Insider Selling: Magnite, Inc. (NASDAQ:MGNI) Insider Sells $106,925.00 in Stock

Magnite, Inc. (NASDAQ:MGNI) insider Aaron Saltz sold 6,110 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $17.50, for a total transaction of $106,925.00. Following the completion of the sale, the insider now directly owns 297,482 shares of the company’s stock, valued at approximately $5,205,935. This trade represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

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

Magnite Stock Performance

MGNI opened at $16.79 on Friday. Magnite, Inc. has a 52-week low of $7.97 and a 52-week high of $18.38. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The company has a market cap of $2.36 billion, a P/E ratio of 279.83, a price-to-earnings-growth ratio of 1.36 and a beta of 2.43. The firm’s 50-day moving average price is $13.72 and its 200-day moving average price is $13.43.

Analyst Upgrades and Downgrades

MGNI has been the subject of a number of recent research reports. Needham & Company LLC reiterated a “buy” rating and issued a $15.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Macquarie reiterated an “outperform” rating and issued a $18.00 target price on shares of Magnite in a report on Friday, November 8th. Wells Fargo & Company initiated coverage on shares of Magnite in a report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 target price for the company. Benchmark reiterated a “buy” rating and issued a $21.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Finally, Craig Hallum reiterated a “buy” rating and issued a $20.00 target price on shares of Magnite in a report on Wednesday, August 21st. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $16.96.

Hedge Funds Weigh In On Magnite

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Magnite by 1.3% during the first quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock valued at $137,796,000 after acquiring an additional 166,522 shares in the last quarter. Wellington Management Group LLP boosted its position in Magnite by 125.3% in the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock valued at $91,128,000 after buying an additional 3,659,759 shares during the last quarter. Geode Capital Management LLC boosted its position in Magnite by 2.2% in the third quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock valued at $41,118,000 after buying an additional 63,545 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. Finally, Marshall Wace LLP boosted its position in Magnite by 59.0% in the second quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock valued at $20,726,000 after buying an additional 578,678 shares during the last quarter. 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.