Michael G. Barrett Sells 100,000 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) CEO Michael G. Barrett sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $16.14, for a total value of $1,614,000.00. Following the completion of the sale, the chief executive officer now owns 809,914 shares of the company’s stock, valued at $13,072,011.96. This represents a 10.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link.

Magnite Price Performance

Shares of Magnite stock traded up $0.62 during midday trading on Tuesday, reaching $16.26. The company had a trading volume of 1,833,615 shares, compared to its average volume of 1,645,016. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The stock has a fifty day simple moving average of $13.20 and a 200 day simple moving average of $13.07. Magnite, Inc. has a 1-year low of $7.74 and a 1-year high of $17.00. The company has a market capitalization of $2.29 billion, a price-to-earnings ratio of 271.00, a price-to-earnings-growth ratio of 1.48 and a beta of 2.43.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Macquarie reiterated an “outperform” rating and set a $18.00 price target on shares of Magnite in a research note on Friday, November 8th. Benchmark reiterated a “buy” rating and set a $21.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. Bank of America increased their price target on shares of Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Royal Bank of Canada restated an “outperform” rating and set a $19.00 price target on shares of Magnite in a research note on Friday, September 27th. Finally, Lake Street Capital began coverage on Magnite in a research note on Thursday, July 25th. They issued a “buy” rating and a $21.00 price objective on the stock. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $16.96.

Institutional Investors Weigh In On Magnite

Institutional investors and hedge funds have recently made changes to their positions in the company. UMB Bank n.a. boosted its holdings in Magnite by 111.8% in the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after acquiring an additional 1,188 shares during the last quarter. Asset Dedication LLC acquired a new position in Magnite during the 2nd quarter valued at about $52,000. Blue Trust Inc. bought a new position in shares of Magnite in the 2nd quarter valued at about $56,000. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Magnite by 973.5% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after purchasing an additional 3,972 shares during the last quarter. Finally, Quarry LP grew its position in shares of Magnite by 446.8% during the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after buying an additional 4,508 shares during the period. Institutional investors 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.