Magnite, Inc. (NASDAQ:MGNI) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its position in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 3.4% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,426,942 shares of the company's stock after selling 50,124 shares during the quarter. JPMorgan Chase & Co. owned about 1.01% of Magnite worth $19,763,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MGNI. Benjamin F. Edwards & Company Inc. raised its stake in shares of Magnite by 973.5% during the 2nd 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 during the period. Quarry LP boosted its position in shares of Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company's stock valued at $76,000 after acquiring an additional 4,508 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in Magnite during the second quarter valued at approximately $93,000. Blue Trust Inc. grew its stake in Magnite by 87.0% during the third quarter. Blue Trust Inc. now owns 7,931 shares of the company's stock valued at $105,000 after acquiring an additional 3,689 shares in the last quarter. Finally, Lebenthal Global Advisors LLC purchased a new stake in Magnite in the 3rd quarter worth approximately $141,000. 73.40% of the stock is currently owned by institutional investors.

Magnite Trading Down 5.2 %

Shares of Magnite stock traded down $0.85 during trading on Friday, hitting $15.61. The stock had a trading volume of 2,004,364 shares, compared to its average volume of 1,668,027. The stock has a market cap of $2.20 billion, a PE ratio of 260.17, a PEG ratio of 1.35 and a beta of 2.51. Magnite, Inc. has a 12 month low of $8.38 and a 12 month high of $18.38. The firm's fifty day simple moving average is $16.17 and its 200-day simple moving average is $14.27. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Insiders Place Their Bets

In other news, insider Aaron Saltz sold 5,112 shares of Magnite stock in a transaction that occurred 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael G. Barrett sold 27,004 shares of the business's stock in a transaction on Monday, November 25th. The stock was sold at an average price of $17.63, for a total value of $476,080.52. Following the transaction, the chief executive officer now owns 782,910 shares in the company, valued at approximately $13,802,703.30. This trade represents a 3.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 366,097 shares of company stock worth $6,165,147 in the last three months. Corporate insiders own 4.30% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on MGNI. Wells Fargo & Company initiated coverage on shares of Magnite in a research report on Monday, October 28th. They set an "equal weight" rating and a $13.00 price target for the company. 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 target price on the stock. Benchmark reiterated a "buy" rating and set a $21.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. Royal Bank of Canada increased their price target on shares of Magnite from $19.00 to $22.00 and gave the stock an "outperform" rating in a report on Friday, January 3rd. Finally, Macquarie reaffirmed an "outperform" rating and set a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $18.19.

About Magnite

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.