Magnite, Inc. (NASDAQ:MGNI) Shares Purchased by Victory Capital Management Inc.

Victory Capital Management Inc. boosted its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 2.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,340,705 shares of the company’s stock after acquiring an additional 37,601 shares during the period. Victory Capital Management Inc. owned about 0.95% of Magnite worth $18,569,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Versor Investments LP raised its position in Magnite by 61.5% during the third quarter. Versor Investments LP now owns 19,700 shares of the company’s stock worth $273,000 after acquiring an additional 7,500 shares during the last quarter. Verdence Capital Advisors LLC raised its position in Magnite by 4.8% during the third quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock worth $268,000 after acquiring an additional 892 shares during the last quarter. Winthrop Advisory Group LLC acquired a new position in Magnite during the third quarter worth about $179,000. Principal Financial Group Inc. raised its position in Magnite by 552.2% during the third quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock worth $1,489,000 after acquiring an additional 91,031 shares during the last quarter. Finally, Greenwood Capital Associates LLC raised its position in Magnite by 14.3% during the third quarter. Greenwood Capital Associates LLC now owns 74,760 shares of the company’s stock worth $1,035,000 after acquiring an additional 9,368 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on MGNI shares. Needham & Company LLC reissued a “buy” rating and issued a $15.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Benchmark reissued a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Lake Street Capital started coverage on shares of Magnite in a research report on Thursday, July 25th. They issued a “buy” rating and a $21.00 price objective for the company. Bank of America boosted their price objective on shares of Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $19.00 price objective on shares of Magnite in a research report on Friday, September 27th. 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 data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $16.96.

Magnite Price Performance

MGNI opened at $15.64 on Tuesday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a 52-week low of $7.74 and a 52-week high of $17.00. The company has a 50 day moving average of $13.14 and a two-hundred day moving average of $13.02. The company has a market cap of $2.20 billion, a P/E ratio of 260.67, a P/E/G ratio of 1.48 and a beta of 2.43.

Insiders Place Their Bets

In other Magnite news, insider Aaron Saltz sold 5,112 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were 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 directly owns 307,745 shares in the company, valued at $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 available through this hyperlink. Also, CAO Brian Gephart sold 2,156 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $15.00, for a total transaction 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. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.30% of the stock is owned by insiders.

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.