Millrace Asset Group Inc. Sells 48,361 Shares of Magnite, Inc. (NASDAQ:MGNI)

Millrace Asset Group Inc. trimmed its position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 22.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 165,330 shares of the company's stock after selling 48,361 shares during the quarter. Magnite makes up about 2.3% of Millrace Asset Group Inc.'s investment portfolio, making the stock its 9th biggest position. Millrace Asset Group Inc. owned 0.12% of Magnite worth $2,290,000 at the end of the most recent reporting period.

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

Insiders Place Their Bets

In other Magnite news, CTO David Buonasera sold 9,219 shares of the business's stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $17.00, for a total transaction of $156,723.00. Following the sale, the chief technology officer now directly owns 226,195 shares of the company's stock, valued at $3,845,315. The trade was a 3.92 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Adam Lee Soroca sold 8,328 shares of the firm's stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $17.00, for a total value of $141,576.00. Following the completion of the transaction, the insider now owns 421,347 shares of the company's stock, valued at $7,162,899. The trade was a 1.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 157,598 shares of company stock worth $2,531,613. Corporate insiders own 4.30% of the company's stock.

Magnite Stock Up 0.5 %

Shares of MGNI stock traded up $0.09 during trading hours on Tuesday, hitting $16.69. 1,536,907 shares of the company were exchanged, compared to its average volume of 1,661,101. The company has a market capitalization of $2.35 billion, a PE ratio of 276.67, a PEG ratio of 1.40 and a beta of 2.43. Magnite, Inc. has a 52 week low of $7.97 and a 52 week high of $18.38. The business has a 50 day moving average of $13.44 and a two-hundred day moving average of $13.28. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76.

Wall Street Analysts Forecast Growth

MGNI has been the subject of several recent research reports. Wells Fargo & Company assumed coverage on Magnite in a report on Monday, October 28th. They set an "equal weight" rating and a $13.00 price objective for the company. Needham & Company LLC reaffirmed a "buy" rating and set a $15.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Craig Hallum reiterated a "buy" rating and set a $20.00 target price on shares of Magnite in a research report on Wednesday, August 21st. Royal Bank of Canada reaffirmed an "outperform" rating and set a $19.00 price objective on shares of Magnite in a research note on Friday, September 27th. Finally, Macquarie reissued an "outperform" rating and issued a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Magnite presently has a consensus rating of "Moderate Buy" and an average price target of $16.96.

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.