Magnite (NASDAQ:MGNI) Insider Sells $258,348.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) insider Adam Lee Soroca sold 21,529 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $12.00, for a total value of $258,348.00. Following the completion of the transaction, the insider directly owned 388,425 shares of the company’s stock, valued at $4,661,100. This represents a 5.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Adam Lee Soroca also recently made the following trade(s):

• On Wednesday, December 17th, Adam Lee Soroca sold 16,656 shares of Magnite stock. The stock was sold at an average price of $17.00, for a total transaction of $283,152.00.

Magnite Trading Up 0.2%

Shares of NASDAQ MGNI opened at $12.23 on Friday. The firm has a 50 day moving average price of $14.65 and a two-hundred day moving average price of $17.96. The stock has a market cap of $1.76 billion, a P/E ratio of 32.19, a price-to-earnings-growth ratio of 0.67 and a beta of 2.39. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $26.65. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.01 and a current ratio of 1.01.

Institutional Trading of Magnite

Several large investors have recently modified their holdings of the stock. Capital Research Global Investors lifted its position in shares of Magnite by 85.0% during the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after acquiring an additional 5,937,428 shares during the period. Wellington Management Group LLP increased its stake in Magnite by 67.7% in the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after purchasing an additional 3,484,689 shares in the last quarter. Ophir Asset Management Pty Ltd acquired a new position in shares of Magnite during the fourth quarter valued at about $38,695,000. American Century Companies Inc. boosted its position in shares of Magnite by 63.1% during the 2nd quarter. American Century Companies Inc. now owns 4,829,197 shares of the company’s stock worth $116,480,000 after purchasing an additional 1,868,188 shares in the last quarter. Finally, Frontier Capital Management Co. LLC grew its stake in shares of Magnite by 419.4% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,793,830 shares of the company’s stock valued at $43,267,000 after buying an additional 1,448,456 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on MGNI. Wall Street Zen lowered Magnite from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd. Benchmark reiterated a “buy” rating on shares of Magnite in a report on Monday, January 12th. Rosenblatt Securities restated a “buy” rating and set a $39.00 price target on shares of Magnite in a report on Thursday, November 6th. Finally, Wells Fargo & Company reduced their price objective on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Friday, November 7th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.00.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).