Magnite, Inc. (NASDAQ:MGNI) Stake Boosted by Verdence Capital Advisors LLC

Verdence Capital Advisors LLC lifted its position in Magnite, Inc. (NASDAQ:MGNI) by 4.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,326 shares of the company’s stock after acquiring an additional 892 shares during the period. Verdence Capital Advisors LLC’s holdings in Magnite were worth $268,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Winthrop Advisory Group LLC acquired a new stake in Magnite during the 3rd quarter valued at $179,000. Principal Financial Group Inc. grew its holdings in shares of Magnite by 552.2% during the third quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock valued at $1,489,000 after buying an additional 91,031 shares in the last quarter. Greenwood Capital Associates LLC raised its position in Magnite by 14.3% during the third quarter. Greenwood Capital Associates LLC now owns 74,760 shares of the company’s stock valued at $1,035,000 after buying an additional 9,368 shares during the period. Harbor Capital Advisors Inc. lifted its stake in Magnite by 136.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 921,531 shares of the company’s stock worth $12,763,000 after acquiring an additional 531,069 shares in the last quarter. Finally, Lebenthal Global Advisors LLC acquired a new stake in Magnite during the 3rd quarter worth about $141,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Craig Hallum reissued a “buy” rating and issued a $20.00 price target on shares of Magnite in a research report on Wednesday, August 21st. Lake Street Capital initiated coverage on Magnite in a research report on Thursday, July 25th. They issued a “buy” rating and a $21.00 target price on the stock. Macquarie reiterated an “outperform” rating and set a $18.00 price target on shares of Magnite in a report on Friday, November 8th. Wells Fargo & Company initiated coverage on shares of Magnite in a research report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price objective on the stock. Finally, Wolfe Research began coverage on shares of Magnite in a research report on Tuesday, July 16th. They issued an “outperform” rating and a $16.00 target price for the company. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Magnite presently has an average rating of “Moderate Buy” and an average price target of $16.96.

Magnite Trading Up 3.0 %

Magnite stock opened at $16.30 on Wednesday. The business’s 50-day simple moving average is $12.84 and its 200-day simple moving average is $12.77. Magnite, Inc. has a 52 week low of $6.88 and a 52 week high of $16.31. The firm has a market capitalization of $2.30 billion, a PE ratio of 263.67, a PEG ratio of 1.27 and a beta of 2.43. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.10 and a current ratio of 1.10.

Insider Transactions at Magnite

In other news, CTO David Buonasera sold 10,000 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $12.65, for a total value of $126,500.00. Following the sale, the chief technology officer now owns 258,102 shares in the company, valued at approximately $3,264,990.30. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Magnite news, CTO David Buonasera sold 10,000 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $12.65, for a total value of $126,500.00. Following the sale, the chief technology officer now directly owns 258,102 shares in the company, valued at $3,264,990.30. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Aaron Saltz sold 5,112 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $13.50, for a total transaction of $69,012.00. Following the transaction, the insider now directly owns 307,745 shares of the company’s stock, valued at $4,154,557.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 100,645 shares of company stock worth $1,275,215 over the last three months. 4.30% of the stock is currently 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.