Geode Capital Management LLC Grows Stake in Magnite, Inc. (NASDAQ:MGNI)

Geode Capital Management LLC grew its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 2.2% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,968,286 shares of the company’s stock after buying an additional 63,545 shares during the period. Geode Capital Management LLC’s holdings in Magnite were worth $41,118,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Wellington Management Group LLP increased its position in Magnite by 125.3% during the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock valued at $91,128,000 after purchasing an additional 3,659,759 shares during the period. Nomura Asset Management Co. Ltd. bought a new stake in shares of Magnite during the 3rd quarter valued at about $23,917,000. Marshall Wace LLP increased its position in shares of Magnite by 59.0% during the second quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock valued at $20,726,000 after buying an additional 578,678 shares during the period. Royce & Associates LP raised its stake in Magnite by 5.2% in the third quarter. Royce & Associates LP now owns 1,488,301 shares of the company’s stock worth $20,613,000 after buying an additional 73,555 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in Magnite by 2.9% in the third quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock worth $18,569,000 after buying an additional 37,601 shares during the period. Institutional investors own 73.40% of the company’s stock.

Analysts Set New Price Targets

MGNI has been the subject of several research reports. Royal Bank of Canada reissued an “outperform” rating and issued a $19.00 target price on shares of Magnite in a research report on Friday, September 27th. Scotiabank initiated coverage on Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective for the company. Macquarie reaffirmed an “outperform” rating and issued a $18.00 target price on shares of Magnite in a research report on Friday, November 8th. Needham & Company LLC lifted their price target on shares of Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Finally, Wells Fargo & Company initiated coverage on shares of Magnite in a report 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 twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $17.73.

Magnite Price Performance

Shares of NASDAQ MGNI opened at $16.42 on Wednesday. The firm has a market cap of $2.31 billion, a P/E ratio of 273.67, a PEG ratio of 1.35 and a beta of 2.50. Magnite, Inc. has a twelve month low of $8.38 and a twelve month high of $18.38. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The company has a 50 day moving average of $15.04 and a 200 day moving average of $13.99.

Insiders Place Their Bets

In related news, CFO David Day sold 11,644 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $16.44, for a total value of $191,427.36. Following the sale, the chief financial officer now owns 400,859 shares in the company, valued at approximately $6,590,121.96. This trade represents a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO David Buonasera sold 1,969 shares of the business’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $16.31, for a total transaction of $32,114.39. Following the sale, the chief technology officer now owns 223,795 shares of the company’s stock, valued at approximately $3,650,096.45. This represents a 0.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 352,752 shares of company stock valued at $5,938,282. Corporate insiders own 4.30% of the company’s stock.

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.