Adam Lee Soroca Sells 8,328 Shares of Magnite, Inc. (NASDAQ:MGNI) Stock

Magnite, Inc. (NASDAQ:MGNI) insider Adam Lee Soroca sold 8,328 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $17.00, for a total value of $141,576.00. Following the completion of the sale, the insider now owns 421,347 shares of the company’s stock, valued at $7,162,899. This trade represents a 1.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Adam Lee Soroca also recently made the following trade(s):

• On Monday, November 18th, Adam Lee Soroca sold 7,849 shares of Magnite stock. The shares were sold at an average price of $15.60, for a total value of $122,444.40.

Magnite Stock Performance

Shares of NASDAQ MGNI opened at $16.62 on Thursday. The stock has a market capitalization of $2.34 billion, a PE ratio of 277.00, a price-to-earnings-growth ratio of 1.36 and a beta of 2.43. Magnite, Inc. has a 52 week low of $7.97 and a 52 week high of $18.38. The stock has a 50 day moving average price of $13.58 and a 200 day moving average price of $13.35. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11.

Hedge Funds Weigh In On Magnite

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Magnite by 1.3% in 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. O Shaughnessy Asset Management LLC bought a new position in Magnite during the first quarter worth about $108,000. Price T Rowe Associates Inc. MD increased its position in Magnite by 6.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 83,460 shares of the company’s stock worth $898,000 after buying an additional 4,879 shares during the last quarter. Silvercrest Asset Management Group LLC raised its stake in Magnite by 4.4% in the first quarter. Silvercrest Asset Management Group LLC now owns 853,595 shares of the company’s stock valued at $9,176,000 after buying an additional 36,298 shares during the period. Finally, Bayesian Capital Management LP acquired a new stake in shares of Magnite in the first quarter valued at approximately $132,000. 73.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MGNI. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $19.00 price target on shares of Magnite in a research note on Friday, September 27th. Benchmark reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Craig Hallum reaffirmed a “buy” rating and issued a $20.00 target price on shares of Magnite in a research note on Wednesday, August 21st. Needham & Company LLC reissued a “buy” rating and issued a $15.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Finally, Macquarie reaffirmed an “outperform” rating and set a $18.00 price objective on shares of Magnite in a research report on Friday, November 8th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $16.96.

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.