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 $326,000 were sold by Spillane Robert F on Jun 11 ’24. At $13.04 per share, Spillane Robert F sold 25,000 shares. The insider’s holdings dropped to 69,090 shares worth approximately $0.96 million following the completion of this transaction.
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Also, Buckley Sean Patrick sold 21,653 shares, netting a total of over 292,316 in proceeds. Following the sale of shares at $13.50 each, the insider now holds 383,222 shares.
Before that, Day David had sold 20,732 shares from its account. In a trade valued at $269,516, the CHIEF FINANCIAL OFFICER traded Magnite Inc shares for $13.00 each. Upon closing the transaction, the insider’s holdings decreased to 20,732 shares, worth approximately $6.53 million.
As published in a research note from BofA Securities on May 24, 2024, Magnite Inc [MGNI] has been rated up from a Neutral to a Buy and the price target has been revised to $15 from $13. As of January 11, 2024, BofA Securities has initiated its “Neutral” rating for MGNI. Earlier on August 16, 2023, Evercore ISI upgraded its rating. Their new recommendation was “an Outperform” for MGNI stock which previously was a “an In-line”.
Analyzing MGNI Stock Performance
During the last five days, there has been a surge of approximately 2.14%. Over the course of the year, Magnite Inc shares have jumped approximately 48.50%. Shares of the company reached a 52-week high of $14.02 on 06/12/24 and a 52-week low of $8.38 on 04/22/24. A 50-day SMA is recorded $10.51, while a 200-day SMA reached $9.23. Nevertheless, trading volume fell to 2.17 million shares from 2.35 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 13.70, which, if violated, would cause prices to drop to 13.54. In the upper region, resistance lies at 14.01. The next price resistance is at 14.15. RSI (Relative Strength Index) is 70.94 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.60, which suggests the price will decrease in the coming days. Percent R is at 6.79%, indicating bullish price movement. Stochastics %K at selling indicates that the stock is to be held.
