272 Capital LP Buys New Stake in Magnite, Inc. (NASDAQ:MGNI)

272 Capital LP purchased a new position in shares of Magnite, Inc. (NASDAQ:MGNI) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 43,200 shares of the company’s stock, valued at approximately $598,000.

A number of other institutional investors also recently made changes to their positions in MGNI. Franklin Resources Inc. increased its position in Magnite by 99.7% during the 3rd quarter. Franklin Resources Inc. now owns 144,563 shares of the company’s stock worth $2,002,000 after purchasing an additional 72,169 shares in the last quarter. Tidal Investments LLC raised its holdings in Magnite by 22.2% in the 3rd quarter. Tidal Investments LLC now owns 130,580 shares of the company’s stock valued at $1,809,000 after acquiring an additional 23,688 shares during the last quarter. Geode Capital Management LLC raised its holdings in Magnite by 2.2% in the 3rd quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock valued at $41,118,000 after acquiring an additional 63,545 shares during the last quarter. Barclays PLC lifted its holdings in shares of Magnite by 352.9% during the 3rd quarter. Barclays PLC now owns 210,598 shares of the company’s stock worth $2,917,000 after acquiring an additional 164,093 shares during the period. Finally, Nomura Asset Management Co. Ltd. acquired a new position in shares of Magnite in the 3rd quarter valued at $23,917,000. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Stock Up 0.4 %

Shares of NASDAQ MGNI opened at $16.50 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. Magnite, Inc. has a 1 year low of $8.38 and a 1 year high of $18.38. The stock’s 50-day simple moving average is $14.48 and its 200-day simple moving average is $13.80. The firm has a market cap of $2.32 billion, a price-to-earnings ratio of 274.00, a PEG ratio of 1.38 and a beta of 2.50.

Insider Activity

In other news, CEO Michael G. Barrett sold 27,004 shares of Magnite stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $17.63, for a total value of $476,080.52. Following the completion of the transaction, the chief executive officer now owns 782,910 shares in the company, valued at approximately $13,802,703.30. This trade represents a 3.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Aaron Saltz sold 5,112 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $13.50, for a total value of $69,012.00. Following the sale, the insider now directly owns 307,745 shares in the company, valued at approximately $4,154,557.50. This represents a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 339,139 shares of company stock worth $5,714,741. 4.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

MGNI has been the topic of a number of research reports. Benchmark restated a “buy” rating and issued a $21.00 price objective on shares of Magnite in a report on Wednesday, October 2nd. Scotiabank started coverage on shares of Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price target on the stock. Needham & Company LLC boosted their price objective on shares of Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Wells Fargo & Company started coverage on shares of Magnite in a research report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price objective for the company. Finally, Craig Hallum restated a “buy” rating and set a $20.00 target price on shares of Magnite in a report on Wednesday, August 21st. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $17.73.

About Magnite

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company’s platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.