Pitcairn Co. Has $452,000 Stake in Magnite, Inc. (NASDAQ:MGNI)

Pitcairn Co. reduced its holdings in Magnite, Inc. (NASDAQ:MGNI) by 11.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,628 shares of the company’s stock after selling 4,114 shares during the quarter. Pitcairn Co.’s holdings in Magnite were worth $452,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of MGNI. UMB Bank n.a. increased its position in Magnite by 111.8% in the 2nd 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 in the last quarter. Asset Dedication LLC acquired a new stake in shares of Magnite in the second quarter valued at approximately $52,000. Blue Trust Inc. bought a new position in Magnite in the 2nd quarter worth approximately $56,000. Benjamin F. Edwards & Company Inc. lifted 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 in the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new position in Magnite in the 2nd quarter valued at $93,000. 73.40% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CTO David Buonasera sold 9,219 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $17.00, for a total transaction of $156,723.00. Following the completion of the sale, the chief technology officer now owns 226,195 shares of the company’s stock, valued at $3,845,315. This represents a 3.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Adam Lee Soroca sold 8,328 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $17.00, for a total transaction of $141,576.00. Following the sale, the insider now owns 421,347 shares in the company, valued at approximately $7,162,899. The trade was a 1.94 % 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 valued at $2,531,613. 4.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

MGNI has been the subject of a number of recent research reports. Needham & Company LLC restated a “buy” rating and set a $15.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. Craig Hallum restated a “buy” rating and set a $20.00 target price on shares of Magnite in a research report on Wednesday, August 21st. Wells Fargo & Company assumed coverage on shares of Magnite in a research report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price target for the company. Macquarie reissued an “outperform” rating and set a $18.00 price target on shares of Magnite in a research note on Friday, November 8th. Finally, Benchmark reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.96.

Magnite Stock Up 0.5 %

NASDAQ:MGNI opened at $16.69 on Wednesday. Magnite, Inc. has a 1 year low of $7.97 and a 1 year high of $18.38. The stock has a 50-day moving average price of $13.51 and a two-hundred day moving average price of $13.33. The stock has a market cap of $2.35 billion, a price-to-earnings ratio of 278.17, a PEG ratio of 1.40 and a beta of 2.43. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76.

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.