Magnite, Inc. (NASDAQ:MGNI – Get Free Report) insider Sean Patrick Buckley sold 19,233 shares of the firm’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $21.03, for a total value of $404,469.99. Following the completion of the sale, the insider directly owned 354,281 shares of the company’s stock, valued at approximately $7,450,529.43. This represents a 5.15% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.
Sean Patrick Buckley also recently made the following trade(s):
- On Wednesday, June 17th, Sean Patrick Buckley sold 19,233 shares of Magnite stock. The stock was sold at an average price of $19.00, for a total value of $365,427.00.
Magnite Stock Performance
MGNI opened at $21.22 on Friday. The company has a market cap of $3.04 billion, a P/E ratio of 20.40, a price-to-earnings-growth ratio of 1.03 and a beta of 2.25. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The firm’s 50-day moving average price is $15.90 and its 200-day moving average price is $14.36. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $26.65.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. US Bancorp DE raised its stake in shares of Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after buying an additional 688 shares during the last quarter. Central Pacific Bank Trust Division purchased a new stake in shares of Magnite in the fourth quarter worth about $41,000. Strategic Advocates LLC acquired a new stake in Magnite during the third quarter worth about $42,000. PNC Financial Services Group Inc. grew its holdings in Magnite by 106.3% during the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock worth $45,000 after acquiring an additional 1,949 shares during the period. Finally, Smartleaf Asset Management LLC raised its position in Magnite by 98.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,678 shares of the company’s stock valued at $61,000 after acquiring an additional 1,824 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several equities analysts recently issued reports on MGNI shares. Evercore reissued an “outperform” rating and issued a $21.00 target price on shares of Magnite in a research report on Thursday, May 7th. BTIG Research initiated coverage on Magnite in a research report on Tuesday, June 9th. They set a “buy” rating and a $20.00 price target for the company. Scotiabank increased their price objective on Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a report on Thursday, May 7th. Weiss Ratings upgraded Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Finally, Wells Fargo & Company lifted their target price on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.89.
Get Our Latest Report on Magnite
Magnite Company Profile
Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.
At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).
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