Barclays PLC Increases Stake in Magnite, Inc. (NASDAQ:MGNI)

Barclays PLC grew its stake in Magnite, Inc. (NASDAQ:MGNI) by 352.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 210,598 shares of the company’s stock after purchasing an additional 164,093 shares during the period. Barclays PLC’s holdings in Magnite were worth $2,917,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in MGNI. UMB Bank n.a. lifted its stake in shares of 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 purchasing an additional 1,188 shares during the period. Asset Dedication LLC acquired a new position in shares of Magnite in the second quarter worth about $52,000. Benjamin F. Edwards & Company Inc. boosted its stake in shares of 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 acquiring an additional 3,972 shares in the last quarter. Quarry LP grew its position in shares of Magnite by 446.8% during the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after acquiring an additional 4,508 shares during the period. Finally, DekaBank Deutsche Girozentrale purchased a new position in shares of Magnite in the 2nd quarter valued at about $93,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Insider Buying and Selling at Magnite

In other news, CAO Brian Gephart sold 2,156 shares of Magnite stock in a transaction that occurred on Monday, November 11th. The shares were 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. The trade was a 1.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Aaron Saltz sold 5,112 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $13.50, for a total value of $69,012.00. Following the completion of the transaction, the insider now owns 307,745 shares of the company’s stock, valued at $4,154,557.50. The trade was a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 352,752 shares of company stock worth $5,938,282 in the last three months. 4.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

MGNI has been the topic of several research analyst reports. Scotiabank began coverage on Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $19.00 price target on shares of Magnite in a research note on Friday, September 27th. Needham & Company LLC upped their price objective on shares of Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Wells Fargo & Company began coverage on shares of Magnite in a research report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 target price on the stock. Finally, Benchmark restated a “buy” rating and set a $21.00 price target on shares of Magnite in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $17.73.

Magnite Price Performance

MGNI stock opened at $16.42 on Wednesday. Magnite, Inc. has a 1 year low of $8.38 and a 1 year high of $18.38. The firm has a market capitalization of $2.31 billion, a PE ratio of 273.67, a price-to-earnings-growth ratio of 1.35 and a beta of 2.50. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The business has a 50 day simple moving average of $15.04 and a 200-day simple moving average of $13.99.

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.