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

Shares of Magnite, Inc. (NASDAQ:MGNI) fell 6.2% during trading on Monday following insider selling activity. The company traded as low as $16.82 and last traded at $16.88. 1,078,743 shares changed hands during trading, a decline of 35% from the average session 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 business’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $17.52, for a total value of $2,592,889.92. Following the sale, the chief executive officer now directly owns 634,914 shares in the company, valued at $11,123,693.28. The trade was a 18.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Wall Street Analysts Forecast Growth

MGNI has been the topic of several recent research reports. Needham & Company LLC lifted their price target on shares of Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Scotiabank initiated coverage on Magnite in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective for the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $19.00 target price on shares of Magnite in a research report on Friday, September 27th. Wells Fargo & Company initiated coverage on Magnite in a research report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price target for the company. Finally, Craig Hallum restated a “buy” rating and set a $20.00 price objective on shares of Magnite in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $17.73.

Magnite Stock Down 6.8 %

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 market capitalization of $2.36 billion, a PE ratio of 279.50, a price-to-earnings-growth ratio of 1.47 and a beta of 2.50. The business’s 50-day moving average price is $14.15 and its 200-day moving average price is $13.69.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. New Century Financial Group LLC purchased a new position in shares of Magnite during the 2nd quarter valued at $640,000. Victory Capital Management Inc. grew its stake in Magnite by 2.9% in the third quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock valued at $18,569,000 after purchasing an additional 37,601 shares in the last quarter. Commonwealth Equity Services LLC raised its stake in shares of Magnite by 668.3% during the 2nd quarter. Commonwealth Equity Services LLC now owns 81,573 shares of the company’s stock worth $1,084,000 after purchasing an additional 70,956 shares in the last quarter. Baader Bank Aktiengesellschaft purchased a new stake in shares of Magnite during the 2nd quarter worth about $671,000. Finally, Driehaus Capital Management LLC acquired a new stake in shares of Magnite during the 2nd quarter valued at about $9,938,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

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.