Royce & Associates LP Buys 73,555 Shares of Magnite, Inc. (NASDAQ:MGNI)

Royce & Associates LP boosted its position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 5.2% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,488,301 shares of the company's stock after buying an additional 73,555 shares during the quarter. Royce & Associates LP owned approximately 1.05% of Magnite worth $20,613,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MGNI. Allspring Global Investments Holdings LLC bought a new position in shares of Magnite during the first quarter valued at about $340,000. Empowered Funds LLC raised its position in Magnite by 9.1% during the 1st quarter. Empowered Funds LLC now owns 42,761 shares of the company's stock valued at $460,000 after purchasing an additional 3,560 shares during the last quarter. SG Americas Securities LLC lifted its holdings in Magnite by 26.9% in the 1st quarter. SG Americas Securities LLC now owns 61,337 shares of the company's stock worth $659,000 after buying an additional 12,987 shares during the period. Swiss National Bank grew its position in shares of Magnite by 6.7% in the 1st quarter. Swiss National Bank now owns 244,900 shares of the company's stock worth $2,633,000 after buying an additional 15,400 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in shares of Magnite by 30.6% during the first quarter. Russell Investments Group Ltd. now owns 140,200 shares of the company's stock valued at $1,507,000 after buying an additional 32,854 shares during the period. 73.40% of the stock is currently owned by institutional investors.

Insider Transactions at Magnite

In other Magnite news, insider Aaron Saltz sold 5,112 shares of Magnite 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Brian Gephart sold 2,156 shares of the company's stock in a transaction 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 transaction, the chief accounting officer now directly owns 116,982 shares in the company, valued at approximately $1,754,730. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,801 shares of company stock valued at $233,805 in the last quarter. 4.30% of the stock is owned by insiders.

Magnite Stock Down 4.9 %

Magnite stock traded down $0.81 during mid-day trading on Friday, hitting $15.85. The company had a trading volume of 2,399,775 shares, compared to its average volume of 1,644,901. Magnite, Inc. has a 12 month low of $7.61 and a 12 month high of $17.00. The company has a market capitalization of $2.23 billion, a PE ratio of 264.17, a price-to-earnings-growth ratio of 1.56 and a beta of 2.43. The stock's 50 day moving average price is $13.08 and its two-hundred day moving average price is $12.92. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76.

Analyst Ratings Changes

MGNI has been the subject of a number of research analyst reports. Craig Hallum reaffirmed a "buy" rating and issued a $20.00 price target on shares of Magnite in a research note on Wednesday, August 21st. Bank of America lifted their target price on shares of Magnite from $15.00 to $17.00 and gave the company a "buy" rating in a research note on Monday, July 29th. Benchmark reissued a "buy" rating and issued a $21.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Macquarie reaffirmed an "outperform" rating and set a $18.00 price objective on shares of Magnite in a research report on Friday, November 8th. Finally, Wells Fargo & Company assumed coverage on Magnite in a research report on Monday, October 28th. They issued an "equal weight" rating and a $13.00 target price for the company. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $16.96.

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.