Magnite (NASDAQ:MGNI) Trading Down 6.2% Following Insider Selling

Magnite, Inc. (NASDAQ:MGNI)’s stock price dropped 6.2% during mid-day trading on Monday following insider selling activity. The company traded as low as $16.82 and last traded at $16.88. Approximately 1,078,743 shares traded hands during mid-day trading, a decline of 35% from the average daily volume of 1,651,744 shares. The stock had previously closed at $18.00.

Specifically, CEO Michael G. Barrett sold 147,996 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $17.52, for a total transaction of $2,592,889.92. Following the completion of the transaction, the chief executive officer now directly owns 634,914 shares in the company, valued at $11,123,693.28. This represents a 18.90 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on MGNI. Macquarie restated an “outperform” rating and set a $18.00 price objective on shares of Magnite in a research report on Friday, November 8th. Royal Bank of Canada reiterated an “outperform” rating and set a $19.00 price target on shares of Magnite in a report on Friday, September 27th. Craig Hallum restated a “buy” rating and issued a $20.00 target price on shares of Magnite in a report on Wednesday, August 21st. Needham & Company LLC lifted their price target on shares of Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Scotiabank began coverage on shares of Magnite in a research note on Thursday. They issued a “sector outperform” rating and a $22.00 price target for the company. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $17.73.

Magnite Stock Down 6.4 %

The company has a market capitalization of $2.37 billion, a PE ratio of 302.50, a PEG ratio of 1.47 and a beta of 2.50. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The stock’s 50 day moving average is $14.15 and its 200 day moving average is $13.69.

Institutional Trading of Magnite

A number of institutional investors have recently modified their holdings of the business. Verdence Capital Advisors LLC lifted its stake in shares of Magnite by 4.8% during the 3rd quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock valued at $268,000 after buying an additional 892 shares in the last quarter. Mount Yale Investment Advisors LLC lifted its stake in shares of Magnite by 4.6% during the 3rd quarter. Mount Yale Investment Advisors LLC now owns 24,229 shares of the company’s stock valued at $336,000 after buying an additional 1,068 shares in the last quarter. Arizona State Retirement System lifted its stake in Magnite by 3.4% in the 2nd quarter. Arizona State Retirement System now owns 35,256 shares of the company’s stock worth $469,000 after purchasing an additional 1,160 shares in the last quarter. UMB Bank n.a. lifted its stake in Magnite by 111.8% in the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after purchasing an additional 1,188 shares in the last quarter. Finally, Fulton Bank N.A. lifted its stake in Magnite by 6.4% in the 3rd quarter. Fulton Bank N.A. now owns 28,311 shares of the company’s stock worth $392,000 after purchasing an additional 1,696 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

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.