Magnite, Inc. (NASDAQ:MGNI) Director Paul Caine Sells 5,000 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) Director Paul Caine sold 5,000 shares of the business’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $20.35, for a total transaction of $101,750.00. Following the transaction, the director now directly owns 182,837 shares of the company’s stock, valued at $3,720,732.95. The trade was a 2.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Magnite Trading Up 1.4 %

Shares of NASDAQ:MGNI opened at $20.51 on Thursday. Magnite, Inc. has a 1-year low of $8.38 and a 1-year high of $21.29. The company has a 50 day moving average price of $16.87 and a 200 day moving average price of $14.77. The stock has a market capitalization of $2.89 billion, a price-to-earnings ratio of 341.83, a PEG ratio of 1.05 and a beta of 2.52. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11.

Institutional Investors Weigh In On Magnite

Several large investors have recently modified their holdings of the stock. ExodusPoint Capital Management LP purchased a new stake in shares of Magnite during the fourth quarter valued at $2,032,000. Diametric Capital LP purchased a new position in shares of Magnite in the fourth quarter worth approximately $242,000. Wellington Management Group LLP raised its holdings in shares of Magnite by 6.8% during the fourth quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company’s stock valued at $111,918,000 after acquiring an additional 450,341 shares during the period. Intrust Bank NA acquired a new position in Magnite in the 4th quarter worth approximately $211,000. Finally, Pictet Asset Management Holding SA grew its position in Magnite by 27.3% during the 4th quarter. Pictet Asset Management Holding SA now owns 20,403 shares of the company’s stock worth $325,000 after purchasing an additional 4,379 shares in the last quarter. 73.40% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on MGNI shares. Scotiabank initiated coverage on Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective for the company. Wells Fargo & Company boosted their price target on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Royal Bank of Canada raised 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. Wolfe Research upped their price objective on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Finally, Macquarie reissued an “outperform” rating and set a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $18.35.

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.