Robert F. Spillane Sells 12,500 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) Director Robert F. Spillane sold 12,500 shares of the stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $16.12, for a total value of $201,500.00. Following the sale, the director now directly owns 70,651 shares of the company’s stock, valued at $1,138,894.12. The trade was a 15.03 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Magnite Price Performance

Shares of MGNI stock traded up $0.58 during trading hours on Friday, reaching $17.13. The stock had a trading volume of 2,457,723 shares, compared to its average volume of 1,653,332. The stock’s fifty day simple moving average is $13.33 and its 200 day simple moving average is $13.11. The firm has a market capitalization of $2.41 billion, a PE ratio of 285.00, a PEG ratio of 1.33 and a beta of 2.43. Magnite, Inc. has a 12 month low of $7.97 and a 12 month high of $17.18. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76.

Analyst Ratings Changes

MGNI has been the topic of a number of recent analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $15.00 target price on shares of Magnite in a research note on Wednesday, October 2nd. Bank of America lifted their price objective on shares of Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Benchmark restated a “buy” rating and set a $21.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Macquarie reiterated an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a research note on Friday, November 8th. Finally, Lake Street Capital initiated coverage on Magnite in a research report on Thursday, July 25th. They set a “buy” rating and a $21.00 price target on the stock. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $16.96.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. grew its position in Magnite by 30.6% during the first quarter. Russell Investments Group Ltd. now owns 140,200 shares of the company’s stock worth $1,507,000 after buying an additional 32,854 shares in the last quarter. ProShare Advisors LLC boosted its position in shares of Magnite by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 24,325 shares of the company’s stock valued at $261,000 after acquiring an additional 1,914 shares during the last quarter. State Board of Administration of Florida Retirement System grew its holdings in shares of Magnite by 61.8% during the first quarter. State Board of Administration of Florida Retirement System now owns 61,859 shares of the company’s stock worth $665,000 after purchasing an additional 23,628 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Magnite by 1.3% in the first quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock worth $137,796,000 after purchasing an additional 166,522 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC purchased a new stake in Magnite in the first quarter valued at approximately $108,000. Institutional investors 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.