HighTower Advisors LLC Sells 70,365 Shares of Magnite, Inc. (NASDAQ:MGNI)

HighTower Advisors LLC lowered its position in Magnite, Inc. (NASDAQ:MGNI) by 80.2% during the third quarter, according to its most recent filing with the SEC. The firm owned 17,322 shares of the company’s stock after selling 70,365 shares during the period. HighTower Advisors LLC’s holdings in Magnite were worth $240,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Marshall Wace LLP grew its position in shares of Magnite by 59.0% during the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock worth $20,726,000 after buying an additional 578,678 shares during the period. Royce & Associates LP boosted its stake in Magnite by 5.2% during the third quarter. Royce & Associates LP now owns 1,488,301 shares of the company’s stock worth $20,613,000 after acquiring an additional 73,555 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Magnite by 2.9% during the third quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock worth $18,569,000 after acquiring an additional 37,601 shares in the last quarter. Meros Investment Management LP grew its holdings in Magnite by 1.3% in the second quarter. Meros Investment Management LP now owns 1,044,209 shares of the company’s stock worth $13,878,000 after purchasing an additional 13,570 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Magnite by 2.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,033,104 shares of the company’s stock valued at $14,308,000 after purchasing an additional 26,656 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Wells Fargo & Company initiated coverage on shares of Magnite in a research report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price target for the company. Royal Bank of Canada reissued an “outperform” rating and set a $19.00 target price on shares of Magnite in a research report on Friday, September 27th. Needham & Company LLC raised their price target on shares of Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Macquarie reissued an “outperform” rating and set a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Finally, Scotiabank initiated coverage on Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 target price on the stock. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $17.73.

Magnite Price Performance

NASDAQ MGNI opened at $16.42 on Wednesday. The stock has a market cap of $2.31 billion, a price-to-earnings ratio of 273.67, a PEG ratio of 1.35 and a beta of 2.50. Magnite, Inc. has a 12 month low of $8.38 and a 12 month high of $18.38. The company’s 50 day moving average is $15.04 and its two-hundred day moving average is $13.99. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76.

Insider Buying and Selling

In other Magnite 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 value of $69,012.00. Following the completion of the transaction, the insider now directly owns 307,745 shares of the company’s stock, valued at $4,154,557.50. This trade represents a 1.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Michael G. Barrett sold 147,996 shares of the business’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $17.52, for a total transaction of $2,592,889.92. Following the transaction, the chief executive officer now owns 634,914 shares in the company, valued at $11,123,693.28. This trade represents a 18.90 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 352,752 shares of company stock worth $5,938,282. 4.30% of the stock is owned by 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.