272 Capital LP Takes Position in Magnite, Inc. (NASDAQ:MGNI)

272 Capital LP acquired a new stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 43,200 shares of the company's stock, valued at approximately $598,000.

Other large investors have also recently made changes to their positions in the company. UMB Bank n.a. raised its stake in Magnite by 111.8% during 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 in the last quarter. Asset Dedication LLC purchased a new stake in shares of Magnite during the 2nd quarter valued at about $52,000. Blue Trust Inc. bought a new position in shares of Magnite in the 2nd quarter valued at about $56,000. Benjamin F. Edwards & Company Inc. grew its position in Magnite by 973.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company's stock worth $58,000 after acquiring an additional 3,972 shares in the last quarter. Finally, Quarry LP increased its stake in Magnite by 446.8% during the third quarter. Quarry LP now owns 5,517 shares of the company's stock worth $76,000 after acquiring an additional 4,508 shares during the last quarter. 73.40% of the stock is owned by institutional investors.

Insider Buying and Selling at Magnite

In other Magnite news, insider Aaron Saltz sold 5,112 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $13.50, for a total transaction of $69,012.00. Following the sale, the insider now owns 307,745 shares of the company's stock, valued at approximately $4,154,557.50. This trade represents a 1.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Adam Lee Soroca sold 7,849 shares of the business's stock in a transaction on Monday, November 18th. The stock was sold at an average price of $15.60, for a total value of $122,444.40. Following the completion of the transaction, the insider now directly owns 421,347 shares of the company's stock, valued at approximately $6,573,013.20. The trade was a 1.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 341,108 shares of company stock valued at $5,746,855 in the last ninety days. Corporate insiders own 4.30% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $19.00 price objective on shares of Magnite in a research note on Friday, September 27th. Benchmark restated a "buy" rating and issued a $21.00 price target on shares of Magnite in a research report on Wednesday, October 2nd. Craig Hallum reiterated a "buy" rating and set a $20.00 price objective on shares of Magnite in a research report on Wednesday, August 21st. Needham & Company LLC increased their target price on shares of Magnite from $17.00 to $20.00 and gave the company a "buy" rating in a research note on Thursday, December 5th. Finally, Wells Fargo & Company assumed coverage on shares of Magnite in a research note on Monday, October 28th. They set an "equal weight" rating and a $13.00 price target for the company. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $17.73.

Magnite Trading Up 0.2 %

Shares of Magnite stock traded up $0.03 on Friday, hitting $16.47. 1,523,619 shares of the company traded hands, compared to its average volume of 1,649,837. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The company has a market cap of $2.32 billion, a PE ratio of 275.00, a PEG ratio of 1.38 and a beta of 2.50. The stock's 50 day moving average price is $14.48 and its 200-day moving average price is $13.80. Magnite, Inc. has a 52 week low of $8.38 and a 52 week high of $18.38.

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.