Michael G. Barrett Sells 100,000 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) CEO Michael G. Barrett sold 100,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $16.14, for a total value of $1,614,000.00. Following the sale, the chief executive officer now directly owns 809,914 shares in the company, valued at approximately $13,072,011.96. This represents a 10.99 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Magnite Trading Down 1.4 %

MGNI opened at $16.03 on Thursday. The firm has a market cap of $2.26 billion, a P/E ratio of 267.17, a P/E/G ratio of 1.48 and a beta of 2.43. Magnite, Inc. has a 12 month low of $7.74 and a 12 month high of $17.00. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The stock has a 50-day moving average of $13.27 and a 200 day moving average of $13.09.

Institutional Inflows and Outflows

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

Wall Street Analyst Weigh In

A number of equities research analysts have commented on MGNI shares. Benchmark reissued a “buy” rating and set a $21.00 price target on shares of Magnite in a report on Wednesday, October 2nd. Lake Street Capital started coverage on Magnite in a report on Thursday, July 25th. They set a “buy” rating and a $21.00 price target on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $19.00 price target on shares of Magnite in a report on Friday, September 27th. Needham & Company LLC restated a “buy” rating and set a $15.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Finally, Bank of America raised their price objective on Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Monday, July 29th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target 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.