138,399 Shares in Magnite, Inc. (NASDAQ:MGNI) Bought by Bank of Montreal Can

Bank of Montreal Can purchased a new stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 138,399 shares of the company's stock, valued at approximately $1,899,000. Bank of Montreal Can owned about 0.10% of Magnite as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD lifted its position in shares of Magnite by 6.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 83,460 shares of the company's stock valued at $898,000 after buying an additional 4,879 shares during the last quarter. Comerica Bank lifted its position in shares of Magnite by 6,214.5% in the first quarter. Comerica Bank now owns 27,847 shares of the company's stock valued at $299,000 after buying an additional 27,406 shares during the last quarter. Baader Bank Aktiengesellschaft acquired a new stake in shares of Magnite in the second quarter valued at approximately $671,000. Assenagon Asset Management S.A. lifted its position in shares of Magnite by 517.2% in the second quarter. Assenagon Asset Management S.A. now owns 142,283 shares of the company's stock valued at $1,891,000 after buying an additional 119,229 shares during the last quarter. Finally, Outlook Wealth Advisors LLC acquired a new stake in shares of Magnite in the second quarter valued at approximately $276,000. 73.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MGNI. Scotiabank began coverage on Magnite in a research note on Thursday. They issued a "sector outperform" rating and a $22.00 price target for the company. Benchmark restated a "buy" rating and issued a $21.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Craig Hallum restated a "buy" rating and issued a $20.00 price target on shares of Magnite in a research note on Wednesday, August 21st. Royal Bank of Canada restated an "outperform" rating and issued a $19.00 price target on shares of Magnite in a research note on Friday, September 27th. Finally, Needham & Company LLC boosted their price target on Magnite from $17.00 to $20.00 and gave the company a "buy" rating in a research note on Thursday. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Magnite has a consensus rating of "Moderate Buy" and an average price target of $17.73.

Insider Buying and Selling at Magnite

In other news, CEO Michael G. Barrett sold 100,000 shares of the business's stock in a transaction on Friday, November 15th. The stock was sold at an average price of $16.14, for a total transaction of $1,614,000.00. Following the completion of the transaction, the chief executive officer now owns 809,914 shares of the company's stock, valued at approximately $13,072,011.96. The trade was a 10.99 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Brian Gephart sold 2,156 shares of the business's stock in a transaction on Monday, November 11th. The stock was sold at an average price of $15.00, for a total value of $32,340.00. Following the transaction, the chief accounting officer now directly owns 116,982 shares of the company's stock, valued at $1,754,730. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 191,143 shares of company stock valued at $3,121,851 in the last three months. Corporate insiders own 4.30% of the company's stock.

Magnite Price Performance

NASDAQ MGNI traded up $0.53 during midday trading on Friday, hitting $18.00. The company had a trading volume of 1,327,448 shares, compared to its average volume of 1,651,694. The company has a market capitalization of $2.53 billion, a PE ratio of 300.00, a P/E/G ratio of 1.40 and a beta of 2.50. 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 firm has a 50-day moving average price of $14.06 and a 200-day moving average price of $13.61. Magnite, Inc. has a twelve month low of $8.05 and a twelve month high of $18.38.

Magnite Company 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.