New York State Common Retirement Fund Sells 103,533 Shares of Magnite, Inc. (NASDAQ:MGNI)

New York State Common Retirement Fund cut its position in Magnite, Inc. (NASDAQ:MGNI) by 13.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 667,598 shares of the company’s stock after selling 103,533 shares during the quarter. New York State Common Retirement Fund owned 0.47% of Magnite worth $10,628,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in MGNI. Quarry LP grew its holdings in Magnite by 446.8% during the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after acquiring an additional 4,508 shares during the last quarter. KBC Group NV lifted its holdings in shares of Magnite by 66.5% during the fourth quarter. KBC Group NV now owns 5,943 shares of the company’s stock worth $95,000 after purchasing an additional 2,374 shares during the period. Blue Trust Inc. grew its stake in shares of Magnite by 87.0% in the third quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock worth $105,000 after purchasing an additional 3,689 shares during the last quarter. Lebenthal Global Advisors LLC acquired a new stake in Magnite in the third quarter valued at $141,000. Finally, Seelaus Asset Management LLC acquired a new stake in shares of Magnite in the third quarter valued at about $175,000. 73.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Wolfe Research boosted their target price on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Magnite in a research note on Friday, January 17th. Scotiabank initiated coverage on Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 target price for the company. Royal Bank of Canada increased their price target on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Finally, Macquarie reiterated an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a research note on Friday, November 8th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Magnite presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.35.

Magnite Stock Up 0.1 %

Magnite stock opened at $17.69 on Tuesday. 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 firm’s fifty day moving average price is $17.26 and its two-hundred day moving average price is $15.13. The firm has a market capitalization of $2.49 billion, a price-to-earnings ratio of 294.83, a price-to-earnings-growth ratio of 1.00 and a beta of 2.52. Magnite, Inc. has a 1-year low of $8.38 and a 1-year high of $21.29.

Insider Activity at Magnite

In other news, CEO Michael G. Barrett sold 147,996 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $17.52, for a total value of $2,592,889.92. Following the completion of the sale, the chief executive officer now directly owns 634,914 shares of the company’s stock, valued at $11,123,693.28. This represents a 18.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO David Day sold 11,644 shares of Magnite 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 transaction, the chief financial officer now directly owns 400,859 shares in the company, valued at approximately $6,590,121.96. The trade was a 2.82 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 398,541 shares of company stock valued at $7,425,275. 4.30% of the stock is owned by corporate insiders.

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.