Magnite, Inc. (NASDAQ:MGNI) Stock Position Reduced by HighTower Advisors LLC

HighTower Advisors LLC lowered its holdings in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 80.2% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,322 shares of the company's stock after selling 70,365 shares during the period. HighTower Advisors LLC's holdings in Magnite were worth $240,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Granite Investment Partners LLC bought a new position in shares of Magnite during the second quarter worth about $11,227,000. Driehaus Capital Management LLC acquired a new position in Magnite during the 2nd quarter valued at about $9,938,000. Marshall Wace LLP grew its position in Magnite by 59.0% in the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company's stock worth $20,726,000 after purchasing an additional 578,678 shares during the last quarter. Harbor Capital Advisors Inc. increased its stake in shares of Magnite by 136.0% in the third quarter. Harbor Capital Advisors Inc. now owns 921,531 shares of the company's stock valued at $12,763,000 after purchasing an additional 531,069 shares during the period. Finally, Dana Investment Advisors Inc. bought a new stake in shares of Magnite during the second quarter valued at approximately $6,556,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Scotiabank initiated coverage on Magnite in a report on Thursday, December 5th. They issued a "sector outperform" rating and a $22.00 price objective for the company. Royal Bank of Canada reissued an "outperform" rating and issued a $19.00 price target on shares of Magnite in a research note on Friday, September 27th. Macquarie reissued an "outperform" rating and set a $18.00 price target on shares of Magnite in a report on Friday, November 8th. Needham & Company LLC upped their price objective on shares of Magnite from $17.00 to $20.00 and gave the stock a "buy" rating in a report on Thursday, December 5th. Finally, Wells Fargo & Company began 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 investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $17.73.

Magnite Price Performance

Magnite stock traded up $0.25 during mid-day trading on Wednesday, hitting $16.42. The company's stock had a trading volume of 489,810 shares, compared to its average volume of 1,649,012. Magnite, Inc. has a twelve month low of $8.38 and a twelve month high of $18.38. The stock's fifty day moving average price is $15.12 and its two-hundred day moving average price is $14.01. The stock has a market capitalization of $2.31 billion, a P/E ratio of 273.67, a P/E/G ratio of 1.35 and a beta of 2.50. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

Insider Buying and Selling

In other Magnite news, CRO Sean Patrick Buckley sold 10,001 shares of the business's stock in a transaction on Monday, November 18th. The shares were sold at an average price of $15.60, for a total transaction of $156,015.60. Following the sale, the executive now directly owns 303,743 shares of the company's stock, valued at $4,738,390.80. The trade was a 3.19 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Aaron Saltz sold 5,112 shares of the firm's stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $13.50, for a total value of $69,012.00. Following the completion of the sale, the insider now directly owns 307,745 shares of the company's stock, valued at approximately $4,154,557.50. This trade represents a 1.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 352,752 shares of company stock worth $5,938,282 in the last three months. 4.30% of the stock is currently owned by insiders.

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.