Magnite (NASDAQ:MGNI) Shares Down 4.7% – Time to Sell?

Shares of Magnite, Inc. (NASDAQ:MGNI) dropped 4.7% during trading on Tuesday . The company traded as low as $18.91 and last traded at $19.07. Approximately 514,473 shares were traded during trading, a decline of 78% from the average daily volume of 2,305,017 shares. The stock had previously closed at $20.00.

Wall Street Analyst Weigh In

MGNI has been the subject of several recent analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 target price on shares of Magnite in a report on Friday, January 17th. Macquarie reaffirmed an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a research note on Friday, November 8th. Wells Fargo & Company boosted their target price on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Scotiabank initiated coverage on Magnite in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 target price for the company. Finally, Royal Bank of Canada lifted their price target on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Magnite has a consensus rating of “Moderate Buy” and a consensus target price of $18.35.

Magnite Stock Down 4.3 %

The stock has a market cap of $2.57 billion, a price-to-earnings ratio of 304.33, a P/E/G ratio of 1.06 and a beta of 2.52. The business has a fifty day moving average of $17.17 and a 200 day moving average of $15.01. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Insider Activity

In other Magnite news, Director James Rossman sold 149,936 shares of the firm’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $19.46, for a total value of $2,917,754.56. Following the sale, the director now owns 219,920 shares of the company’s stock, valued at $4,279,643.20. This trade represents a 40.54 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Paul Caine sold 5,000 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $20.35, for a total value of $101,750.00. Following the completion of the sale, the director now directly owns 182,837 shares of the company’s stock, valued at $3,720,732.95. This represents a 2.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 438,675 shares of company stock worth $8,105,198. 4.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Magnite

Large investors have recently bought and sold shares of the stock. Blue Trust Inc. grew its position in Magnite by 87.0% in the 3rd quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock worth $105,000 after purchasing an additional 3,689 shares during the last quarter. Vicus Capital bought a new position in Magnite during the third quarter valued at about $164,000. Riverwater Partners LLC bought a new position in Magnite during the third quarter valued at about $1,164,000. DORCHESTER WEALTH MANAGEMENT Co raised its holdings in Magnite by 29.5% in the 3rd quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 18,000 shares of the company’s stock valued at $249,000 after acquiring an additional 4,100 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of Magnite by 187.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 409,340 shares of the company’s stock worth $5,669,000 after acquiring an additional 267,057 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

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.