Insider Selling: Magnite, Inc. (NASDAQ:MGNI) Insider Sells $141,576.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) insider Adam Lee Soroca sold 8,328 shares of Magnite stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $17.00, for a total transaction of $141,576.00. Following 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through 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 stock was sold at an average price of $15.60, for a total value of $122,444.40.

Magnite Stock Down 0.4 %

Magnite stock opened at $16.62 on Friday. Magnite, Inc. has a fifty-two week low of $7.97 and a fifty-two week high of $18.38. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The firm’s 50-day simple moving average is $13.65 and its 200 day simple moving average is $13.38. The stock has a market cap of $2.34 billion, a PE ratio of 277.00, a price-to-earnings-growth ratio of 1.36 and a beta of 2.43.

Analysts Set New Price Targets

Several brokerages recently commented on MGNI. Royal Bank of Canada restated an “outperform” rating and set a $19.00 target price on shares of Magnite in a research report on Friday, September 27th. Macquarie reissued an “outperform” rating and set a $18.00 price objective on shares of Magnite in a research report on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. Wells Fargo & Company assumed coverage on Magnite in a report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 target price on the stock. Finally, Benchmark restated a “buy” rating and set a $21.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $16.96.

Hedge Funds Weigh In On Magnite

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

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.