Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. 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 $10.87 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 $10.73 million.
Analysts at BofA Securities started covering the stock with ‘”a Neutral”‘ outlook in a report released in mid January. As of August 16, 2023, Evercore ISI has increased its “an In-line” rating to a “an Outperform” for MGNI. Earlier on April 13, 2023, B. Riley Securities initiated its rating. Their recommendation was “a Buy” for MGNI stock.
Analyzing MGNI Stock Performance
During the last five days, there has been a surge of approximately 1.85%. Over the course of the year, Magnite Inc shares have dropped approximately -5.78%. Shares of the company reached a 52-week high of $12.40 on 03/01/24 and a 52-week low of $8.38 on 04/22/24. A 50-day SMA is recorded $10.24, while a 200-day SMA reached $9.40. Nevertheless, trading volume fell to 1.44 million shares from 0.83 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 8.66, which, if violated, would cause prices to drop to 8.51. In the upper region, resistance lies at 8.89. The next price resistance is at 8.98. RSI (Relative Strength Index) is 37.45 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.12, which suggests the price will decrease in the coming days. Percent R is at 75.64%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
