Geode Capital Management LLC Acquires 63,545 Shares of Magnite, Inc. (NASDAQ:MGNI)

Geode Capital Management LLC increased its holdings in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 2.2% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,968,286 shares of the company's stock after acquiring an additional 63,545 shares during the period. Geode Capital Management LLC owned about 2.11% of Magnite worth $41,118,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MGNI. UMB Bank n.a. grew its holdings in shares of Magnite by 111.8% during the second quarter. UMB Bank n.a. now owns 2,251 shares of the company's stock worth $30,000 after purchasing an additional 1,188 shares during the last quarter. Asset Dedication LLC acquired a new stake in Magnite in the 2nd quarter valued at about $52,000. Benjamin F. Edwards & Company Inc. raised its stake in shares of 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 during the last quarter. Quarry LP lifted its position in shares of Magnite by 446.8% during the third quarter. Quarry LP now owns 5,517 shares of the company's stock worth $76,000 after purchasing an additional 4,508 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new stake in shares of Magnite during the second quarter valued at approximately $93,000. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Trading Up 1.5 %

MGNI traded up $0.25 during mid-day trading on Wednesday, hitting $16.42. The stock had a trading volume of 489,810 shares, compared to its average volume of 1,649,012. 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 $2.31 billion, a price-to-earnings ratio of 273.67, a price-to-earnings-growth ratio of 1.35 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 stock's fifty day simple moving average is $15.12 and its 200-day simple moving average is $14.01.

Analysts Set New Price Targets

Several research firms recently weighed in on MGNI. Needham & Company LLC boosted their price objective on shares of Magnite from $17.00 to $20.00 and gave the stock a "buy" rating in a research report on Thursday, December 5th. Scotiabank began coverage on Magnite in a research note on Thursday, December 5th. They set a "sector outperform" rating and a $22.00 price target on the stock. Macquarie reiterated an "outperform" rating and issued a $18.00 price objective on shares of Magnite in a research report on Friday, November 8th. Benchmark restated a "buy" rating and set a $21.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $19.00 target price on shares of Magnite in a research note on Friday, September 27th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $17.73.

Insider Buying and Selling

In related news, insider Aaron Saltz sold 5,112 shares of the business's stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $13.50, for a total value of $69,012.00. Following the sale, the insider now directly owns 307,745 shares of the company's stock, valued at approximately $4,154,557.50. The trade was a 1.63 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO David Buonasera sold 1,969 shares of the company's stock in a transaction on Friday, December 13th. The stock was 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 of the company's stock, valued at approximately $3,650,096.45. The trade was a 0.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 352,752 shares of company stock valued at $5,938,282. 4.30% of the stock is owned by company insiders.

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.