Intech Investment Management LLC Invests $649,000 in Magnite, Inc. (NASDAQ:MGNI)

Intech Investment Management LLC bought a new position in Magnite, Inc. (NASDAQ:MGNI) during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 46,837 shares of the company’s stock, valued at approximately $649,000.

Several other institutional investors and hedge funds also recently made changes to their positions in MGNI. UMB Bank n.a. lifted its holdings in Magnite by 111.8% during the second 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 in the last quarter. Asset Dedication LLC acquired a new position in shares of Magnite in the 2nd quarter valued at approximately $52,000. Blue Trust Inc. bought a new stake in Magnite during the 2nd quarter worth approximately $56,000. Benjamin F. Edwards & Company Inc. raised its holdings in Magnite by 973.5% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after buying an additional 3,972 shares during the period. Finally, DekaBank Deutsche Girozentrale bought a new position in Magnite in the second quarter valued at approximately $93,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Macquarie reissued an “outperform” rating and set a $18.00 price objective on shares of Magnite in a research report on Friday, November 8th. 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 target on the stock. Needham & Company LLC restated a “buy” rating and issued a $15.00 price target on shares of Magnite in a report on Wednesday, October 2nd. Craig Hallum reiterated a “buy” rating and set a $20.00 price objective on shares of Magnite in a report on Wednesday, August 21st. Finally, Benchmark restated a “buy” rating and issued a $21.00 target price on shares of Magnite in a research note on Wednesday, October 2nd. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.96.

Magnite Trading Up 1.0 %

MGNI stock opened at $16.79 on Friday. Magnite, Inc. has a one year low of $7.97 and a one year high of $18.38. The stock has a market cap of $2.36 billion, a price-to-earnings ratio of 279.83, a price-to-earnings-growth ratio of 1.36 and a beta of 2.43. The company has a fifty day moving average price of $13.72 and a two-hundred day moving average price of $13.46. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Insiders Place Their Bets

In other news, insider Aaron Saltz sold 5,112 shares of Magnite stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $13.50, for a total value 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. The trade was a 1.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Brian Gephart sold 2,156 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $15.00, for a total value of $32,340.00. Following the sale, the chief accounting officer now owns 116,982 shares of the company’s stock, valued at approximately $1,754,730. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 191,143 shares of company stock worth $3,121,851 over the last three months. Insiders own 4.30% of the company’s stock.

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.