Magnite, Inc. (NASDAQ:MGNI) Insider Sells 6,110 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) insider Aaron Saltz sold 6,110 shares of Magnite stock in a transaction on Monday, November 25th. The stock was sold at an average price of $17.50, for a total value of $106,925.00. Following the transaction, the insider now directly owns 297,482 shares of the company’s stock, valued at approximately $5,205,935. This represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Aaron Saltz also recently made the following trade(s):

• On Thursday, November 7th, Aaron Saltz sold 5,112 shares of Magnite stock. The shares were sold at an average price of $13.50, for a total value of $69,012.00.

Magnite Price Performance

MGNI stock opened at $16.62 on Friday. The stock has a market capitalization of $2.34 billion, a price-to-earnings ratio of 277.00, a price-to-earnings-growth ratio of 1.36 and a beta of 2.43. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a 52-week low of $7.97 and a 52-week high of $18.38. The stock’s fifty day simple moving average is $13.65 and its 200-day simple moving average is $13.38.

Hedge Funds Weigh In On Magnite

Several large investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP increased its stake in shares of Magnite by 125.3% during the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock valued at $91,128,000 after acquiring an additional 3,659,759 shares during the last quarter. Nomura Asset Management Co. Ltd. purchased a new stake in Magnite in the third quarter valued at approximately $23,917,000. Granite Investment Partners LLC acquired a new position in Magnite during the second quarter worth approximately $11,227,000. Driehaus Capital Management LLC purchased a new position in Magnite during the second quarter worth approximately $9,938,000. Finally, Marshall Wace LLP boosted its holdings in shares of Magnite by 59.0% in the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock valued at $20,726,000 after purchasing an additional 578,678 shares during the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MGNI has been the topic of a number of research reports. Benchmark reissued a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. Macquarie reiterated 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 started coverage on Magnite in a research report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price objective for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $19.00 target price on shares of Magnite in a research note on Friday, September 27th. Finally, Craig Hallum reissued a “buy” rating and set a $20.00 price target on shares of Magnite in a research report on Wednesday, August 21st. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Magnite has an average rating of “Moderate Buy” and a consensus 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.