Magnite, Inc. (NASDAQ:MGNI) Insider Aaron Saltz Sells 6,110 Shares

Magnite, Inc. (NASDAQ:MGNI) insider Aaron Saltz sold 6,110 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $17.50, for a total transaction of $106,925.00. Following the transaction, the insider now owns 297,482 shares in the company, valued at $5,205,935. This represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Aaron Saltz also recently made the following trade(s):

• On Thursday, November 7th, Aaron Saltz sold 5,112 shares of Magnite stock. The shares were sold at an average price of $13.50, for a total transaction of $69,012.00.

Magnite Stock Performance

NASDAQ MGNI traded down $0.07 during trading on Wednesday, reaching $16.62. The company’s stock had a trading volume of 1,197,634 shares, compared to its average volume of 1,657,785. Magnite, Inc. has a 12 month low of $7.97 and a 12 month high of $18.38. The firm has a 50 day moving average price of $13.51 and a 200 day moving average price of $13.33. The firm has a market capitalization of $2.34 billion, a price-to-earnings ratio of 278.17, a price-to-earnings-growth ratio of 1.36 and a beta of 2.43. 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

Several research firms have issued reports on MGNI. Wells Fargo & Company began coverage on Magnite in a research note on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price objective on the stock. Needham & Company LLC restated a “buy” rating and issued a $15.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Craig Hallum reaffirmed a “buy” rating and set a $20.00 price objective on shares of Magnite in a research report on Wednesday, August 21st. Royal Bank of Canada reiterated an “outperform” rating and issued a $19.00 price objective on shares of Magnite in a report on Friday, September 27th. Finally, Macquarie reissued an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a research report on Friday, November 8th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $16.96.

Institutional Investors Weigh In On Magnite

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in shares of Magnite by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock valued at $137,796,000 after acquiring an additional 166,522 shares during the period. Wellington Management Group LLP raised its stake in Magnite by 125.3% in the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock valued at $91,128,000 after purchasing an additional 3,659,759 shares in the last quarter. Geode Capital Management LLC lifted its position in Magnite by 2.2% during the third quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock worth $41,118,000 after purchasing an additional 63,545 shares during the period. Nomura Asset Management Co. Ltd. acquired a new stake in Magnite during the third quarter worth about $23,917,000. Finally, Marshall Wace LLP increased its holdings in Magnite by 59.0% in the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock valued at $20,726,000 after buying an additional 578,678 shares during the period. Institutional investors and hedge funds 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.