Royce & Associates LP Increases Stock Holdings in Magnite, Inc. (NASDAQ:MGNI)

Royce & Associates LP raised its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 5.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,488,301 shares of the company’s stock after buying an additional 73,555 shares during the quarter. Royce & Associates LP’s holdings in Magnite were worth $20,613,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MGNI. Allspring Global Investments Holdings LLC purchased a new position in Magnite during the first quarter valued at $340,000. Empowered Funds LLC lifted its position in Magnite by 9.1% during the first quarter. Empowered Funds LLC now owns 42,761 shares of the company’s stock valued at $460,000 after buying an additional 3,560 shares during the period. SG Americas Securities LLC lifted its position in Magnite by 26.9% during the first quarter. SG Americas Securities LLC now owns 61,337 shares of the company’s stock valued at $659,000 after buying an additional 12,987 shares during the period. Swiss National Bank raised 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 purchasing an additional 15,400 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of Magnite by 30.6% in the 1st quarter. Russell Investments Group Ltd. now owns 140,200 shares of the company’s stock worth $1,507,000 after purchasing an additional 32,854 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Insider Buying and Selling at Magnite

In other news, CAO Brian Gephart sold 2,156 shares of Magnite stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $15.00, for a total transaction of $32,340.00. Following the transaction, the chief accounting officer now directly owns 116,982 shares of the company’s stock, valued at $1,754,730. The trade was a 1.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Sean Patrick Buckley sold 2,623 shares of Magnite stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $12.53, for a total value of $32,866.19. Following the transaction, the executive now directly owns 331,742 shares in the company, valued at approximately $4,156,727.26. The trade was a 0.78 % 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 worth $233,805 in the last three months. 4.30% of the stock is currently owned by company insiders.

Magnite Trading Down 4.9 %

Magnite stock opened at $15.85 on Friday. The business has a 50-day simple moving average of $13.08 and a two-hundred day simple moving average of $12.92. The company has a market cap of $2.23 billion, a P/E ratio of 264.17, a P/E/G ratio of 1.56 and a beta of 2.43. Magnite, Inc. has a 52-week low of $7.61 and a 52-week high of $17.00. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Bank of America lifted their price target on Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Lake Street Capital assumed coverage on Magnite in a research report on Thursday, July 25th. They issued a “buy” rating and a $21.00 price target for the company. Macquarie reaffirmed an “outperform” rating and issued a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. Craig Hallum reaffirmed a “buy” rating and issued a $20.00 price target on shares of Magnite in a research report on Wednesday, August 21st. Finally, Wells Fargo & Company started coverage on Magnite in a report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price objective for the company. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company currently 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.