Michael G. Barrett Sells 27,004 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) CEO Michael G. Barrett sold 27,004 shares of Magnite stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $17.63, for a total transaction of $476,080.52. Following the sale, the chief executive officer now directly owns 782,910 shares in the company, valued at $13,802,703.30. This trade represents a 3.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Magnite Stock Performance

Shares of MGNI stock opened at $16.62 on Friday. The stock has a market capitalization of $2.34 billion, a PE ratio of 277.00, a PEG ratio of 1.36 and a beta of 2.43. The business’s 50 day simple moving average is $13.65 and its 200 day simple moving average is $13.38. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. Magnite, Inc. has a one year low of $7.97 and a one year high of $18.38.

Analyst Ratings Changes

A number of analysts have weighed in on MGNI shares. Needham & Company LLC restated a “buy” rating and issued a $15.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. Wells Fargo & Company began coverage on Magnite in a report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price objective on the stock. Benchmark reaffirmed a “buy” rating and issued a $21.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Royal Bank of Canada reissued an “outperform” rating and set a $19.00 price target on shares of Magnite in a research note on Friday, September 27th. Finally, Craig Hallum restated a “buy” rating and set a $20.00 price target on shares of Magnite in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Magnite currently has a consensus rating of “Moderate Buy” and an average target price of $16.96.

Institutional Inflows and Outflows

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