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 $130,343 were sold by Soroca Adam Lee on May 17 ’24. At $12.30 per share, Soroca Adam Lee sold 10,597 shares. The insider’s holdings dropped to 450,655 shares worth approximately $4.99 million following the completion of this transaction.
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Also, Soroca Adam Lee sold 23,453 shares, netting a total of over 281,436 in proceeds. Following the sale of shares at $12.00 each, the insider now holds 461,252 shares.
Before that, Day David had sold 19,370 shares from its account. In a trade valued at $232,440, the CHIEF FINANCIAL OFFICER traded Magnite Inc shares for $12.00 each. Upon closing the transaction, the insider’s holdings decreased to 19,370 shares, worth approximately $5.44 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 drop of approximately -7.67%. Over the course of the year, Magnite Inc shares have jumped approximately 18.52%. Shares of the company reached a 52-week high of $12.90 on 05/16/24 and a 52-week low of $8.38 on 04/22/24. A 50-day SMA is recorded $9.86, while a 200-day SMA reached $8.91. Nevertheless, trading volume fell to 1.44 million shares from 1.43 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 10.82, which, if violated, would cause prices to drop to 10.56. In the upper region, resistance lies at 11.45. The next price resistance is at 11.83. RSI (Relative Strength Index) is 60.96 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 1.03, which suggests the price will increase in the coming days. Percent R is at 45.64%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
