Algert Global LLC Buys 16,920 Shares of Magnite, Inc. (NASDAQ:MGNI)

Algert Global LLC increased its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 11.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 159,075 shares of the company’s stock after purchasing an additional 16,920 shares during the quarter. Algert Global LLC’s holdings in Magnite were worth $2,203,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. UMB Bank n.a. grew its position in Magnite by 111.8% during the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after acquiring an additional 1,188 shares during the last quarter. Asset Dedication LLC acquired a new stake in shares of Magnite during the second quarter valued at about $52,000. Blue Trust Inc. acquired a new position in shares of Magnite in the second quarter valued at approximately $56,000. Benjamin F. Edwards & Company Inc. increased its stake 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 valued at $58,000 after buying an additional 3,972 shares during the period. Finally, DekaBank Deutsche Girozentrale bought a new position in Magnite in the 2nd quarter valued at approximately $93,000. Institutional investors own 73.40% of the company’s stock.

Insiders Place Their Bets

In other Magnite news, CRO Sean Patrick Buckley sold 10,001 shares of Magnite stock in a transaction on Monday, November 18th. The shares were sold at an average price of $15.60, for a total value of $156,015.60. Following the completion of the sale, the executive now directly owns 303,743 shares of the company’s stock, valued at approximately $4,738,390.80. The trade was a 3.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Adam Lee Soroca sold 8,328 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $17.00, for a total transaction of $141,576.00. Following the transaction, the insider now directly owns 421,347 shares in the company, valued at $7,162,899. This trade represents a 1.94 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 157,598 shares of company stock worth $2,531,613. Corporate insiders own 4.30% of the company’s stock.

Magnite Trading Up 0.5 %

NASDAQ MGNI opened at $16.69 on Wednesday. The stock has a market capitalization of $2.35 billion, a P/E ratio of 278.17, a P/E/G ratio of 1.40 and a beta of 2.43. The business has a 50 day simple moving average of $13.51 and a 200 day simple moving average of $13.33. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. Magnite, Inc. has a one year low of $7.97 and a one year high of $18.38.

Analysts Set New Price Targets

MGNI has been the topic of a number of research reports. Benchmark reissued a “buy” rating and set a $21.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Macquarie restated an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $19.00 target price on shares of Magnite in a report on Friday, September 27th. Needham & Company LLC reissued a “buy” rating and issued a $15.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Finally, Wells Fargo & Company assumed coverage on Magnite in a research note on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price objective on the stock. 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 has an average rating of “Moderate Buy” and an average price target of $16.96.

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.