Key Points
- Insider sale: Adam Lee Soroca sold 21,529 shares of Magnite on Feb. 18 at an average price of $12, totaling $258,348, reducing his stake by 5.25% to 388,425 shares (worth about $4.66M).
- Market and analyst view: MGNI trades below its 50- and 200-day moving averages ($14.81 and $18.07), sits in a 52‑week range of $8.22–$26.65 with a market cap of ~$1.72B, and carries a consensus analyst rating of Moderate Buy with a $27 target.
- Institutional ownership: Institutions and hedge funds own about 73.4% of the stock, with Wellington Management notably increasing its stake to 8.63M shares after a large Q4 purchase.
Magnite, Inc. (NASDAQ:MGNI - Get Free Report) insider Adam Lee Soroca sold 21,529 shares of Magnite stock in a transaction dated Wednesday, February 18th. The shares were 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 represents a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 shares were sold at an average price of $17.00, for a total transaction of $283,152.00.
Magnite Stock Performance
MGNI stock opened at $12.00 on Thursday. The company has a 50 day moving average price of $14.81 and a 200 day moving average price of $18.07. Magnite, Inc. has a fifty-two week low of $8.22 and a fifty-two week 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. The stock has a market capitalization of $1.72 billion, a PE ratio of 31.58, a price-to-earnings-growth ratio of 0.63 and a beta of 2.39.
Analyst Ratings Changes
MGNI has been the topic of a number of research reports. Rosenblatt Securities restated a "buy" rating and set a $39.00 target price on shares of Magnite in a research report on Thursday, November 6th. Wells Fargo & Company cut their price objective on shares of Magnite from $22.00 to $20.00 and set an "equal weight" rating on the stock in a report on Friday, November 7th. Weiss Ratings reiterated a "hold (c)" rating on shares of Magnite in a research report on Thursday, January 22nd. Benchmark reissued a "buy" rating on shares of Magnite in a research note on Monday, January 12th. Finally, Wall Street Zen lowered Magnite from a "buy" rating to a "hold" rating in a research report on Saturday, November 8th. Eight equities research 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, the company presently has an average rating of "Moderate Buy" and a consensus target price of $27.00.
View Our Latest Stock Analysis on MGNI
Hedge Funds Weigh In On Magnite
Several institutional investors and hedge funds have recently modified their holdings of the business. Pillsbury Lake Capital LLC bought a new stake in shares of Magnite during the fourth quarter worth $9,473,000. Wellington Management Group LLP increased its holdings in Magnite by 67.7% during the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company's stock worth $140,053,000 after buying an additional 3,484,689 shares during the last quarter. Ophir Asset Management Pty Ltd acquired a new position in shares of Magnite during the 4th quarter worth about $38,695,000. Man Group plc bought a new stake in Magnite in the fourth quarter valued at approximately $5,056,000. Finally, Engineers Gate Manager LP acquired a new stake in Magnite during the 4th quarter valued at $668,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.
About Magnite
(
Get Free Report)
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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