JPMorgan Chase & Co. Lowers Holdings in Magnite, Inc. (NASDAQ:MGNI)

JPMorgan Chase & Co. lowered its holdings in Magnite, Inc. (NASDAQ:MGNI) by 3.4% during the third quarter, Holdings Channel.com reports. The firm owned 1,426,942 shares of the company’s stock after selling 50,124 shares during the period. JPMorgan Chase & Co.’s holdings in Magnite were worth $19,763,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Benjamin F. Edwards & Company Inc. increased its position 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 purchasing an additional 3,972 shares during the last quarter. Quarry LP boosted its stake in Magnite by 446.8% during the third quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after buying an additional 4,508 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in shares of Magnite during the second quarter valued at about $93,000. Blue Trust Inc. raised its stake in shares of Magnite by 87.0% in the 3rd quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock valued at $105,000 after acquiring an additional 3,689 shares during the period. Finally, Lebenthal Global Advisors LLC acquired a new position in shares of Magnite in the 3rd quarter worth approximately $141,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Royal Bank of Canada boosted their target price on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Macquarie reiterated an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Wolfe Research raised their target price on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Needham & Company LLC boosted their price target on shares of Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Finally, Benchmark reissued a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, Magnite has a consensus rating of “Moderate Buy” and an average price target of $18.19.

Insider Activity

In related news, insider Aaron Saltz sold 5,112 shares of Magnite stock in a transaction 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 sale, the insider now directly owns 307,745 shares in the company, valued at $4,154,557.50. This trade represents a 1.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO David Day sold 13,345 shares of the business’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $17.00, for a total transaction of $226,865.00. Following the completion of the sale, the chief financial officer now directly owns 374,014 shares of the company’s stock, valued at approximately $6,358,238. This trade represents a 3.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 366,097 shares of company stock worth $6,165,147. 4.30% of the stock is currently owned by insiders.

Magnite Stock Down 1.0 %

Magnite stock opened at $16.46 on Friday. The stock has a market cap of $2.32 billion, a PE ratio of 274.33, a P/E/G ratio of 1.35 and a beta of 2.51. 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 stock’s fifty day moving average is $16.11 and its two-hundred day moving average is $14.26. Magnite, Inc. has a 1-year low of $8.38 and a 1-year high of $18.38.

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.