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

Concentric Capital Strategies LP bought a new position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 147,184 shares of the company's stock, valued at approximately $2,038,000. Concentric Capital Strategies LP owned approximately 0.10% of Magnite as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. UMB Bank n.a. boosted 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 worth $30,000 after buying an additional 1,188 shares during the period. Asset Dedication LLC acquired a new position in shares of Magnite in the second quarter worth about $52,000. Blue Trust Inc. purchased a new position in Magnite during the second quarter valued at approximately $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, DekaBank Deutsche Girozentrale acquired a new stake in shares of Magnite in the second quarter valued at about $93,000. 73.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on MGNI shares. Wells Fargo & Company initiated coverage on shares of Magnite in a report on Monday, October 28th. They set an "equal weight" rating and a $13.00 price objective on the stock. Royal Bank of Canada restated an "outperform" rating and set a $19.00 price objective on shares of Magnite in a report on Friday, September 27th. Craig Hallum restated 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 reiterated a "buy" rating and issued a $15.00 price target on shares of Magnite in a research report on Wednesday, October 2nd. Finally, Benchmark reaffirmed a "buy" rating and issued a $21.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Magnite currently has a consensus rating of "Moderate Buy" and an average price target of $16.96.

Magnite Price Performance

MGNI traded down $0.31 during midday trading on Tuesday, reaching $16.88. 740,971 shares of the company's stock were exchanged, compared to its average volume of 1,651,051. The stock has a market capitalization of $2.37 billion, a PE ratio of 286.50, a P/E/G ratio of 1.37 and a beta of 2.50. 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 price is $13.72 and its 200 day moving average price is $13.49. Magnite, Inc. has a 1-year low of $8.05 and a 1-year high of $18.38.

Insider Buying and Selling

In related news, insider Aaron Saltz sold 6,110 shares of the business's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $17.50, for a total value of $106,925.00. Following the sale, the insider now directly owns 297,482 shares in the company, valued at $5,205,935. The trade was a 2.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael G. Barrett sold 27,004 shares of Magnite stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $17.63, for a total value of $476,080.52. Following the transaction, the chief executive officer now directly 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 disclosure for this sale can be found here. In the last quarter, insiders sold 191,143 shares of company stock valued at $3,121,851. 4.30% of the stock is currently owned by corporate insiders.

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.