Victory Capital Management Inc. Increases Stock Position in Magnite, Inc. (NASDAQ:MGNI)

Victory Capital Management Inc. increased its position in Magnite, Inc. (NASDAQ:MGNI) by 2.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,340,705 shares of the company’s stock after purchasing an additional 37,601 shares during the quarter. Victory Capital Management Inc.’s holdings in Magnite were worth $18,569,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in MGNI. Swiss National Bank boosted its stake in shares of Magnite by 6.7% in the first quarter. Swiss National Bank now owns 244,900 shares of the company’s stock valued at $2,633,000 after purchasing an additional 15,400 shares during the period. Russell Investments Group Ltd. boosted its stake in Magnite by 30.6% during the 1st quarter. Russell Investments Group Ltd. now owns 140,200 shares of the company’s stock valued at $1,507,000 after acquiring an additional 32,854 shares during the last quarter. ProShare Advisors LLC boosted its stake in Magnite by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 24,325 shares of the company’s stock valued at $261,000 after acquiring an additional 1,914 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its stake in Magnite by 61.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 61,859 shares of the company’s stock valued at $665,000 after acquiring an additional 23,628 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in Magnite by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock valued at $137,796,000 after acquiring an additional 166,522 shares during the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Magnite

In other news, CAO Brian Gephart sold 2,156 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $15.00, for a total transaction of $32,340.00. Following the completion of the transaction, the chief accounting officer now owns 116,982 shares in the company, valued at approximately $1,754,730. This trade represents a 1.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Aaron Saltz sold 5,112 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $13.50, for a total transaction of $69,012.00. Following the completion of the transaction, the insider now owns 307,745 shares of the company’s stock, valued at approximately $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. 4.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MGNI. Wells Fargo & Company began coverage on shares of Magnite in a research note on Monday, October 28th. They set an “equal weight” rating and a $13.00 price objective on the stock. Bank of America increased their price objective on shares of Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Benchmark reissued a “buy” rating and set a $21.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Royal Bank of Canada reissued an “outperform” rating and set a $19.00 target price on shares of Magnite in a report on Friday, September 27th. Finally, Craig Hallum reissued a “buy” rating and set a $20.00 target price on shares of Magnite in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $16.96.

Magnite Stock Performance

Shares of MGNI opened at $15.64 on Tuesday. The firm has a 50-day moving average price of $13.14 and a 200 day moving average price of $13.02. The firm has a market capitalization of $2.20 billion, a PE ratio of 260.67, a P/E/G ratio of 1.48 and a beta of 2.43. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a 52-week low of $7.74 and a 52-week high of $17.00.

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.