Magnite (NASDAQ:MGNI) Insider Adam Lee Soroca Sells 21,529 Shares of Stock

Magnite, Inc. (NASDAQ:MGNI) insider Adam Lee Soroca sold 21,529 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total value of $258,348.00. Following the completion of the transaction, the insider directly owned 388,425 shares of the company’s stock, valued at $4,661,100. This trade represents a 5.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Wednesday, December 17th, Adam Lee Soroca sold 16,656 shares of Magnite stock. The stock was sold at an average price of $17.00, for a total value of $283,152.00.

Magnite Stock Performance

Shares of MGNI traded up $0.43 during trading hours on Wednesday, reaching $12.00. 1,822,307 shares of the company’s stock traded hands, compared to its average volume of 2,417,944. The firm has a market capitalization of $1.72 billion, a price-to-earnings ratio of 31.58, a P/E/G ratio of 0.64 and a beta of 2.39. The business’s fifty day simple moving average is $14.88 and its two-hundred day simple moving average is $18.11. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $26.65. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.01 and a quick ratio of 1.01.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Rosenblatt Securities restated a “buy” rating and issued a $39.00 target price on shares of Magnite in a research report on Thursday, November 6th. Wall Street Zen cut shares of Magnite from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Benchmark restated a “buy” rating on shares of Magnite in a research report on Monday, January 12th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a report on Thursday, January 22nd. Finally, Wells Fargo & Company reduced their target price on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Friday, November 7th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Magnite has an average rating of “Moderate Buy” and an average target price of $27.00.

Hedge Funds Weigh In On Magnite

Several institutional investors and hedge funds have recently bought and sold shares of the business. Neo Ivy Capital Management purchased a new stake in Magnite in the 3rd quarter worth approximately $27,000. US Bancorp DE boosted its position in Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after purchasing an additional 688 shares during the last quarter. State of Wyoming acquired a new position in Magnite in the 3rd quarter worth about $39,000. USA Financial Formulas acquired a new position in Magnite in the 3rd quarter worth about $40,000. Finally, Central Pacific Bank Trust Division purchased a new stake in shares of Magnite during the 4th quarter worth about $41,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

About Magnite

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).