Stephens Investment Management Group LLC Acquires 592,853 Shares of Magnite, Inc. (NASDAQ:MGNI)

Stephens Investment Management Group LLC boosted its stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 146.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 996,644 shares of the company's stock after buying an additional 592,853 shares during the quarter. Stephens Investment Management Group LLC owned approximately 0.71% of Magnite worth $15,867,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MGNI. Quarry LP raised its holdings in shares of Magnite by 446.8% during the 3rd quarter. Quarry LP now owns 5,517 shares of the company's stock valued at $76,000 after purchasing an additional 4,508 shares in the last quarter. KBC Group NV raised its holdings in shares of Magnite by 66.5% during the 4th quarter. KBC Group NV now owns 5,943 shares of the company's stock valued at $95,000 after purchasing an additional 2,374 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Magnite by 87.0% during the 3rd quarter. Blue Trust Inc. now owns 7,931 shares of the company's stock valued at $105,000 after purchasing an additional 3,689 shares in the last quarter. Lebenthal Global Advisors LLC bought a new position in shares of Magnite during the 3rd quarter valued at $141,000. Finally, Vicus Capital bought a new position in shares of Magnite during the 3rd quarter valued at $164,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

Magnite Stock Performance

NASDAQ MGNI traded down $1.02 during midday trading on Thursday, hitting $19.49. The company had a trading volume of 7,143,633 shares, compared to its average volume of 2,376,765. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The stock has a market cap of $2.74 billion, a price-to-earnings ratio of 324.83, a P/E/G ratio of 1.05 and a beta of 2.52. The firm has a fifty day simple moving average of $16.93 and a two-hundred day simple moving average of $14.81. Magnite, Inc. has a fifty-two week low of $8.38 and a fifty-two week high of $21.29.

Insiders Place Their Bets

In other news, CEO Michael G. Barrett sold 100,000 shares of Magnite stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $16.14, for a total transaction of $1,614,000.00. Following the sale, the chief executive officer now directly owns 809,914 shares in the company, valued at approximately $13,072,011.96. The trade was a 10.99 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Sean Patrick Buckley sold 10,001 shares of Magnite stock in a transaction dated 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 owns 303,743 shares in the company, valued at approximately $4,738,390.80. This trade represents a 3.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 571,458 shares of company stock worth $10,237,160 in the last ninety days. Insiders own 4.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MGNI. Royal Bank of Canada raised their price target on shares of Magnite from $19.00 to $22.00 and gave the company an "outperform" rating in a report on Friday, January 3rd. Macquarie restated an "outperform" rating and set a $18.00 price target on shares of Magnite in a report on Friday, November 8th. Scotiabank began coverage on shares of Magnite in a report on Thursday, December 5th. They set a "sector outperform" rating and a $22.00 price target on the stock. Wells Fargo & Company lifted their target price on shares of Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a report on Thursday, January 16th. Finally, Wolfe Research lifted their target price on shares of Magnite from $14.00 to $19.00 and gave the stock an "outperform" rating in a report on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $18.35.

Magnite Company 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.