Cornercap Investment Counsel Inc. Sells 28,566 Shares of Magnite, Inc. (NASDAQ:MGNI)

Cornercap Investment Counsel Inc. decreased its position in Magnite, Inc. (NASDAQ:MGNI) by 49.8% during the 3rd quarter, Holdings Channel.com reports. The firm owned 28,830 shares of the company’s stock after selling 28,566 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Magnite were worth $399,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. UMB Bank n.a. grew its position in shares of Magnite by 111.8% in the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after purchasing an additional 1,188 shares during the last quarter. Asset Dedication LLC acquired a new stake in Magnite during the second quarter worth approximately $52,000. Blue Trust Inc. acquired a new stake in Magnite during the second quarter worth approximately $56,000. Benjamin F. Edwards & Company Inc. grew its position in Magnite by 973.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after buying an additional 3,972 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new stake in shares of Magnite in the 2nd quarter valued at $93,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Wells Fargo & Company assumed coverage on Magnite in a report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 target price on the stock. Craig Hallum reaffirmed a “buy” rating and issued a $20.00 target price on shares of Magnite in a report on Wednesday, August 21st. Macquarie reaffirmed an “outperform” rating and issued a $18.00 target price on shares of Magnite in a report on Friday, November 8th. Royal Bank of Canada reissued an “outperform” rating and set a $19.00 price objective on shares of Magnite in a report on Friday, September 27th. Finally, Bank of America raised their price objective on Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a report on Monday, July 29th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $16.96.

Magnite Stock Down 4.9 %

Shares of NASDAQ:MGNI opened at $15.85 on Friday. The company has a market capitalization of $2.23 billion, a price-to-earnings ratio of 264.17, a P/E/G ratio of 1.48 and a beta of 2.43. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The business’s 50-day moving average is $13.08 and its 200-day moving average is $12.95. Magnite, Inc. has a 1 year low of $7.61 and a 1 year high of $17.00.

Insider Activity at Magnite

In other Magnite news, CAO Brian Gephart sold 2,156 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $15.00, for a total transaction of $32,340.00. Following the completion of the sale, the chief accounting officer now directly owns 116,982 shares of the company’s stock, valued at approximately $1,754,730. The trade was a 1.81 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CRO Sean Patrick Buckley sold 2,623 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.53, for a total value of $32,866.19. Following the sale, the executive now directly owns 331,742 shares of the company’s stock, valued at $4,156,727.26. This represents a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 17,801 shares of company stock valued at $233,805 in the last three months. Corporate insiders own 4.30% of the company’s stock.

Magnite Profile

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.