Magnite, Inc. (NASDAQ:MGNI) CEO Michael G. Barrett Sells 100,000 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) CEO Michael G. Barrett sold 100,000 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $16.14, for a total transaction of $1,614,000.00. Following the completion of the sale, the chief executive officer now directly owns 809,914 shares of the company’s stock, valued at $13,072,011.96. This trade represents a 10.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Magnite Stock Up 4.0 %

Shares of Magnite stock opened at $16.26 on Wednesday. Magnite, Inc. has a 12-month low of $7.74 and a 12-month high of $17.00. 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 stock has a 50 day moving average price of $13.20 and a two-hundred day moving average price of $13.07. The stock has a market capitalization of $2.29 billion, a P/E ratio of 271.00, a PEG ratio of 1.48 and a beta of 2.43.

Institutional Trading of Magnite

Large investors have recently modified their holdings of the company. Wellington Management Group LLP lifted its position in Magnite by 125.3% during the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after acquiring an additional 3,659,759 shares during the last quarter. Nomura Asset Management Co. Ltd. acquired a new position in shares of Magnite during the 3rd quarter worth about $23,917,000. Granite Investment Partners LLC bought a new stake in Magnite during the 2nd quarter valued at approximately $11,227,000. Driehaus Capital Management LLC acquired a new stake in Magnite in the 2nd quarter valued at approximately $9,938,000. Finally, Marshall Wace LLP increased its position 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 buying an additional 578,678 shares during the period. 73.40% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

MGNI has been the subject of a number of research analyst reports. Benchmark reiterated a “buy” rating and issued a $21.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. Wells Fargo & Company started coverage on Magnite in a report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price objective for the company. Macquarie restated an “outperform” rating and issued a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $19.00 price target on shares of Magnite in a research note on Friday, September 27th. Finally, Lake Street Capital started coverage on Magnite in a report on Thursday, July 25th. They set a “buy” rating and a $21.00 price target for the company. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Magnite has a consensus rating of “Moderate Buy” and a consensus target price of $16.96.

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.