Magnite, Inc. (NASDAQ:MGNI) CFO David Day Sells 13,345 Shares

Magnite, Inc. (NASDAQ:MGNI) CFO David Day sold 13,345 shares of the firm’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $17.00, for a total value of $226,865.00. Following the sale, the chief financial officer now directly owns 374,014 shares of the company’s stock, valued at $6,358,238. This represents a 3.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

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 Trading Down 1.0 %

Shares of Magnite stock opened at $16.46 on Thursday. 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 12-month low of $8.38 and a 12-month high of $18.38. The company has a market capitalization of $2.32 billion, a price-to-earnings ratio of 274.33, a PEG ratio of 1.35 and a beta of 2.51. The firm’s 50-day moving average price is $16.03 and its two-hundred day moving average price is $14.24.

Analyst Upgrades and Downgrades

MGNI has been the topic of a number of research reports. Wolfe Research upped their price target 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 reiterated an “outperform” rating and set a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. Benchmark reissued a “buy” rating and set a $21.00 price target on shares of Magnite in a report on Wednesday, October 2nd. Royal Bank of Canada upped their price objective on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Finally, Needham & Company LLC lifted their target price on Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $18.19.

Institutional Trading of Magnite

Large investors have recently made changes to their positions in the company. Wellington Management Group LLP lifted its stake in Magnite by 125.3% during 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 shares of Magnite during the 3rd quarter worth $23,917,000. Granite Investment Partners LLC acquired a new stake in Magnite in the second quarter valued at about $11,227,000. Driehaus Capital Management LLC bought a new position in Magnite in the second quarter valued at about $9,938,000. Finally, Marshall Wace LLP raised its stake in Magnite by 59.0% during the second quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock worth $20,726,000 after acquiring an additional 578,678 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

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.