Barclays PLC Buys 164,093 Shares of Magnite, Inc. (NASDAQ:MGNI)

Barclays PLC lifted its stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 352.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 210,598 shares of the company's stock after buying an additional 164,093 shares during the period. Barclays PLC owned approximately 0.15% of Magnite worth $2,917,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in MGNI. UMB Bank n.a. lifted its position in shares of Magnite by 111.8% during the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company's stock valued at $30,000 after acquiring an additional 1,188 shares during the period. Asset Dedication LLC bought a new stake in Magnite during the second quarter worth about $52,000. Benjamin F. Edwards & Company Inc. grew its stake 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. Quarry LP increased its holdings in Magnite by 446.8% in the 3rd quarter. Quarry LP now owns 5,517 shares of the company's stock valued at $76,000 after buying an additional 4,508 shares during the period. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of Magnite in the 2nd quarter valued at approximately $93,000. Institutional investors and hedge funds own 73.40% of the company's stock.

Analysts Set New Price Targets

MGNI has been the topic of a number of research analyst reports. Wells Fargo & Company initiated 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. Macquarie restated an "outperform" rating and issued a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. Benchmark reaffirmed a "buy" rating and set a $21.00 price target on shares of Magnite in a research report on Wednesday, October 2nd. Royal Bank of Canada reiterated an "outperform" rating and set a $19.00 price objective on shares of Magnite in a report on Friday, September 27th. Finally, Scotiabank started coverage on shares of Magnite in a research report on Thursday, December 5th. They issued a "sector outperform" rating and a $22.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $17.73.

Magnite Stock Performance

Magnite stock traded up $0.25 during mid-day trading on Wednesday, reaching $16.42. The company's stock had a trading volume of 489,810 shares, compared to its average volume of 1,649,012. The company has a market capitalization of $2.31 billion, a P/E ratio of 273.67, a PEG ratio of 1.35 and a beta of 2.50. The firm's fifty day moving average price is $15.12 and its two-hundred day moving average price is $14.01. Magnite, Inc. has a 12-month low of $8.38 and a 12-month high of $18.38. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11.

Insider Activity

In other news, CTO David Buonasera sold 1,969 shares of the business's stock in a transaction on Friday, December 13th. The shares were sold at an average price of $16.31, for a total transaction of $32,114.39. Following the completion of the transaction, the chief technology officer now directly owns 223,795 shares in the company, valued at $3,650,096.45. The trade was a 0.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Aaron Saltz sold 5,112 shares of the company's 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 completion of the transaction, the insider now directly owns 307,745 shares in the company, valued at approximately $4,154,557.50. The trade was a 1.63 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 352,752 shares of company stock worth $5,938,282. 4.30% of the stock is owned by corporate insiders.

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.