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

Algert Global LLC lifted its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 11.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 159,075 shares of the company’s stock after purchasing an additional 16,920 shares during the period. Algert Global LLC owned 0.11% of Magnite worth $2,203,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in MGNI. UMB Bank n.a. raised 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 worth $30,000 after acquiring an additional 1,188 shares in the last quarter. Asset Dedication LLC bought a new stake in shares of Magnite in the 2nd quarter valued at about $52,000. Blue Trust Inc. bought a new stake in shares of Magnite in the 2nd quarter valued at about $56,000. Benjamin F. Edwards & Company Inc. lifted its stake in Magnite by 973.5% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after purchasing an additional 3,972 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new position in Magnite during the second quarter worth about $93,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Stock Up 0.5 %

Shares of MGNI opened at $16.69 on Wednesday. The firm’s 50 day moving average is $13.51 and its 200-day moving average is $13.33. Magnite, Inc. has a 12 month low of $7.97 and a 12 month high of $18.38. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $2.35 billion, a PE ratio of 278.17, a P/E/G ratio of 1.40 and a beta of 2.43.

Insider Activity

In related news, CEO Michael G. Barrett sold 100,000 shares of Magnite stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $16.14, for a total value of $1,614,000.00. Following the transaction, the chief executive officer now directly owns 809,914 shares of the company’s stock, valued at $13,072,011.96. This trade represents a 10.99 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO David Buonasera sold 9,219 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $17.00, for a total value of $156,723.00. Following the sale, the chief technology officer now owns 226,195 shares of the company’s stock, valued at $3,845,315. The trade was a 3.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 157,598 shares of company stock worth $2,531,613. 4.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Benchmark restated a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. Craig Hallum reaffirmed a “buy” rating and set a $20.00 price target on shares of Magnite in a report on Wednesday, August 21st. Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Wells Fargo & Company initiated coverage on shares of Magnite in a research report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price objective on the stock. Finally, Macquarie reaffirmed an “outperform” rating and set a $18.00 target price on shares of Magnite in a report on Friday, November 8th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.