The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Magnite Inc shares valued at $840,750 were sold by BARRETT MICHAEL G. on Mar 15 ’24. At $11.21 per share, BARRETT MICHAEL G. sold 75,000 shares. The insider’s holdings dropped to 1,234,662 shares worth approximately $12.16 million following the completion of this transaction.
Also, Soroca Adam Lee sold 17,245 shares, netting a total of over 195,213 in proceeds. Following the sale of shares at $11.32 each, the insider now holds 493,467 shares.
Before that, BARRETT MICHAEL G. had sold 75,000 shares from its account. In a trade valued at $585,000, the CEO traded Magnite Inc shares for $7.80 each. Upon closing the transaction, the insider’s holdings decreased to 75,000 shares, worth approximately $12.01 million.
As published in their initiating research note from BofA Securities on January 11, 2024, Magnite Inc [MGNI] has been a Neutral and the price target has been revised to $11. Analysts at Evercore ISI upgraded the stock from ‘”an In-line”‘ to ‘”an Outperform”‘ outlook in a report released in mid August. As of April 13, 2023, B. Riley Securities has initiated its “Buy” rating for MGNI. Earlier on July 14, 2022, The Benchmark Company initiated its rating. Their recommendation was “a Buy” for MGNI stock.
Analyzing MGNI Stock Performance
During the last five days, there has been a drop of approximately -5.11%. Over the course of the year, Magnite Inc shares have jumped approximately 5.46%. Shares of the company reached a 52-week high of $12.40 on 03/01/24 and a 52-week low of $8.40 on 01/17/24. A 50-day SMA is recorded $10.28, while a 200-day SMA reached $9.74. Nevertheless, trading volume fell to 0.89 million shares from 1.33 million shares the previous day.
Support And Resistance Levels for Magnite Inc (MGNI)
According to the 24-hour chart, there is a support level at 9.72, which, if violated, would cause prices to drop to 9.60. In the upper region, resistance lies at 10.08. The next price resistance is at 10.32. RSI (Relative Strength Index) is 39.19 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.59, which suggests the price will decrease in the coming days. Percent R is at 98.77%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Magnite Inc subject to short interest?
Stocks of Magnite Inc saw a sharp rise in short interest on Mar 15, 2024 jumping by 0.33 million shares to 5.94 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 5.61 million shares. A jump of 5.56% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 4.12 of the overall float, the days-to-cover ratio (short ratio) jumped to 4.12.
