Jacobs Levy Equity Management Inc. Buys 134,959 Shares of Magnite, Inc. (NASDAQ:MGNI)

Jacobs Levy Equity Management Inc. raised its stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 1,271.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 145,577 shares of the company's stock after purchasing an additional 134,959 shares during the quarter. Jacobs Levy Equity Management Inc. owned 0.10% of Magnite worth $2,016,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MGNI. UMB Bank n.a. raised its holdings in 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 buying an additional 1,188 shares during the last quarter. Asset Dedication LLC bought a new position in shares of Magnite during the second quarter valued at about $52,000. Blue Trust Inc. purchased a new stake in shares of Magnite during the second quarter worth about $56,000. Benjamin F. Edwards & Company Inc. boosted its holdings in shares of 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 purchasing an additional 3,972 shares during the period. Finally, DekaBank Deutsche Girozentrale bought a new stake in shares of Magnite in the second quarter worth about $93,000. Institutional investors own 73.40% of the company's stock.

Insider Buying and Selling at Magnite

In related news, CAO Brian Gephart sold 2,156 shares of the business's stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $15.00, for a total value of $32,340.00. Following the completion of the transaction, the chief accounting officer now directly owns 116,982 shares in the company, valued at $1,754,730. The trade was a 1.81 % decrease in their position. 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 the stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $17.52, for a total value of $2,592,889.92. Following the sale, the chief executive officer now owns 634,914 shares in the company, 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. Over the last 90 days, insiders sold 339,139 shares of company stock worth $5,714,741. 4.30% of the stock is owned by insiders.

Magnite Stock Performance

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 stock has a market capitalization of $2.47 billion, a PE ratio of 300.00, a PEG ratio of 1.43 and a beta of 2.50. The business has a fifty day simple moving average of $14.15 and a 200-day simple moving average of $13.69. Magnite, Inc. has a fifty-two week low of $8.05 and a fifty-two week high of $18.38.

Analysts Set New Price Targets

Several equities research analysts have weighed in on MGNI shares. Scotiabank assumed coverage on Magnite in a report on Thursday. They issued a "sector outperform" rating and a $22.00 price objective for the company. Needham & Company LLC raised their price target on Magnite from $17.00 to $20.00 and gave the stock a "buy" rating in a research note on Thursday. Royal Bank of Canada reiterated an "outperform" rating and issued a $19.00 price target on shares of Magnite in a report on Friday, September 27th. Craig Hallum restated a "buy" rating and issued a $20.00 price objective on shares of Magnite in a report on Wednesday, August 21st. Finally, Wells Fargo & Company assumed coverage on shares of Magnite in a research note on Monday, October 28th. They set an "equal weight" rating and a $13.00 target price on the stock. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $17.73.

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.