Insider Selling: Magnite, Inc. (NASDAQ:MGNI) CTO Sells 9,219 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) CTO David Buonasera sold 9,219 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $17.00, for a total value of $156,723.00. Following the completion of the transaction, the chief technology officer now owns 226,195 shares of the company’s stock, valued at $3,845,315. This trade represents a 3.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

David Buonasera also recently made the following trade(s):

• On Wednesday, November 27th, David Buonasera sold 431 shares of Magnite stock. The shares were sold at an average price of $16.78, for a total transaction of $7,232.18.
• On Monday, November 18th, David Buonasera sold 277 shares of Magnite stock. The stock was sold at an average price of $15.77, for a total transaction of $4,368.29.

Magnite Trading Down 0.4 %

Shares of NASDAQ MGNI opened at $16.62 on Friday. The stock has a market cap of $2.34 billion, a price-to-earnings ratio of 277.00, a PEG ratio of 1.36 and a beta of 2.43. The business has a 50 day simple moving average of $13.65 and a 200 day simple moving average of $13.38. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. Magnite, Inc. has a 52 week low of $7.97 and a 52 week high of $18.38.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on MGNI shares. Wells Fargo & Company initiated coverage on shares of Magnite in a research note on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price objective for the company. Macquarie reiterated an “outperform” rating and set a $18.00 price target on shares of Magnite in a report on Friday, November 8th. Benchmark reissued a “buy” rating and set a $21.00 price target on shares of Magnite in a research report on Wednesday, October 2nd. Needham & Company LLC restated a “buy” rating and set a $15.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $19.00 target price on shares of Magnite in a research note on Friday, September 27th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $16.96.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. 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 worth $30,000 after purchasing an additional 1,188 shares in the last quarter. Asset Dedication LLC bought a new stake in shares of Magnite during the 2nd quarter worth about $52,000. Blue Trust Inc. acquired a new position in shares of Magnite during the 2nd quarter valued at about $56,000. Benjamin F. Edwards & Company Inc. raised 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 acquiring an additional 3,972 shares in the last quarter. Finally, Quarry LP lifted its holdings in Magnite by 446.8% in the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after purchasing an additional 4,508 shares during the last quarter. 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.