Wellington Management Group LLP Raises Stock Position in Magnite, Inc. (NASDAQ:MGNI)

Wellington Management Group LLP lifted its stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 125.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,579,670 shares of the company's stock after purchasing an additional 3,659,759 shares during the period. Wellington Management Group LLP owned 4.68% of Magnite worth $91,128,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of MGNI. UMB Bank n.a. raised its stake in shares of Magnite by 111.8% in the second quarter. UMB Bank n.a. now owns 2,251 shares of the company's stock worth $30,000 after buying an additional 1,188 shares during the period. Asset Dedication LLC bought a new stake in Magnite during the 2nd quarter worth approximately $52,000. Blue Trust Inc. purchased a new position in Magnite during the second quarter valued at approximately $56,000. Benjamin F. Edwards & Company Inc. boosted its position in shares of Magnite by 973.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company's stock worth $58,000 after purchasing an additional 3,972 shares during the period. Finally, Quarry LP increased its stake in shares of Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company's stock worth $76,000 after purchasing an additional 4,508 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Magnite Price Performance

Shares of NASDAQ MGNI traded up $0.09 during midday trading on Wednesday, reaching $16.90. 1,244,342 shares of the stock traded hands, compared to its average volume of 1,653,127. The company's 50 day moving average is $14.30 and its 200 day moving average is $13.76. Magnite, Inc. has a one year low of $8.23 and a one year high of $18.38. The stock has a market capitalization of $2.38 billion, a PE ratio of 280.17, a P/E/G ratio of 1.47 and a beta of 2.50. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Benchmark restated a "buy" rating and set a $21.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Needham & Company LLC raised their price target on Magnite from $17.00 to $20.00 and gave the company a "buy" rating in a report on Thursday, December 5th. Macquarie restated an "outperform" rating and issued a $18.00 price objective on shares of Magnite in a research report on Friday, November 8th. Scotiabank assumed coverage on Magnite in a research report on Thursday, December 5th. They set a "sector outperform" rating and a $22.00 target price for the company. Finally, Craig Hallum reissued a "buy" rating and set a $20.00 target price on shares of Magnite in a research note on Wednesday, August 21st. One equities research 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, Magnite has an average rating of "Moderate Buy" and a consensus target price of $17.73.

Insider Buying and Selling at Magnite

In related news, CAO Brian Gephart sold 2,156 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $15.00, for a total transaction of $32,340.00. Following the sale, 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Aaron Saltz sold 5,112 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $13.50, for a total transaction of $69,012.00. Following the completion of the sale, the insider now directly owns 307,745 shares in the company, valued at approximately $4,154,557.50. This represents a 1.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 339,139 shares of company stock worth $5,714,741 over the last 90 days. 4.30% of the stock is owned by insiders.

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.