16,808 Shares in Magnite, Inc. (NASDAQ:MGNI) Acquired by Quest Partners LLC

Quest Partners LLC purchased a new stake in shares of Magnite, Inc. (NASDAQ:MGNI) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 16,808 shares of the company’s stock, valued at approximately $233,000.

Several other hedge funds also recently modified their holdings of the company. Granite Investment Partners LLC bought a new position in Magnite during the second quarter valued at about $11,227,000. Driehaus Capital Management LLC acquired a new stake in Magnite in the 2nd quarter valued at about $9,938,000. Marshall Wace LLP boosted its position in shares of Magnite by 59.0% during the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock valued at $20,726,000 after purchasing an additional 578,678 shares in the last quarter. Harbor Capital Advisors Inc. grew its stake in shares of 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 purchasing an additional 531,069 shares during the last quarter. Finally, Dana Investment Advisors Inc. bought a new stake in shares of Magnite in the 2nd quarter worth approximately $6,556,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Magnite

In other Magnite news, CAO Brian Gephart sold 2,156 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $15.60, for a total value of $33,633.60. Following the transaction, the chief accounting officer now directly owns 112,795 shares of the company’s stock, valued at $1,759,602. This represents a 1.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Aaron Saltz sold 5,112 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $13.50, for a total value of $69,012.00. Following the sale, the insider now directly owns 307,745 shares of the company’s stock, valued at $4,154,557.50. This trade represents a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 157,598 shares of company stock worth $2,531,613. 4.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MGNI. Needham & Company LLC restated a “buy” rating and set a $15.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Royal Bank of Canada reissued an “outperform” rating and set a $19.00 price objective on shares of Magnite in a research note on Friday, September 27th. Craig Hallum reaffirmed a “buy” rating and set a $20.00 target price on shares of Magnite in a research report on Wednesday, August 21st. Wells Fargo & Company started coverage on Magnite in a research report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price target for the company. Finally, Macquarie restated an “outperform” rating and set a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Magnite has an average rating of “Moderate Buy” and an average target price of $16.96.

Magnite Price Performance

NASDAQ MGNI opened at $16.69 on Wednesday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $2.35 billion, a price-to-earnings ratio of 278.17, a price-to-earnings-growth ratio of 1.40 and a beta of 2.43. The company has a 50 day simple moving average of $13.51 and a 200-day simple moving average of $13.33. Magnite, Inc. has a 52-week low of $7.97 and a 52-week high of $18.38.

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.