Financial Enhancement Group LLC Acquires New Position in Magnite, Inc. (NASDAQ:MGNI)

Financial Enhancement Group LLC acquired a new position in Magnite, Inc. (NASDAQ:MGNI - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 97,171 shares of the company's stock, valued at approximately $1,509,000. Financial Enhancement Group LLC owned 0.07% of Magnite at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MGNI. American Century Companies Inc. grew its position in Magnite by 15.0% during the second quarter. American Century Companies Inc. now owns 247,349 shares of the company's stock valued at $3,287,000 after buying an additional 32,334 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in Magnite during the second quarter valued at $93,000. Envestnet Asset Management Inc. lifted its holdings in Magnite by 1,070.3% during the second quarter. Envestnet Asset Management Inc. now owns 213,576 shares of the company's stock valued at $2,838,000 after purchasing an additional 195,327 shares in the last quarter. Benjamin F. Edwards & Company Inc. lifted its holdings in Magnite by 973.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company's stock valued at $58,000 after purchasing an additional 3,972 shares in the last quarter. Finally, Granite Investment Partners LLC purchased a new position in Magnite during the second quarter valued at $11,227,000. Institutional investors and hedge funds own 73.40% of the company's stock.

Magnite Trading Down 5.9 %

MGNI stock traded down $0.95 during trading on Thursday, reaching $15.14. 2,453,459 shares of the stock were exchanged, compared to its average volume of 1,717,286. 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 business has a 50 day moving average price of $16.36 and a 200-day moving average price of $14.34. Magnite, Inc. has a 1 year low of $8.38 and a 1 year high of $18.38. The firm has a market capitalization of $2.13 billion, a price-to-earnings ratio of 252.33, a P/E/G ratio of 0.80 and a beta of 2.51.

Wall Street Analyst Weigh In

Several research firms have issued reports on MGNI. Wells Fargo & Company increased their price objective on shares of Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a report on Thursday. Benchmark reissued a "buy" rating and issued a $21.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Royal Bank of Canada raised their price target on shares of Magnite from $19.00 to $22.00 and gave the stock an "outperform" rating in a research note on Friday, January 3rd. Needham & Company LLC raised their price target on shares of Magnite from $17.00 to $20.00 and gave the stock a "buy" rating in a research note on Thursday, December 5th. Finally, Scotiabank began coverage on shares of Magnite in a research note on Thursday, December 5th. They issued a "sector outperform" rating and a $22.00 price target on the stock. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $18.35.

Insider Buying and Selling at Magnite

In other Magnite news, insider Aaron Saltz sold 5,112 shares of Magnite stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $13.50, for a total transaction of $69,012.00. Following the completion of the sale, the insider now directly owns 307,745 shares in the company, valued at $4,154,557.50. This trade represents a 1.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael G. Barrett sold 147,996 shares of Magnite stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $17.52, for a total transaction of $2,592,889.92. Following the sale, the chief executive officer now owns 634,914 shares of the company's stock, valued at approximately $11,123,693.28. This represents a 18.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 366,097 shares of company stock worth $6,165,147 over the last three months. 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.