Intech Investment Management LLC Takes $649,000 Position in Magnite, Inc. (NASDAQ:MGNI)

Intech Investment Management LLC acquired a new stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 46,837 shares of the company's stock, valued at approximately $649,000.

Several other institutional investors and hedge funds also recently made changes to their positions in MGNI. New Century Financial Group LLC acquired a new stake in Magnite in the second quarter worth $640,000. Victory Capital Management Inc. increased its position in Magnite by 2.9% in the 3rd quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company's stock valued at $18,569,000 after buying an additional 37,601 shares in the last quarter. Commonwealth Equity Services LLC increased its position in Magnite by 668.3% in the 2nd quarter. Commonwealth Equity Services LLC now owns 81,573 shares of the company's stock valued at $1,084,000 after buying an additional 70,956 shares in the last quarter. Tidal Investments LLC raised its stake in Magnite by 212.8% during the 1st quarter. Tidal Investments LLC now owns 69,388 shares of the company's stock worth $746,000 after buying an additional 47,205 shares during the period. Finally, Baader Bank Aktiengesellschaft bought a new position in Magnite in the second quarter worth approximately $671,000. Institutional investors own 73.40% of the company's stock.

Wall Street Analysts Forecast Growth

MGNI has been the topic of a number of research reports. Benchmark reaffirmed a "buy" rating and set a $21.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. Craig Hallum restated a "buy" rating and set a $20.00 price target on shares of Magnite in a research note on Wednesday, August 21st. Wells Fargo & Company began coverage on shares of Magnite in a research note on Monday, October 28th. They issued an "equal weight" rating and a $13.00 price objective on the stock. Needham & Company LLC restated a "buy" rating and issued a $15.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $19.00 price target on shares of Magnite in a research note on Friday, September 27th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, Magnite has an average rating of "Moderate Buy" and an average target price of $16.96.

Insider Buying and Selling at Magnite

In other Magnite news, CEO Michael G. Barrett sold 27,004 shares of the company's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $17.63, for a total transaction of $476,080.52. Following the sale, the chief executive officer now directly owns 782,910 shares of the company's stock, valued at $13,802,703.30. This represents a 3.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Aaron Saltz sold 5,112 shares of Magnite stock in a transaction dated 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 owns 307,745 shares of the company's stock, valued at $4,154,557.50. The trade was a 1.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 191,143 shares of company stock worth $3,121,851 over the last three months. 4.30% of the stock is currently owned by insiders.

Magnite Stock Performance

Shares of Magnite stock traded up $0.17 during trading hours on Friday, hitting $16.79. 702,845 shares of the company's stock traded hands, compared to its average volume of 2,345,599. The stock has a market capitalization of $2.36 billion, a price-to-earnings ratio of 279.83, a PEG ratio of 1.37 and a beta of 2.43. Magnite, Inc. has a 12-month low of $7.97 and a 12-month high of $18.38. 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 company has a fifty day simple moving average of $13.72 and a 200-day simple moving average of $13.46.

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.