Charles Schwab Investment Management Inc. Boosts Holdings in Magnite, Inc. (NASDAQ:MGNI)

Charles Schwab Investment Management Inc. grew its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 2.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,033,104 shares of the company’s stock after purchasing an additional 26,656 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Magnite were worth $14,308,000 at the end of the most recent quarter.

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

Magnite Price Performance

Shares of MGNI opened at $18.00 on Monday. The company has a market capitalization of $2.53 billion, a price-to-earnings ratio of 300.00, a P/E/G ratio of 1.43 and a beta of 2.50. 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 business’s 50-day moving average is $14.15 and its 200-day moving average is $13.69. Magnite, Inc. has a fifty-two week low of $8.05 and a fifty-two week high of $18.38.

Insider Buying and Selling at Magnite

In related news, insider Aaron Saltz sold 5,112 shares of Magnite stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $13.50, for a total transaction of $69,012.00. Following the completion of the sale, the insider now owns 307,745 shares of the company’s stock, valued at approximately $4,154,557.50. This trade represents a 1.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Sean Patrick Buckley sold 10,001 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 $156,015.60. Following the completion of the transaction, the executive now directly owns 303,743 shares in the company, valued at approximately $4,738,390.80. The trade was a 3.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 339,139 shares of company stock valued at $5,714,741 in the last quarter. Company insiders own 4.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Craig Hallum reissued a “buy” rating and set a $20.00 price target on shares of Magnite in a research report on Wednesday, August 21st. Scotiabank assumed coverage on shares of Magnite in a report on Thursday. They issued a “sector outperform” rating and a $22.00 target price on the stock. Macquarie reaffirmed an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Needham & Company LLC raised their target price on shares of Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Wells Fargo & Company assumed coverage on Magnite in a report on Monday, October 28th. They set an “equal weight” rating and a $13.00 target price on the stock. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Magnite currently has an average rating of “Moderate Buy” and an average target price of $17.73.

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.