after acquiring an additional 956 shares during the last quarter. Finally, Jones Financial Companies Lllp grew its stake in shares of Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock worth $93,000 after purchasing an additional 1,000 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

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.