Nomura Asset Management Co. Ltd. acquired a new position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 1,726,861 shares of the company's stock, valued at approximately $23,917,000. Nomura Asset Management Co. Ltd. owned approximately 1.23% of Magnite as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also added to or reduced their stakes in MGNI. New Century Financial Group LLC bought a new stake in shares of Magnite in the second quarter worth $640,000. Victory Capital Management Inc. increased its holdings 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 during the period. Commonwealth Equity Services LLC raised its position in shares of 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. Baader Bank Aktiengesellschaft acquired a new stake in shares of Magnite during the 2nd quarter worth approximately $671,000. Finally, Driehaus Capital Management LLC bought a new position in Magnite in the second quarter valued at approximately $9,938,000. Institutional investors own 73.40% of the company's stock.
Insider Activity
In other news, CAO Brian Gephart sold 2,156 shares of the company's stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $15.00, for a total transaction of $32,340.00. Following the transaction, the chief accounting officer now owns 116,982 shares in the company, valued at approximately $1,754,730. This represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Sean Patrick Buckley sold 10,001 shares of the business's stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $15.60, for a total value of $156,015.60. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 339,139 shares of company stock valued at $5,714,741 in the last ninety days. 4.30% of the stock is owned by company insiders.
Magnite Trading Up 0.5 %
NASDAQ MGNI traded up $0.09 during mid-day trading on Wednesday, reaching $16.90. 1,243,866 shares of the stock were exchanged, compared to its average volume of 1,653,127. 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 stock has a market cap of $2.38 billion, a P/E ratio of 280.17, a P/E/G ratio of 1.47 and a beta of 2.50. The stock has a 50 day simple moving average of $14.30 and a 200-day simple moving average of $13.76. Magnite, Inc. has a one year low of $8.23 and a one year high of $18.38.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on MGNI shares. Benchmark reiterated a "buy" rating and issued a $21.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. 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 target on the stock. Macquarie reiterated an "outperform" rating and set a $18.00 price objective on shares of Magnite in a research report on Friday, November 8th. 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 price objective for the company. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $19.00 target price on shares of Magnite in a research note on Friday, September 27th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $17.73.
Check Out Our Latest Stock Analysis on Magnite
About Magnite
(
Free Report)
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.
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