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

Magnite, Inc. (NASDAQ:MGNI) insider Adam Lee Soroca sold 21,529 shares of the business’s 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 sale, the insider owned 388,425 shares of the company’s stock, valued at approximately $4,661,100. This trade represents a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at 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 shares were sold at an average price of $17.00, for a total value of $283,152.00.

Magnite Stock Performance

NASDAQ MGNI traded up $0.43 during trading on Wednesday, hitting $12.00. The company’s stock had a trading volume of 1,822,307 shares, compared to its average volume of 2,417,944. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.43. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $26.65. The firm has a 50 day moving average price of $14.88 and a 200 day moving average price of $18.11. The firm has a market cap of $1.72 billion, a P/E ratio of 31.58, a price-to-earnings-growth ratio of 0.64 and a beta of 2.39.

Institutional Trading of Magnite

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Dilation Capital Management LP acquired a new position in shares of Magnite during the 2nd quarter worth about $8,074,000. Lisanti Capital Growth LLC boosted its stake in Magnite by 155.8% during the 2nd quarter. Lisanti Capital Growth LLC now owns 368,015 shares of the company’s stock worth $8,877,000 after acquiring an additional 224,160 shares during the last quarter. Nippon Life Global Investors Americas Inc. bought a new stake in Magnite in the third quarter valued at approximately $2,621,000. Campbell & CO Investment Adviser LLC acquired a new stake in Magnite in the third quarter worth $2,892,000. Finally, Nordea Investment Management AB grew its holdings in shares of Magnite by 35.2% in the 3rd quarter. Nordea Investment Management AB now owns 447,340 shares of the company’s stock valued at $9,694,000 after buying an additional 116,423 shares during the period. 73.40% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

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).