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

Magnite, Inc. (NASDAQ:MGNI) CFO David Day sold 13,345 shares of Magnite stock in a transaction dated 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 owns 374,014 shares of the company’s stock, valued at approximately $6,358,238. This trade represents a 3.45 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

David Day also recently made the following trade(s):

• On Monday, December 16th, David Day sold 11,644 shares of Magnite stock. The stock was sold at an average price of $16.44, for a total value of $191,427.36.

Magnite Trading Down 3.1 %

MGNI traded down $0.54 during trading hours on Tuesday, reaching $16.62. 1,347,833 shares of the company’s stock traded hands, compared to its average volume of 1,450,083. 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 firm has a 50-day moving average price of $15.87 and a 200 day moving average price of $14.20. Magnite, Inc. has a 52-week low of $8.38 and a 52-week high of $18.38. The firm has a market capitalization of $2.34 billion, a PE ratio of 277.00, a PEG ratio of 1.35 and a beta of 2.51.

Institutional Investors Weigh In On Magnite

Large investors have recently added to or reduced their stakes in the stock. Asset Dedication LLC bought a new stake in Magnite during the 2nd quarter valued at $52,000. Benjamin F. Edwards & Company Inc. lifted its stake in Magnite by 973.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after acquiring an additional 3,972 shares during the period. Quarry LP increased its position in Magnite by 446.8% during the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after purchasing an additional 4,508 shares during the period. DekaBank Deutsche Girozentrale bought a new position in Magnite in the second quarter worth approximately $93,000. Finally, Blue Trust Inc. boosted its position in Magnite by 87.0% during the third quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock valued at $105,000 after purchasing an additional 3,689 shares in the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Wells Fargo & Company started coverage on Magnite in a research report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price target for the company. Benchmark reissued a “buy” rating and issued a $21.00 target price on shares of Magnite in a research note on Wednesday, October 2nd. Wolfe Research lifted their target price on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday. Needham & Company LLC lifted their price objective on Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Finally, Royal Bank of Canada upped their target price on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Magnite has a consensus rating of “Moderate Buy” and an average target price of $18.19.

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.