Magnite, Inc. (NASDAQ:MGNI) CFO Sells $226,865.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) CFO David Day sold 13,345 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $17.00, for a total transaction of $226,865.00. Following the transaction, the chief financial officer now owns 374,014 shares in the company, valued at $6,358,238. This represents a 3.45 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

David Day also recently made the following trade(s):

• On Monday, December 16th, David Day sold 11,644 shares of Magnite stock. The shares were sold at an average price of $16.44, for a total transaction of $191,427.36.

Magnite Price Performance

NASDAQ:MGNI opened at $16.46 on Friday. 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 $8.38 and a 52 week high of $18.38. The business’s 50-day simple moving average is $16.11 and its two-hundred day simple moving average is $14.26. The stock has a market cap of $2.32 billion, a PE ratio of 274.33, a P/E/G ratio of 1.35 and a beta of 2.51.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC boosted its position in shares of Magnite by 668.3% during the second quarter. Commonwealth Equity Services LLC now owns 81,573 shares of the company’s stock worth $1,084,000 after acquiring an additional 70,956 shares during the last quarter. Arizona State Retirement System grew its position in shares of Magnite by 3.4% during the second quarter. Arizona State Retirement System now owns 35,256 shares of the company’s stock valued at $469,000 after purchasing an additional 1,160 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of Magnite in the second quarter worth about $619,000. Asset Dedication LLC purchased a new stake in shares of Magnite in the second quarter worth about $52,000. Finally, ClariVest Asset Management LLC grew its holdings in Magnite by 148,362.8% during the 2nd quarter. ClariVest Asset Management LLC now owns 63,839 shares of the company’s stock valued at $848,000 after buying an additional 63,796 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on MGNI. Wolfe Research boosted their target price on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Macquarie reissued an “outperform” rating and issued a $18.00 target price on shares of Magnite in a report on Friday, November 8th. 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. Wells Fargo & Company began coverage on shares of Magnite in a research note on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price objective on the stock. Finally, Needham & Company LLC upped their target price on shares of Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, December 5th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $18.19.

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.